| In the current economic climate, many people are putting off vital insurances such as life and critical illness cover until much later in life. This is usually because the perception is that the money could be better spent elsewhere or that personal insurance policies are simply unaffordable during these times of austerity.
However life insurance can actually be one of the best investments you will ever make. It will secure the financial future of your dependents and loved ones, should you not be around to care for them yourself, and the lump sum that is issued could pay off any outstanding mortgage or other long term debt which would be impossible should such a provision not be in place.
As the age at which people get married, have children and make significant changes in their lives extends, the market for life insurance cover for the over fifties is increasing at a colossal rate.
Though the cost of policies for this age group is traditionally more expensive due to the increased risk associated with sudden death, life cover for more mature individuals doesn't have to cost the earth.
Finding the Right Policy
If you watch the television or pick up a newspaper you will be bombarded by articles which illustrate the range of companies that offer specific life insurance cover to individuals over the age of fifty. And though such products can provide you with the guaranteed lump sum and tailor made profile that suits the more mature customer, such policies do come at a price and that price is increased premiums.
It is a fact that 75% of life insurance applicants that are over fifty years old would qualify for standard cover. Though such policies may not come with a free magazine or be sold by a well recognised actor, they do provide all the benefits of the more tailor made policy without the unnecessary increase in premiums.
When comparing specialised policies with standard life insurance cover, in a vast proportion of cases the standard policy not only charges a lower level of premiums but can also provide a much greater level of protection.
Advertising is an incredible machine, it can highlight the benefits of a particular product and can give the consumer the information they need to make the correct decision. However, such a vehicle is a marketing tool and is designed to make every individual not only want but need the product that is being displayed.
If advertising makes you aware of the benefits of life insurance and encourages you to take up a policy when you are over 50 then that can only benefit you and your loved ones. However when it comes to choosing your policy make sure you obtain the highest amount of cover you can for the lowest premium available rather than being tempted by bells and whistles that are not going to provide any additional benefits and could cost you a whole lot more.
Author - Marcus Allerton:
www.over50lifeinsurance4u.co.uk
Marcus is an over 50s life cover advisor and marketing manager with over 15 years experience in arraning cheap life cover for the over 50s |
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