Over 50 Life Insurance – Rip off or Value for Money?

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Over50choices uncovers the truth about Over 50s Life Insurance.

Over 50s Life Insurance

Over 50 & Happy

It’s important to point out though that if you are happy to provide more personal details which includes health and lifestyle information, then an Underwritten plan may be more suitable as it could offer at least 40% more cover for your money

In reaction to the ongoing debate about whether Over 50s Life Insurance Plans offer value for money, ex Sun Life Director Ashley Shepherd has released an article giving an independent view on this type of life insurance cover.

The article, a must for anyone thinking about buying Life Insurance is written by the founder of the Over 50s personal finance comparison site, Over50choices. Former Marketing Director of AXA Sun Life Direct, the UK’s largest provider of these types of plans, Ashley is perfectly placed to give an independent view having seen things firstly from the corporate coal face and more recently through the eyes of the consumer.

Slammed in the press for ripping people off or praised and endorsed by the stars who advertise their benefits on TV and in magazines; Over 50s Life Insurance plans are a bit like marmite, people either love them or hate them. The problem is that it’s difficult to get a truly impartial view, so the new article by Over 50s expert is a very welcome breath of fresh air.

People choose life insurance for a number of reasons; to leave money for family members which can also help with inheritance tax planning, to pay off outstanding debts and to help pay towards funeral costs.

Heavily marketed Guaranteed Over 50s Life Insurance has become increasingly popular over the years offering simple affordable life cover with guaranteed acceptance. Bought by over 200,000 people each year, the concern with these plans is that as the cover is fixed and monthly premiums are payable either for life or until the age of 90, there is a chance that the amount paid by the insured person will exceed the cash sum paid on death.

The Over50choices founder is quick to point out that people need to do their homework before buying one of these plans. “If you are looking for life cover where you are guaranteed to be accepted and the state of your health isn’t taken into account, then a Guaranteed Over 50s Life Insurance Plan could be worth considering but it’s essential to look around and compare quotes. As both the premiums and the level of cover are fixed, it‘s quite easy to work out how long you will have to pay into the plan before you begin to exceed the cash sum paid out. Then you can work out whether it is worth the risk.

It’s important to point out though that if you are happy to provide more personal details which includes health and lifestyle information, then an Underwritten plan may be more suitable as it could offer at least 40% more cover for your money”.

Since its launch, Over50choices has been campaigning for greater awareness of the lesser known Underwritten Plan, believing thousands of people throughout the UK could benefit from a greater level of cover just by shopping around and being aware of all the options, rather than going for the one that is more heavily promoted.

In addition to providing comprehensive guides on both Guaranteed and Underwritten life insurance, http://www.over50choices.co.uk also offers a unique comparison service that lets visitors easily compare quotes for both cover types side by side.

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Ashley Shepherd
@Over50Choices
since: 04/2011
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