Published on April 11th, 2014 | by Pete0
How to increase your Over 50s life insurance cover by at least 40%
Guaranteed Over 50 life insurance plans have been around for some years now, increasing both in popularity and demand, with some 400,000 policies sold in 2013 alone.
Whether it is to help with funeral costs, leave as a gift for family or pay off outstanding debts and bills, thousands of over 50s automatically turn to these life insurance plans every year, attracted by the simple, quick application process and guaranteed acceptance, completely unaware that there is another option that could offer them at least 40% more cover for their money; in some cases as much as 80% more life cover.
A regular whole of life insurance plan works in a similar way to a guaranteed over 50 plan, paying out a cash lump sum when you die however the application process is longer and includes health and lifestyle questions. Quite simply if you are in good health and happy to complete a lengthier application, you could boost your cash sum by a considerable amount of money.
Here’s how it works:
Of course guaranteed over 50 life insurance plans are worth considering if are looking for life insurance and prefer a ‘no questions asked’ approach where you are accepted regardless of the state of your health but for others seeking life cover, it makes sense to compare both regular whole of life and guaranteed over 50s life insurance to see how much more cover you could get.
If you are thinking about buying an over 50 life insurance plan to help with funeral expenses, there is another option available that will guarantee some, if not all of the costs. Prepaid funeral plans gives you the opportunity to arrange everything in advance and pay at today’s prices, avoiding the impact of inflation. With a number of different payment options available, funeral plans these days have become more affordable to a much wider audience.
This article was written for Money Superstar by Ashley Shepherd; Managing Director of Over50choices.
Over50choices specialise in personal finance and insurance for the Over 50s. They are the only website to offer the ability to compare both regular whole of life and guaranteed over 50s life insurance in one quick and easy step and provide the widest choice of funeral payment options in the UK.