Over 50’s Life Plan??

Missfoodlove, Martin Lewis covered a whole raft of financial products etc, that may have been mis-sold, on his programme, yesterday, that may be liable for refunds.
It may be worth researching whether you believe it was miss sold.

They are a nasty product and I hate the adverts that work at creating a guilty feeling - the implication that you are not a decent parent if you are not providing a 'helpful sum to help with my funeral coasts'......and that man can do the same with his parsnips!
You have every right to be livid!

Sadly it wasn’t miss sold.
I just don anyone else to fall for it!
It really is a huge con.

My mum has one as well, she pays £50 per month and already has paid over a thousand pounds more than it’s value on her death.
It’s disgusting but nothing we can do about it now.

Must say I really loathe seeing highly paid celebrities advertising products aimed at the sort of people who are going to worry about funeral costs, i.e. far from well off.

Of course there are plenty of “investment products” including ISAs that pay out less than contributions and we should all be careful. Commission and management charges eat into the value, although it is performance of the investments that makes the main difference, particularly high risk stocks.

All you can do is choose a reputable U.K. based company and pick low risk investments.

There are over 50 life insurance policy to invest in where it will support you and your family financially when you are not around. Get a bit of advice from reliable insurance adviser who can help you out in choosing the right plan.

What a shocking con ! I've felt much safer dealing with my bank throughout life for all sorts of things. I've been with the same one since the early 60's and have steered clear of any " outside " plans. An ISA for me is the way to go.

Some years ago a friend asked my thoughts as she was thinking of taking out one of these policies. I suggested that instead she made regular payments into a savings account. She now has more in that account that this "insurance" would have paid out. I have always felt they were a con and should never be allowed to be sold.

I am so relieved that my mum has set up Power of Attorney so we were able to spot an initial direct debit for one of these policies and stop it. As the company ( currently advertising on TV) had cold called her, we were able to get the first payment refunded. Had mum approached them, I am not sure if the company would have been so helpful.

My mum has Alzeimers and is very easy to scam so I have now scratched off the security number from her bank card so she can no longer use it over the phone.