Life insurance issues

In the past, the common consensus was that life insurance policies were covered by

a small group of insurance sellers, who generally provided similar deals year on year. But recently, other companies have joined the market, and things are beginning to become competitive. Before we can discuss this in more detail, we must first begin by explaining how life insurance works.

Over 50's insurance

Over 50's life insurance cover is attractive to people between 50 and 75 years of age, due to the fact that if they fall into this age category, they are guaranteed to be accepted onto the policy. There are no long and time consuming questionnaires requesting your life history; neither is there a medical examination, requiring certain health conditions to be met. If you are between the ages of 50 and 75, you will be accepted.

This will obviously make such policies appealing to those who are perhaps in ill health, or have an ongoing health issue that may have caused insurance premiums to be extremely costly, or even prevented cover from being granted at all. However, over 50's policies, such as the Over 50's life cover from Post Office branches (available country wide), are designed to be whole of life policies, which cover you for the rest of your life.

There is however no "cash in" value on the insurance, so if you stop making payments, you will no longer be covered, and your previous payments will not be returned to you. It is common to take out such insurances to cover funeral costs, which generally amount to around 2,500. Additionally, they can be used to provide those left behind with a small cash sum.

Who to insure with

At this point we can return to other companies who aren't classically "insurers ", but are involved in the life cover market. While it can be tempting to go straight to an insurer when looking for something as important as life cover, it is always a good idea to shop around for the best deal, not only in cost, but in level of cover too.

The Post Office, provide various different types of insurance, including over 50's life insurance, as well as Post Office home insurance & assistance cover and even Post Office travel insurance. In addition to having a range of insurance types available, you will have the peace of mind of dealing with an institution that has existed for many years in the UK, and will continue to exist for many more years to come. So if you are in your 50's, you can rest assured that by the time you are in your 80's, the Post Office will still be around to pay out your premium, unlike some insurance companies.

Life insurance issues

By: Jayden Henry

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