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Over 50`s con insurance

Community Veteran
Posts: 19,580
Thanks: 2,462
Fixes: 35
Registered: ‎06-11-2007

Over 50`s con insurance

Really gets me going.... ! 

   to see these legal con`s advertised on the telly, making everything in life, look "hunky dory"..

. just because you have given some finance company a regular income, ( which they invest, and reap the interest) ... (nice  con  one)

If you stop paying them... you lose all the money you have given them.!   ( nice  con  one ! ) .

most of them also require 1 year before it is active    ...

so  make sure you don`t die before the first year is up  !  ! ..(nice  con   one,.... again ! ! ) .

 

Really sensible people would open their own "savings account" to put away the same amount per (week) month... and gain interest... and you can stop paying whenever... and still get your money... plus the interest back.

Opening a "joint account" would be the best way... then the person who is "left behind" will have no problem accessing the money for paying of funeral expenses,.. ( or the wake ! ) .

I am surprised that the FCA allow this con to continue....

2 REPLIES 2
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Community Veteran
Posts: 6,718
Thanks: 1,455
Fixes: 1
Registered: ‎23-09-2010

Re: Over 50`s con insurance

I love the bit where someone usually says "I've spent more on a cup of coffee".

That's the point where I think yep that's just the sort of people these companies are looking for.

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Pro
Posts: 219
Thanks: 133
Registered: ‎24-02-2009

Re: Over 50`s con insurance

Travel insurance is the biggest con for older people and then there are all the Equity Release adverts where you risk losing the entire value of your home by borrowing 20% of it!