As some of our best loved celebrities keep telling us in numerous television and newspaper advertisements, getting life cover when you are over 50 is no longer a problem.
Insurance
You will be told that there are companies that have been set up solely to cater for the older generation and provide tailor made services to suit the more discerning client. You don’t even need to have a medical to qualify.
But however much the celebrities profess that such a personal service is appropriate, the opposite may actually be the case.
Though some over 50s life insurance policies may require a medical or GP report , more than three quarters of applicants in this age bracket qualify for standard life insurance policies that can offer a great deal more cover for a lower monthly premium charge.
Consider How Much You Are Paying
It is sad to say it, but when considering taking out life insurance, one of the main considerations is how long that life may be.
Many over 50’s life cover plans offer a high return even if you have only been paying the premiums for a short period. All you have to do is pay a slightly higher premium to take advantage of this opportunity.
Yet in reality, it is more likely than ever that you will live for many years to come and could therefore actually pay more in premiums than you can expect to receive when the policy comes to fruition.
The UK’s average life expectancy is now 78.2 for men and 82.3 for women. (Source: ONS, Office for national statistics) so should you take out a policy at 55, you could be paying your premiums for over 20 years!
Simply by choosing a standard policy, you could pay less in premiums every month and still obtain greater cover than possible under a more specialised service.
Having a Medical Can Be a Bonus
Though many will say that they don’t want to be prodded and poked during a medical just to get insurance, actually proving that you are fit and healthy could reduce your premiums so significantly that you could obtain a greater level of cover for less monthly cost.
Even though medicals are portrayed as a great intrusion, in reality most insurance medicals are quick and very simple but could improve your financial position greatly.
What Is Guaranteed
If you can look back to the time when a penny chew actually cost one penny, then you will realise how much the cost of living has actually increased.
And though a guaranteed life cover plan will assure you of a lump sum in the future, what it can’t guarantee is how much that lump sum will be able to buy. A guarantee of a future lump sum may entice you, but the ultimate objective when buying insurance is to gain the highest cover possible for the lowest premium no matter whether that policy is tailored to your age range or not.
Finding True Value for Money
Though over 50’s life cover plans can be a minefield, finding the right life insurance for a mature individual doesn’t have to be difficult.
Many price comparison sites such as www.over50lifeinsurance4u.co.uk will contain specific sections to support the elder generation in finding truly cost effective insurance and will comparing standard products in clear black and white rather than introducing a media smoke screen aimed at enticing people of a certain age.
This entry was posted on Friday, November 30th, 2012 at 3:36 pm and is filed under Insurance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.