Question: What savings to choose for people over 80

Question: What savings to choose for people over 80

Hello,

My parents (89 years old and 87 years old) took out 3 life insurance policies in December 2015 for their estate. They put 1000€ on 2 individual insurances and 20000€ on a life insurance in their two names.

Against all odds, my father died in early March 2016. His life insurance was paid in June to his 4 beneficiary children, ie €245.59 each... Deadweight loss in 2 months €100.

We thought that the life insurance taken out in both names was going to be maintained in my mother's name... but surprise, we have just learned 9 months after my father's death that it was arrested and that it was going to be paid on my mother's bank account, a little over €19,500... deadweight loss of over €400! I specify that the bank had not explained to us the scenario that we are experiencing (social levies so high that we would have done better to leave everything on savings accounts A and LDD...) and above all the bank had not told us explained that the Life Insurance taken out in both names would be liquidated on the first death.

Conclusion: insurance is a real fiasco in the short term and I'm not sure it's interesting even in the long term, which support should we favor in the case of my mother who is 87 years old and in good health (my father was also healthy in December 2015)? the objective being to build capital for his estate for the benefit of his children?

Thank you in advance for your advice

Answer

Hello
Within the framework of life insurance in joint membership, you have two types of contracts:
Either settlement at the first death. which seems to be your
case,
Either settlement on the second death, (in the case of a universal community) nothing happens on the first death, the contract ends on the 2nd death