Idly flicking through the television channels while the cricket's rained off, I've come across what appears to a be loop of adverts aimed the elderly, the infirm, the very poor, the unemployed and in this case: me.
In amongst this heavy rotation of lawyers, loan sharks (do some people really think 1750% loans are a good idea?) and bingo there's good old Sir Michael Parkinson telling the over 50s how to cover their funeral costs and get a free pen. Apparently over 790,000 people have agreed to partake in a scheme that promises a limited lump sum on death, even though contributions are not.
This static nest egg won't rise even when you've covered it, but your payments continue until your last breath, so suppose you pay £20 every month and live to 94? It's not hard to see that you'll pay out over double what you'd get back, but if you unfortunately died at 93, neither you nor your dependents would get anything.
Not exactly a good deal, and one that any reputable insurance company could easily improve on, but perhaps Sir Michael doesn’t see it that way.
Maybe he really believes in this "investment".
Maybe he even has one himself.
Maybe he really is so in need of whatever AXA are paying him that misleading the elderly doesn't bother him in the slightest ...
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