Welcome to LC Westons Funeral Director | Harpenden | Hertfordshire

According to recent market research by Mintel, 57% of adults are without a life insurance policy of any kind. Most people don’t think about taking out a life insurance policy until much later in life, usually when they have children or a mortgage or significant investments and possessions.

There are many benefits to taking out insurance at a younger age, one is that premiums will be lower, but also you can accrue more value towards your final pay out. Furthermore, the same survey found that around three million British citizens that do hold life insurance policies aren’t sure exactly what type of policy they hold and what benefits it includes.

Life insurance policies can be taken out for many different reasons, the main reason is not in case of death, in actual fact it is because a person is moving or buying a house followed by remortgaging an existing property or providing for family. Taking out life insurance at these key stages in life means your mortgage will be paid off and your family will be provided for and not be burdened with high costs. It is also important to keep your policy updated because changes in circumstance affect the amount that will be paid out as well as your premiums. Furthermore, if your situation changes and you don’t inform your insurer you may not get a pay out at all.

However, if for whatever reason you choose to take out insurance later in life, there are specific policies designed for certain age groups. The over 50s is one such group that is well catered for. This seems to be a common age to take out insurance; you have accrued a certain level of wealth, probably have a mortgage, children and investments worth protecting. You are also more able to afford insurance.

When looking at a specific over 50s insurance plan, you need to obviously compare premiums, but also what will happen if you stop paying i.e. will you get anything back, how much the cash sum is and whether you can protect the plan in a trust.

If you are thinking of taking out life insurance then take a look at Legal & General’s website, they offer comprehensive advice and specialise in over 50 life insurance, tailored to meet the needs of the 50-plus generation.

 

..................................................................................................................................................