Over-50s Plans Are ‘Rarely Good Value’

Over-50s Plans Are ‘Rarely Good Value’ And Could Leave You £2.3k Out Of Pocket

Over-50s Plans Are ‘Rarely Good Value'
Over-50s plans – which are usually taken out to ensure there is money for relatives to help cover expenses such as funeral costs – can pay out in excess of £2,000 less than the total amount contributed in monthly instalments by policyholders, according to analysis conducted for this Sunday Telegraph article.

It calculates a 50-year-old paying £20 a month into a scheme would receive a fixed pay-out of £7,263 on death, or if they lived to 90 – when monthly payments end – they would have paid in £9,600. If a policyholder had instead put £20 into an account paying 1.3% interest, however, they would have built up a pot of £12,100 by 90.

“The fact these plans don’t ask for medical evidence means everybody of a certain age is grouped together and there is an assumption they are unhealthy,” says Chase de Vere Chartered final planner Patrick Connolly. “This means healthy people pay over the odds for their life cover.

Pre-paid Funeral Bonds can represent far better value for money and we recommend this to our clients. For further information on the benefits of a Pre-paid Funeral Bond please call us on Plymouth 401401.

Make A Free Enquiry Today

We would love to help you today, please get in touch by calling us on 01752 401 401, completing our Free Online Enquiry or emailing us on enquiries@portcullislegals.co.uk.

Phil Walsh
Phil Walsh
08:55 13 May 19
My wife and I asked Portcullis to help us write our wills and we were very pleased we did. Appointments were made promptly, everyone had plenty of time for us, everything was explained in terms we could understand and we were encouraged to take time to reflect on any important issue. This was old-fashioned courtesy and friendly service at its bestread more
John Sutherland
John Sutherland
09:44 10 May 19
As they were forces friendly, I approached Portcullis Legals to write a will and finished up with a will, a power of attorney and a trust. Everybody was most helpful and Nick explained everything without any rush and has continued to be a help since and all for a very reasonable price. I would certainly recommend them to my friends and colleagues. Thank you.read more
Kev Bickford
Kev Bickford
14:31 08 Mar 19
I asked Trevor and his team to assist me with the writing of my will. I found them to be thoroughly professional and very helpful and understanding of my needs. I would not hesitate in recommending their services to anyone. Thank youread more
Barbara Cock
Barbara Cock
16:37 10 Jan 19
We found Trevor so easy to deal with. He listened to everything we were concerned about and it was sorted with absolutely no problem. We have no hesitation in recommending Portcullis to anyone looking to get their family finances in order.read more
Charles Eatwell
Charles Eatwell
11:51 07 Jan 19
My wife and I plus had some legal work done by the team. The cost was lower than my local solicitor the process straightforward without any fuss. I would recommend them for providing a quality serviceread more
See All Reviews

Why Choose Us?

  • We are specialists in estate planning.
  • Over 30 years of expertise in Powers of Attorney, Tax Planning, Trusts and Wills.
  • Multi award winning business.
Awards

What clients say

default image

We met Trevor and the team and found their service to our needs second to none. We would recommend anyone to contact Portcullis Legals Ltd to help with their needs. We are not just saying this for the sack of saying it. We truly believe the Personnel service, and Professional help and advise given was second to none.

Mark Swift

November 8, 2018

<< Prev
Next >>
Read more >