Rejected petition Amend to rules governing Over 50 Plans

The television is sometimes awash with celebrity endorsed 'Guaranteed Over 50 Plans' promising to leave a little behind for loved ones once you are gone.

Yet behind the soft tones of June Whitfield and Michael Parkinson is the fact that these plans try to take advantage of all people over the age of 50 as they state:
1. You will receive a fixed lump sum: no matter if you pay in £1500 you will still get £400 to cover a funeral that may not be covered with £400 or may not happen for another 20 years
2. you cannot cancel your membership as you will lose everything you've paid in

Surely this is wrong and that once a person has paid into this system it should pay out once it reaches a certain point and if not, the amount you pay in should be tracked to the amount you pay in and should not be limited.

I would ask the government to look at this system of Over 50 Plans to amend it to be fairer and not effectively and legally rob our over 50's of their hard earned money.