will you be unable to pay a bill?

The ‘Over 50s Life Insurance’ and ‘Funeral Cover’ policies are both rip-offs. The over 50s one is not a proper life insurance policy. Might be better to cut their losses and stop paying the premiums, and in the future put whatever they can afford aside in a savings account. The tv channels I like seem to have these adverts nonstop in the daytime, at least they are better than the gambling and betting adverts at night.

I agree about the rip-off. I always speak to the TV and say why not put your money into the bank? I wonder how many people actually lose money when they can't pay
but I wonder if people now will drive around without insurance or not bother with house insurance when things become very difficult. or even council tax?

I've always wondered about these 'life' policies.

My late friend's mother paid for (an expensive) vet insurance policy for the family dog. My friend was taken to hospital, seriously ill. Her mother quickly went downhill without support - so went into hospital too.

I fostered the dog. Meanwhile, a distant second cousin took control of their finances and paid no bills. The dog had no insurance cover. There had been a reminder letter - to an empty house.

How many elderly, confused or poorly people will have life policies cancelled due to non-payment?

I think one of the problems about saving at home is that in a crisis, it’s easy to raid that ‘jar’. I think that’s the reason why Christmas Clubs and the like are so popular. I know several cases where people were putting money aside, but ended up having to spend it on something else.

I have always paid my bills . But had to be careful with money. Haven't had a holiday since 2005. I don't get my state pension for 2 years. My husband died 18 years ago aged 47 I was 45. Because of a neurological condition haven't been able to work. Nor claim any benefits due to my condition not having a name. But finally last month after genetic blood tests found out what it is and it's rare and I was born with it. So am now able to apply for PIP hopefully I will get something. The money my husband left is long gone but my mom left me some but it will be gone by the time I get my pension.

I had an awful shock today they are putting my energy monthly payment up by £60. 72 . I have spoken to my energy company and am on the lowest tariff. Was told it would be going up again in October. To be honest I have been in tears . I don't smoke,drink or drive. I am careful with money but for the first time I am worried about bills.

I knew things where going up but where will it end ?

Oh Whiff, I’m so sorry. I imagine you are paying for energy by direct debit? After a bad experience many years ago when I built up a large credit balance which I really needed, and had huge difficulty getting repaid, I have refused that method of payment. I read the meter every month, post the readings online and pay for what I have actually used. This gives me control and the money stays in my account. I know you can get a small discount for paying by DD but it’s honestly not worth it IMO. So speak to them about cancelling the DD and don’t let them bully you. Yes you may pay a bit more for what you use but you are in control and the money is in your account. Also worth seeing if you would pay less by switching your provider. Best wishes ?

There are 2 types of Life Insurance

Protection, to pay put a sum, say £100,000 in case of accidental death. This ends after you die and there is no payout.

Investment, where a monthly payment or lump sum is invested to grow and has a maturity date, often retirement date. There will be a maturity value and often a bonus, if you miss a payment the fund remains and will be paid out on maturity or death.

Some policies combine both types

As for Funeral expenses, very few will die with less than £3000, those that do are not likely be buying insurance , yet thousands take out insurance that is not needed, mum did, even though there was a house and many investments.

The elderly very often will not spend what’s needed day to day even though they have very large investments they are saving for a “rainy day”.

I have been concerned about the ‘over 50s’ or ‘funeral expenses’ policies advertised on television which state that the policy will lapse if premiums aren’t kept up. It would be so easy for this to happen if the policy holder goes into care or if management of their affairs is taken over by someone unaware of this stipulation.

I have to stick up for a particular insurance. My husband wished to leave his body to a medical school, he found that he would need to arrange for his body to be kept if he should die near a weekend. He rang the company and discussed the issue. He then started to pay into the scheme. When he died I received flowers and a cheque for the specified amount very quickly. So not all companies are bad!

We are thinking of cancelling the denplan and petplan bills. It's hard to see what benefit they are.

My Petplan cover gave me 10% off medication and treatments and free flea and worm treatments, and also spread the cost of boosters so was definitely worthwhile. The very last thing I would ever give up is something beneficial to a pet.

Just a thought Germanshepherdsmum,if you do find you come into difficulties for your pets,you could go to the RSPCA,they ask for a donation.
I only know this as a family member is in diffulties on the money front and has dogs,one of which needs treatment every month.
She now has it free and it saves her £600 pm.
I know for a fact if it wasn`t for the RSPCA she would have to give up her beloved dogs.

kjmpde For some bills will be paid, but by using savings, in the long term this leaves no contingency for the unexpected large bills.
I’m thinking new boiler, essential car, unexpected unemployment or illness.

ShropshireMiss

The ‘Over 50s Life Insurance’ and ‘Funeral Cover’ policies are both rip-offs. The over 50s one is not a proper life insurance policy. Might be better to cut their losses and stop paying the premiums, and in the future put whatever they can afford aside in a savings account. The tv channels I like seem to have these adverts nonstop in the daytime, at least they are better than the gambling and betting adverts at night.

I agree with this - a neighbour had one from a well known provider and when it came to the payout, as you say, they would have been better putting the money into a savings account. Total rip off. I bought a funeral plan from the Co-op for my mum - cost £4000 five years ago, but they went through every detail with me before I signed up. I recently had a communication from them assuring me that the plan was safe and underwritten by insurance - think it was a response to news stories about plans being lost when funeral providers went bust. I think even these types of plans need careful research because there are some dodgy providers out there and there’s always a catch to a cheap deal.

www.independent.co.uk/news/media/over-75

Have a read of the article above. I don't know what to think