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Royal London Over 50's Life Plan.

Discussion in 'General chit chat' started by Horizontal Jogger, Jun 30, 2020.

  1. Horizontal Jogger

    Horizontal Jogger Busy Member

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    A 3 day camel ride from reality.
    I've just watched the advert for this product (for want of a better word) and I've just realised the actor says, "guaranteed to pay out every claim". Of course they do, when you're dead, you're dead and unless you've managed to die without dying and conned the death payment/insurance money, they're going to pay out regardless.
    I've never even considered one of these plans, as I have money put away, but I wonder, after the set up fee, their costs and any other charges they decide or can levy against you, does it take before you've paid in enough to cover your funeral cost and their bit?
     
    WR14210 likes this.
  2. Patrick

    Patrick Donator

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    As far as i know ,not having one and never likely to,but get them through my door in the mail there is not set up fee. In the literature along with an application form there's a chart/matrix that shows you what you will get for the number of years you've paid into the scheme and the amount you pay each month that's assuming you not missed any payments and of course if you cancel or end the plan before you die you do not get any of your contributions/money back. In essence they're just a way of saving to pay for your funeral.
    But unlike an ordinary life policy iirc there's no life cover/payout should you die prematurely through illness or accident but i might be wrong on that aspect without checking.
    So in effect you'd be better off taking out an ordinary life policy which you pay into on a regular basis,normally monthly and you're guaranteed a predetermined amount depending on the monthly premium you pay when you die be it of old age or prematurely subject to certain conditions such as you have no serious underlying health conditions,suicide or your partner has put poisoned you.
    So anyone thinking of taking out insurance to cover their funeral expenses are probably best to take out a life/endowment policy with profits that way you get a predetermined amount depending on the premiums you pay when you day be it old age or prematurely and should you not die before the policy maturity date if it's a with profits policy you will get more than you paid in which you can then put aside towards your funeral costs. Of course depending on what amount the life cover is for when you take the policy out and if its a 'with profits policy' how well it's performed there should or will be enough to cover the funeral costs and cash left over for any dependants.
    But as i've said it all depends on how much you pay in and to coin a phrase where any financial investment is concerned, "past performance is no guarantee to any future investment" or words to that effect.
    I had a life/endowment policy with profits with the Prudential Assurance Co Ltd which i took out when i was about 25. It was for £2000 on death or when i reached the age of 65 and the premium was £13 per quarter or £52 a year in other words.
    When i reached 65 and the policy had matured i got about £15,000 because it was a 'with profits policy'.
     
    Last edited: Jun 30, 2020
  3. td_boy

    td_boy Donator

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    But what value can you put on a free pen from Mr Parkinson?

    I could have my financial security adverts muddled up though... :)
     
    2506sendero likes this.
  4. Horizontal Jogger

    Horizontal Jogger Busy Member

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    My Mistake, it's not Royal London, it's Sun Life, but swings and roundabouts.
     
  5. Radlad

    Radlad Posting Addict

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    I am not a qualified financial adviser so It would not be advisable to give financial advice to anyone

    These type of plans are a con to get money out of the vulnerable old. They are a very poor savings plan where one is not always liable to even get back what is paid in

    A person would be far better off under the present climate if they simply started a savings plan such as a stocks and shares isa with a decent provider
     
  6. MoggyM

    MoggyM FLM

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    I hate life insurance B******s. I don't have any after my past experiences

    My dad died having paid in £38,000 into a life insurance. We got £3,800 and a bloody long argument with the insurers barrister. They won the case.

    Sister in law died of heart attack at 33yrs. Insurance said it was a pre-existing condition. She and the NHS had not spotted the problem. Partial win in court. The insurers were ordered to pay court costs and refund all monies paid in, by her but, did not have to pay out on insurance.

    Cousins husband expanded his carpet company and brought a new building. He then increased his insurance incase company folded.
    He contracted cancer. Same again, the ensurer claimed pre-existing condition. His doctor took the stand in court but the court found against my cousin. She then had to sell her home to pay court costs. She died 3yrs later. Her death was un-recorded after 2 autopsies.

    When youre dead insurance companies employ top Barristers and legal teams that, are nearly impossible to fight.
     
    2506sendero likes this.
  7. BallisticBill

    BallisticBill Posting Addict

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    You're better off putting your money in a stocks and shares ISA. If you need insurance cover for a mortgage then the cheapest way is a reducing sum assured policy. If you want a cash payout at the end, just put what you save on the insurance premiums into the ISA.
     
    MoggyM likes this.
  8. Rat Man

    Rat Man Comfortably Numb

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  9. oedbachgen

    oedbachgen Top Poster

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    Under the mattress:)
     
    2506sendero likes this.
  10. john harris

    john harris Busy Member

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    EX IFA here... ALL these policies are CR&P value. Effect 'proper' life cover through a 'broker'. I HAVE however done them all, Post Office, Royal London, Sun Life, etc, etc. Minimum premium, say I am 50, pay the minimum number of premiums (often 4 x £5) and then cancel after receiving the eg. £100 M&S/Argos gift card. I eat well from M&S
     
    Horizontal Jogger likes this.
  11. Wild Bill

    Wild Bill co2 Firearm Enthusiast & FX Wildcat owner.

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    Just refuse to pay for a funeral. They will have to bury you somehow.
     
  12. Stockscrew

    Stockscrew Busy Member

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    If they don't you'll kick up a stink!
     
    Horizontal Jogger likes this.
  13. Stockscrew

    Stockscrew Busy Member

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    I paid into a pension plan for around 45 yrs, when the time came to recover my investment I was offered an annuity. Seriously looking at the offer, I found I would have to live to around 125 to get back any where near what I had paid in. These big financial institutions must think we punters are soft. Take the drawdown as allowed by HMRC to minimise any income tax and two fingers up to whoever your plan was with.​
     
  14. Grey Man

    Grey Man Posting Addict

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    True. If an estate is bankrupt or cannot otherwise pay for a funeral, local authorities are obliged to pay.

    Current adverts that imply that the family must pay are dishonest.
     
  15. hughwp

    hughwp Busy Member

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    All these LI, Funeral, equity/pension release and cremation plan they advertise on the TV are poor value a they have cot of advertising and middlemen to pay so little money is left to pay out they are basically bait for gullible people who don't do any research and are easily sucked in
     
    Horizontal Jogger likes this.
  16. Horizontal Jogger

    Horizontal Jogger Busy Member

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    I was talking to a 70 year old friend of mine today about this and he was telling me, he would advise everyone he knows to take every penny out of any private pension they have, when he turned 65, he was in a slight financial situation, his accountant suggested he took a lump sum to pay his debt off and leave 20% of it in situ. He told me it was one of the worst financial mistakes he'd ever made, he's worked the full 50 years after leaving school at 15, saving enough to buy his first motorbike, passing his test, then his car test and eventually his HGV. When he started truck driving, he was offered an accident plan, being astute and thinking of the future, he signed up for it, it wasn't much, but it gave him the security of knowing that if he had an accident, his wages and any living costs would be paid, mortgage etc, for a set time.
    This plan would haunt him for several years when he became pension age, for some reason, the DWP saw his contributions into the accident fund as savings and he didn't get his full entitlement to his state pension, because of this and the 20% he'd left in his pension pot. Because of the way of things and how the system works, he had to wait until he was 70 in order to be able to take out any more money from his pension, when he did, he cleared every last penny and closed it, within weeks, his state pension had increased.
    Eventually, after a few years, countless phone calls, letters and emails, he managed to get confirmation from the company he'd originally taken out the accident plan from, that is was not a savings plan, but an insurance policy to cover time off work and in times of hardship, resulting from an accident. This is where things went pear shaped, the company he'd signed up to, had been absorbed by another company, this company, was then taken over by another company, until it became under the Combined Insurance of America. The name Insurance in the title should have given it away, but the DWP weren't happy because the small print of the plan didn't explain if the claim would be paid if the accident happened during work time or as the result of an event that occurred away from the work place. What this had to do with it, I don't know, but it became a very big issue. For some reason, there was an anomaly and due to a "grey area" there was a conflict, because his payments were classed as savings.
    From his 70th birthday in March this year, he now gets his full pension allowance, no one accepted any blame for the cock up, really it should have been the DWP and he's still angry that after 50 years of grafting and doing what he thought was the right thing, he hasn't had an apology and he hasn't had the money he should have been paid back dated.
    Another case of "if we can get out of paying you, we will".
     
  17. Mortimer

    Mortimer Big Poster

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    One of the problems with the once-called 'pauper's funeral' is that the local councils could barely afford them by last year because of the demand during 'austerity.' Who knows what the position is now, but as you say, they're obliged. Will we have eco funerals at waste-recycling sites? --I'm only half-joking.
    A personal wish of mine is not to have a funeral. My daughter's wedding cost us more than enough.:D
     
    oedbachgen likes this.
  18. rich79

    rich79 Lovin the smell of cordite in the morning

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    Is this the one where Michael Parkinson promises you a free Parker pen?
    Bargain!!!!
    It seems ever since the financial insecurity started a while back that insurance seems to be the in thing to scare people with & take their money.
    Might as well put it under the bed, at least when you die your relatives won't be told it won't pay out by a spotty 19yr old in a badly fitted suit from Top Man!
     
  19. Rob-GB

    Rob-GB Posting Addict

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    In the last four years we have buried both my in-laws. They had no life insurance.
    They did however leave savings to pay for their funerals. So we had no wranglings with insurance companies and they made sweet f a out of them.
    It is the way we shall do it too.
    The other thing about most of these advertised schemes is that if you fail to meet a payment you lose everything you paid in, even if was due to a banking error, money for nothing for them.
     
  20. td_boy

    td_boy Donator

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    I'd imagine it would be a cremation rather than a burial, if that was important to anyone...
     

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