Savings for funeral top up?

I am paying for a pure cremation plan and also have a policy with LV that is £5 a month and I think the value will only be about £3000 but that’s fine that’s all I need it to be…

Shinamae, would you mind telling me what your policy is called? I've been offerred one with Royal London insuring £2,000 as a Whole Life Policy for £9.40 a month. I don't understand enough to know whether it's a good deal or not.

As I understand it a Whole Life Policy means that if I die after a day or after 30 years, the policy pays out the 2k. If I opted for a Fixed Term Policy, if I survive longer than the term, the money is lost. Doesn't seem fair to me but that's what the broker said.

Confused am I.

Any investment type life insurance will grow at maybe 2 or 3% a year in the long term and keep pace with inflation, you can pay a lump sum or monthly contributions. It will pay out on death unless there is a specific maturity date, in practice it may take a month or two to get the cash paid.

Companies are persistent selling these policies because there is a large commission paid at the start of the policy, some of which offer very poor value.

Having realised when I retired I was no longer insured my employer had me insured while working, I decided to research life insurance policies especially as my brother in laws funeral cost the princely sum of £5,000. I then took out 2 policies so that my family would have a decent sum left to them for sundries. I think the first one is index linked which means the policy increases each year and I’ve to increase my monthly payment along with it. The second one is too but I don’t have to pay an increased monthly payment, take care all who are looking into these policies there’s a way to do it.

My mother had a “no questions asked “ Sun Life policy.
She paid in £3000 and received £1800.
Be careful!

This is mine, the only thing is if I live beyond 84 I get nothing but I don’t expect to live that long anyway….?

I know I'm financially thick but - are there savings policies with a maturity date? Rather than, if I outlive it, I get nothing, or rather, my estate gets nothing.

My Mum had, like me, a fully paid up funeral plan but also a £1,000 policy of some kind. She couldn't stop paying in or it would have been null and void but it didn't end by a particular date/age. I think she was 80 when she took it out and 96 when she died so she had overpaid but the £1,000 came in handy: we had a funeral breakfast for her (she loved a bacon buttie) with a couple of hundred, that was her express wish that we should use it for the funeral baked meats, and the rest we sent to the Macular Society.