What do we think of the Promis Life Funeral Protection Plan? The Promis Life Over 50s Plan is a variation on the non-profit whole of life theme. There is no link to funeral costs as they themselves point out. The main drawbacks of any of these are:
- Miss payments and the plan is gone and you get nothing back.
- They don’t have any link to the cost of funerals, so you need to guess the date of your death and the rate of funeral cost inflation.
- There is generally an initial period where death from natural causes is not covered
Like most other non-profit whole of life plans, the Promis Life Over 50s Funeral Plan offers the option of taking out extra cover as inflation eats away at the original death benefit. These will of course be much more expensive each time as you get older, and the option is no longer available from your 80th birthday. We have nothing against Promis Life, we just feel that the Over 50s Non Profit Whole of Life is a poor value product in general proper prepaid funeral plans offer far better value and are far more likely to be actually used in real life.
But the Promis Life Plan does have several options:
- The Low Start Plan where premiums start low but increase by 3% each year which means the monthly cost will double in 24 years, but the funeral death benefit will be unchanged.
- The Standard Plan where both premiums and funeral benefit are fixed.
- The Inflation Fighter version where the death benefit increases by 3% every year, but premiums increase by 4.5% every year. So premiums double in 16 years and cover doubles in 24.
- You can combine the low start option with Inflation Fighter, premiums increase by 7.5% a year, doubling in less than 10 years, whilst the payout doubles in 24 years.
Premiums must be paid when due or your plan may be cancelled, and you will no longer be covered. Premiums are payable to age 90, after which cover continues but there is no more to pay. Premiums paid may be more than your cover amount depending on how long you live.
Promis Life phone number 0800 907 0796.
Promis life tv advert actress is Debbie McGhee.