Over 50s may find life insurance better value than over 50s plans
Here at Life Insure we often drum on about the importance of buying a life insurance policy as young as possible, as the younger you are when you buy your first policy, the cheaper the policy will be on a monthly basis.
If you are just over the age of 50, that’s advice you probably wanted some 30 years ago, but there may still be a life insurance policy that can benefit you, and work out to be affordable. A new research paper from leading money researchers ‘Which?’ has revealed that many whole life insurance plans actually leave customers around 40% better off than over 50s plans.
Customers who take out a whole life insurance policy on their 50th birthday, rather than an over 50s plan leave on average 40% more to their family when they die, showing the strength of life insurance whatever age you take it out.
The research did note that those taking out over 50 plans would not undergo a medical, as you may have to when taking out a life insurance policy at that age, but it also pointed out that most over 50s plans require the applicant to live at least two years before they are able to make a claim, something you don’t have to do with a life insurance policy.
Martyn Saville, the spokesperson for the company carrying out the research explained, “If you are thinking about taking our an over-50s plan, always compare it with the best life insurance policies first as you could get a better deal, particularly if in good health. And if you do choose to buy life insurance, always pay a fixed premium for your cover. Reviewable premiums may be cheaper at the outset, but can rocket in later years.”
With a huge range of life insurance products ready for comparison here at Life Insure, you can make sure you find the best priced life insurance, whatever your circumstances, and make sure that if life insurance is better value than an over 50s plan that you buy the best priced policy for you and your family.