(PRWEB UK) 19 March 2014
Guaranteed over 50 plans hit the headlines again on Monday 17th March when BBC's The One Show aired a report highlighting the concern that people can pay more into these life insurance plans than the cash sum paid out.
Fronted by Gloria Hunniford, the story focused on a man who had paid around £2,300 into the guaranteed over 50 life insurance plan however his family only received £1200 when he died.
The report missed two important points though according to Ashley Shepherd, Managing Director of personal finance website Over50choices.
1. Firstly the scandal isn’t that these plans are poor value for money, although the case of the family in question is obviously concerning. The scandal is the apparent lack of awareness amongst consumers that other products are available that may offer far greater value for money; namely regular whole of life insurance and funeral plans.
2. Secondly, this is insurance, purchased to cover a risk and provide peace of mind; a risk that may never happen. Millions of people pay far more into their car insurance and home insurance premiums year on year than they will ever get back. It’s the nature of the beast!
Campaigning for greater awareness, Over50choices is the only website to give consumers the opportunity to compare both regular whole of life insurance and over 50 life insurance in one go. Speaking of the service, Ashley said, “We believe it is important that people are aware of all the options before making a decision. For example, a guaranteed over 50 plan may be worth considering if you are in poor health or prefer a quick application process with guaranteed acceptance however if you are happy to answer health and lifestyle questions, then a regular whole of life insurance plan could offer at least 40% more cover, in some cases as much as 70% to 80% more.”
For those looking to help with funeral costs, prepaid funeral plans also offer an alternative solution, freezing funeral director’s costs at today’s prices, therefore avoiding the impact of future inflation.
The website that specialises in products and services for the over 50s, provides easy to read jargon free information and guides and the ability to compare the market leaders. Ashley goes on to say “We are looking to promote greater transparency; giving customers the information they need to make a more informed choice. Whichever product you buy, it should be a decision made with your eyes wide open to the facts and options available.”
For more information on the website or this article, please contact Ashley Shepherd at ashleyshepherd(at)over50choices(dot)co.uk.