Funeral Insurance.. Legitimate Scam

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Posted: Tue Dec 03, 2013 3:32 am

I have just received a call from a (legitimate) company trying to sell me funeral insurance.
What a scam that is, after crunching the numbers an $8,000.00 funeral was going to cost me $26,000.00 if I live until I’m 94.
I ended up putting it to him “So you want me to enter into a contract that says I will pay you money every month until the day I die, so you can spend a small percentage of it on my funeral”.
I think I will go prepaid.

Baiting Guru Joined: 03 Mar 2006 Posts: 7101 Location: Yes

You understand that is how insurance works right? For example, you could pay an annual premium for a 20 year term life insurance policy and not die during those 20 years. If so, you've "wasted" twenty years of premiums and gotten nothing for the privilege, other than, you know, 20 years of life.

Insurance is a risk-hedging mechanism. If you died tomorrow, that funeral insurance would probably look like a bargain. If you live until you are 94, I bet you'd not quibble over those payments, just like with the life insurance.

Posted: Tue Dec 03, 2013 2:44 pm

I like Terry Pratchett's view of insurance being a form of gambling. Not far off the truth.
It's quite annoying that car insurance is compulsory to drive in the UK. £Hundreds per year so you can have the privilege to watch them try and find every conceivable reason to pay back as little as possible in the event you have an accident, often far far less than you've given them in the first place.

My second car was worth about £500. In the 4 years I had it, I paid out about £1700-1900 to insurance. It was then written off in a "blameless" accident. After about 5 months of twisting and turning, I finally got £100 out of the insurance company. Thieving bastards.

Posted: Tue Dec 03, 2013 4:13 pm

My wife and I have funeral plans with AGE/UK, don't worry about personal insurance for each other.

Spent the money as and when they paid out.

Posted: Tue Dec 03, 2013 5:01 pm

Legitimate scam sounds like a giant dwarf to me.

Posted: Wed Dec 04, 2013 2:51 pm

I've paid for mine, and the Feds require the money to be placed in an
insurance policy separate from the company I paid the funds to.

So., is that a double scam? Rolling Eyes

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