There is at present running on TV an advertisement recommending that people take out a life insurance policy. No questions asked about health etc, and it promises a lump sum when the person insured dies. It also mentions that you may pay in more than you will get on death payout, and that if you stop paying into the scheme your money is lost. I am 93 years old and many years ago I was persuaded to take out one of these policies. So far I must have paid about 40 years (I think?) into the scheme - £10 per month. My dependents should receive on my demise the princely sum of £870.00. Surely this type of insurance should be investigated? I imagine that I have paid well over the sum guaranteed to be paid out on my death. As I said I am now 93 years old and who knows how many more months, days, years, I have to come. I am in reasonably good health, apart from COPD and backache. I fly two or three times per year for holidays and have to pay quite handsomely for travel insurance. It does, however, seem to me to be a licence to print money on the part on the insurance companies. When one comes to think about it, I imagine most people when they get over the 50 mark, start to think about getting some form of insurance and unless they are economically well informed, they will, like I did, go in for one of these schemes. How was I to know that I would live to be the age I now have? I was an Export Sales Manager and travelling in certain parts of the world where accidents(?) could have happened so took out one of these policies on the recommendation of my Sales Director. Yet now, having reached the age of discrimination, if I stop making these monthly payments all the money I have paid in will remain the property of the insurance company and my dependents will receive nothing on my demise. Could be called a scam? Surely some kind of cap could be imposed by the Government Finance regulators so that when the insured person has paid in twice the amount guaranteed to be paid out by the Insurer their contributions should be held in trust by the Insurer.
Larry. If you had taken the time to read the small print at the time you agreed to their terms you could have saved your hard earned 💰..Over the years I have refused to sign documents that include terms that have not been discussed. The old maxim Buyer beware.
Roland, I did all that and took advice. However, I only expected to live another 20 years extra. Turns out I have lived over 40 years extra. Such is life. Yet I do feel that this kind of insurance should be more closely governed by the requisite authorities. I've sent copies of this posting, suitably amended, to the Daily Mail and the Sun Financial Editors. Let's see if they pick up on it.
Yes, we certainly are being conned; at least attempts are being made to con us. The advertising standards authority say they will ban any advert which is "not true" - but we need only think of those for washing stuff; a smiling person dips a grubby piece of cloth in the stuff and out it comes gleaming white. Is that so? Anti-aging "serums", hair dyes, toothpastes cars - In a car we might look for comfort, quietness, economy and precise steering but ……
When we watch a television programme on a commercial channel it's salutary to wonder what we have in common with the rest of the likely audience because advertisers target their output on those most likely to fall for their wiles. "Trust me; I'm an advertiser"....not bloody likely.
Just before I pop-off on a short holiday to Majorca, I wanted also to make a few comments about how people are being scammed. I keep reading in the papers how folks are being scammed by telephone calls and adverts on the social networks and loosing loads of money. I get a lot of phone calls from organisations I have never heard of one especially telling me that my 'broadband' will be cut off if I do not follow their directions. I should go to my computer and press key something or other where I will get further instructions. They say they will be able to see what I am doing. I say they must have bloody good eyesight because my computer is not switched on and does not get switched on until after 2000 hours any day unless something urgent turns up. One day they told me I am making a big mistake by not having my computer switched on during daylight hours. They also said I should log onto Facebook or some thing and also go to Twitter, where I could keep up to date with all the latest news. I kept them talking for about half-an-hour talking a lot of rubbish and then just hung up without saying goodbye. Ten minutes later they were back with the woman saying I had been very rude in not ending the conversation in an orderly manner. I bet she wet her knickers at the reply she got. But it is getting beyond a joke. Yet why do people listen to them? I have nothing to do all day except sit down and read the papers and watch telly. I have never "logged on" to Facebook or Twitter and see no reason as to why I should. My son is a fan and uses it all the time on his tablet and anything he considers useful, funny or about Trieste and the family, he brings his tablet to show me.
But why people get caught out as they say in the papers is beyond me. Whilst I was having lunch today my phone rang three times between 1300 and 1430.. I did not answer because my answer machine takes over after 5 rings, yet strangely, there were no messages left. Their call must have been important!
Some time ago I a call from a chap who launched into a speil about investments. Unusually for me, I was in a grumpy mood and told him sharply to f... off and put the phone down. A very short time after that the phone rang again and this time my wife picked it up. It was the same chap who said, "I'd like to speak to that very rude man I was just speaking to".
My wife said, "I've spoken to Smihers before about his telephone manner," and rang off.
Adverts must be "true" they say; well they are - in a way. Remember how a famous bar of chocolate got smaller? Soon Christmas will be on us - that major marketing opportunity - and there will be piles of boxes in the supermarkets with three kinds of sweets and chocolates in them. Each item will be (almost) unnoticeable smaller and the tin will say, "Limited edition". If you buy, say, a print of a painting and it's a limited edition, it will be more valuable because only a limited number have been printed and somewhere there will be the number of that print and the total number printed. On the tin with the chocolates it means it's smaller than last time.
Caveat emptor - as the Romans didn't need to say. If anyone had tried that kind of shady dealing in ancient Rome they would have found themselves providing a snack for the lions.