Life Insurance Policy - over 70

RillaofIngleside

My father in law received £1900 less than he had contributed, having lived to 96. Got to the point where you don't know whether to stop and lose the money or keep going so you don't.

That happened with my MIL too, she took out two policies thinking it would help us with her funeral costs I think, but she had paid in a lot more than we received.

My parents have life insurance. I think mum said, the amount you receive back, reduces after a certain age.

GranPepp

M0nica

Put the money in a good savings account. Easier, less difficult for your family to access and safer.

what makes you think accessing savings account of a deceased person is easy? It might be sometimes but depends on the circumstances. I worked in financial services for 40 years and it's complicated

It is considerably easier than retrieving money from these insurance policies. The savings account fall within the estate of the deceased and the executors can eventually release the funds in thesame way you eventually access the money in bank accounts, deposit accounts and savings bonds.

I have beeen executor of about half a dozen different estates and it has always been quite straightforward. It is always specialist insurance products that are difficult to liquidize because they have so many seprate conditions they want fulfilled before they will release the funds.

After my husband died in 2014 and the shock of the funeral costs I took out a prepaid funeral plan. A few years ago my mum did the same [no influence from me]. It makes things so much easier for those left behind.

I have never had life insurance other than when it was tied up with our mortgage.
I Woukd put money away in savings because of the possibility of losing money in a plan if the company go bust, and they do, leaving people with neither money nor funeral.

My Late MiL paid for her Funeral in the late 1980's. She always said she wasn't long for this world never believed that, strong as a Horse that woman.
She passed away 2018 age 94. The Undertakers commented on how much it would have been now.
She had the last laugh.

Funeral plans are now regulated, but used not to be. Some companies did not survive. The ones that remain should be reliable now, but check the small print, as they may not cover everything.
Funeral directors can send the bill to the deceased’s bank and it will be paid, if funds allow.
Interest rates on savings accounts are dropping now, but Regular Savings accounts are still some of the better ones, especially if you can still find one with a decent fixed rate.