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[tigers_gonads]

With the impending higher gas prices, I decided to use a little extra income I have and signed up for a over 50's life insurance policy as a bit of extra cover so the wife can set fire to me when i'm brown bread 
As a part of this deal, after 3 months I was to receive a Love To Shop gift card to the sum of 120 quid.
Last week, I received half the letter (left hand side) along with a apology from Royal Mail.
The right hand side of the letter containing the card had been torn away and the card obviously spirited away by some thieving little scumbag 
Rang Sunlife's customer care and was politely told that since I had received half the letter, there obligation was for filled and I can quietly go and go forth and multiply 
Knowing a little about these cards, I know that they have to be registered first before you can access to money requested they call up the card serial number and have it blocked to no avail ........... they just wasn't interested   
To Royal Mails credit, they opened a case, closed it within 24 hours and sent me a cheque and apology for 20 pounds (which is the most compensation that comes with a letter) leaving me 100 quid out of pocket 

Any idea where to take this next ?

[STEMO]

If you've only paid three months, tell Sun Life to wedge it (you can cancel any time) and go somewhere else. I know you have to pay in for a certain amount of time before you can claim, so you're put back three months, but hey ho.

[STEMO]

Opti will be along to tell you these policies are daylight robbery.

[Doctor Gollum]

They are.

Your first couple of years 'contributions' cover the cost of the free gift and the cost of running the policy. The rest of your payments will be lucky if they make 3%.

I would go as far as to suggest that you would probably make more selling Costco bog roll on Faceachebook market place. 

[STEMO]

They are.

Your first couple of years 'contributions' cover the cost of the free gift and the cost of running the policy. The rest of your payments will be lucky if they make 3%.

I would go as far as to suggest that you would probably make more selling Costco bog roll on Faceachebook market place. 

WTF are you on about? 
It's not a with profits policy, it a 'pay till you die and we'll give your missus a few bob' policy.

[Doctor Gollum]

Exactly. Pay £5 a month for, let's say, fifteen years. Her indoors would be lucky to see two grand out of it, at best.

As a sensible example, Aviva offer over 50's whole life cover.

Pay £100 a month (£1,200 pa) for 30 years (£36,000).

How much do you think they will pay out?

Answer is £26,000 and change.

Stick £1,200 a year under the mattress for 21 years and you will be no worse off.

If you can, get Term Life rather than Whole life. It won't pay out after a certain age, the premiums are significantly lower

[Viral_Jim]

Not sure how they think they've fulfilled the gift, which was a gift card yes, not half a letter and a disingenuous apology from RM.

[STEMO]

Exactly. Pay £5 a month for, let's say, fifteen years. Her indoors would be lucky to see two grand out of it, at best.

As a sensible example, Aviva offer over 50's whole life cover.

Pay £100 a month (£1,200 pa) for 30 years (£36,000).

How much do you think they will pay out?

Answer is £26,000 and change.

Stick £1,200 a year under the mattress for 21 years and you will be no worse off.

If you can, get Term Life rather than Whole life. It won't pay out after a certain age, the premiums are significantly lower

You're totally missing the point. It is not a savings account, it is a life insurance account. The £5 a month in your first instance would pay the two grand after twelve months, that's a fair old return on the sixty quid you paid in.

[Doctor Gollum]

Or you can live to 90 and still only get two grand. Which is somewhat less of a deal.

[Rangie]

The purchaser would get nothing , it is simply a guaranteed amount of money towards a funeral if required by the insureds family, my mother had one with the same company as she didn't want to burden anyone with her funeral costs.

[STEMO]

Or you can live to 90 and still only get two grand. Which is somewhat less of a deal.

Again, you're missing the point. If you, or the ones you leave behind, can't afford a funeral, this takes away that worry should you die. If you live till 90, you will have paid in more than you get out, but that's a chance you take for peace of mind.
I took out a Sun Life plan about 14 years ago. It will take another 10 or so years until I'm out of pocket. I'm not hoping to die before then so I can feel pleased with myself that I didn't get conned. 

[Doctor Gollum]

They don't just leave you in the chair in the corner

https://farewill.com/articles/what-happens-if-i-cant-afford-a-funeral

[STEMO]

They don't just leave you in the chair in the corner

https://farewill.com/articles/what-happens-if-i-cant-afford-a-funeral

So you'll expect your ma to get you buried on the social if none of your relatives can afford it?
That's what happens after they've asked your kids, your brothers and sisters, your aunts and uncles, etc.
Give it up, your clutching at straws....again.

[Field Marshal Dr. Opti]

If you know you are on the way out then buy a policy.

If you expect to live more than a few years then  don't.

Both my parents had a policy. From memory the total payout was around £2500......the amount paid in premiums about four or five times that.

 

[STEMO]

If you know you are on the way out then buy a policy.

If you expect to live more than a few years then  don't.

Both my parents had a policy. From memory the total payout was around £2500......the amount paid in premiums about four or five times that.

Nonsense.