Over 50’s Life Insurance Plans Good Value?

One of the most popular life insurance plans currently advertised in the press and on televisions are the over 50’s plans or you might sometimes hear them called funeral plans and advertised with the aim of covering the funeral costs on death.

Typically these policies offer a free welcome gift like shopping vouchers when you sign up as a way of encouraging the potential customer to apply and have no requirement for any medicals or medical questionnaires and if you die after one or 2 years depending on the insurer you will get paid on your death the amount your policy is for.

But there is a cost for this, as using the figures for one of the UK’s leading life insurers a 55 year old non smoker taking out an over 50’s life insurance policy paying £6 per month would receive life cover of £1131 life cover. This is where it gets interesting as the same company offers a non over 50’s life plan and the same 55 year old non smoker taking out a life plan over 30 years and paying the same £6 per month would receive £6436 life cover or almost 570% more cover for the same monthly payment!

So if you are in good health it is possible for the same monthly payment your loved ones could receive an extra £5,005 on your death.($8088)

Before jumping to the conclusion that they are not good value for money though a few of things need to be considered.

  1. The over 50’s plan does not require a medical and if you are not in good physical health it is possible you might fail the medical so the over 50’s version might be the only option available to you, and regardless of the state of your health your loved ones will get the money if you outlive the qualifying period.
  2. The over 50’s version continues until the age of 90 and then cover continues for free (If you are lucky enough to live that long it means you have paid out £2,520 premiums but will only receive back £1131)
  3. The under 50’s version stops at 85 so if you die after this date the premiums you have paid will be lost as you will no longer have cover.

So if you are looking for life insurance shop around and consider your options carefully as just because a plan is advertised very heavily on television and in the press does not mean that it is offering good value. The point of all life cover is to provide cash for your loved ones or dependents on your death and the more cover you can get for the same monthly premium the better.

How to Find Cheap Life Insurance Policies

Accidents are a very valid concern for everyone. They are the situations that arise at the most unexpected times and inconvenience each individual terribly. The damages that are caused by each accident are varied in their extent ranging from very minor incidents to devastating catastrophes. Accidents are not only of the vehicular kind, being caught in a freak rainstorm without an umbrella is also an accident of sorts. Preparing for every situation life is going to throw at you can be very difficult. There are certain situations that can occur that you never even considered would happen to you. But just because life has thrown you a curve ball does not mean you cannot go on living. In fact, life really waits for no one. That is the reason why we get insurances. These are contingency measures that we take to protect ourselves from serious expenses that may befall us.

There are several different types of insurances that you can get – life, home or building, car or auto, contents, etc. All these policies are designed in different ways to help you prepare for the future, just in case something was to happen to your life or your house or your car. Every individual needs to get a life insurance policy. It is to protect your family from having to deal with the financial loss that will be coupled with the emotional loss if you were to die. This is important especially if you are the breadwinner of the family. Your loss can be a major blow that your family will find emotionally very difficult to deal with. Do you really want them to be in financial problems too?

Getting life insurance is not as expensive as people might think. Yes, there are a number of policies that can be very pricey and have very high monthly or annual premiums but there are those that are cheap enough to be affordable for the average Joe. The way to get the cheapest premium on this sort of policy is to take quotes from all the different companies before you make your choice. In fact, if you hire an agent, he or she will make sure that you get the best policy at the cheapest premium. You can even avail certain discounts and offers that the agent may be able to get for you.

If a full policy is too expensive for you then you can even opt for a Term Policy. This is a policy that has a coverage validity for a specific term that can be anywhere between 1 year to 20 years even. These policies are way cheaper than the full type because they have a set expiry period. If anything happens to your life during this period then your family will be able to make a claim. Also, if you live past the expiry date then you will no longer be covered. Each of the policies has a number of different terms and conditions that you can get from the company or from your agent.

Finding the Right Insurance Policy

Although life insurance is technically an “option”, if you have people that you love you need to consider what would happen to them in the even of your death. It can place additional undo stress on them and they already have to deal with so much. When you find the right insurance it can put your mind as well as theirs at ease.

There are many different plans available, some will cover chronic illness, loss and some include a clause that will pay the mortgage payments if you own a home. In order to find the best life insurance protection you need to get as much information on the different types of policies, etc. You can start by going online and filling out some forms to obtain a few quotes from the different companies available.

This insurance is a lump sum of cash that is tax free provided in the event your death, assuming that the policy is active at the time of death. Normally they include monetary amounts for burial, and other necessary arrangements that happen as well. It is pretty impossible to arrange a decent burial for under a few thousand dollars, so finding the right life insurance policy will make it that much easier on your loved ones.

Often time’s when people over 65 attempt to obtain life insurance they can find it difficult to get coverage as they may be considered a higher risk. However, when checking on the Internet you will find many companies that actually specialize in certain types of policies and many offer packages that will include that type of policy.

Companies may deny providing a policy for several reasons, but the majority of them are rejected due to the risk involved. For instance, if you have some type of a permanent illness they may deny issuing you a policy; but again, go online and run a search for companies that specialize in what is considered high risk coverage, it may be more expensive than other policies but the peace of mind it offers in the end may just be worth it.

If you already have insurance be sure to check over the coverage provided to ensure that it will still meet all of the necessary requirements. If you have a policy that included some type of mortgage coverage be sure that it will still cover everything, maybe you had to take out a second mortgage or something similar, and your current policy will not pay it off completely. In that case you may want to find a life insurance policy with coverage that will cover everything or you can attempt to increase the coverage through your current insurance company.

Finding the right policy for you and your loved ones is essential if you want them to feel protected and secure after your demise. It means not having to worry that the house will be foreclosed on your family will be on the street; or that they will have to go in debt just to cover the burial expenses.