Over 50s Life Insurance: How to get at least 40% more cover


Aug 7, 2013
Over 50s Life Insurance: How to get at least 40% more cover

It fascinates me why with the age of the internet, so many people fail to shop around for the best deal. Unfortunately this is so true when it comes to buying Over 50s Life Insurance.

Given that there are around 200,000 Guaranteed Over 50 Life Insurance Plans sold every year, there appears to be a real need for this type of life cover but I do worry that thousands of people opt for what is probably perceived as the easy option, rather than taking a little bit more time and in doing so, getting an increased level of cover for their money.

Don’t get me wrong, Guaranteed Over 50 Plans certainly do have their place. They are simple, straightforward plans that offer guaranteed acceptance with no medical or health questionnaires to complete. Quite simply as long as you are of an eligible age (between 50 and 80 or in some cases 85) and live in the UK, your application will be accepted regardless of your state of health and you will be covered for the full cash sum after the initial one or two year period.

So it’s easy to see why for some, this would be a good option. The thing is if you’re happy to go through a lengthier application process and answer health and lifestyle questions, then Underwritten Over 50 Life Insurance could give you at least 40% more cover. In fact, the level of cover available may be 60% to 80% higher. Whatsmore, once your application has been accepted you will be covered immediately.

For example, if you compare the market leading insurance companies we work with, for £10 a month, a 50 year old non smoker would get £4,325 of cover with a Guaranteed Plan. However for the same monthly premium, that level of cover would increase by 50% to £6,497 with an Underwritten Whole of Life Plan. Now do you see why I get so hot under the collar about it! 

Both plans are very similar in the way they work; they are guaranteed to pay out a cash lump sum when you die. The biggest difference is that acceptance on one, the Underwritten plan is dependent on your health and lifestyle, whereas acceptance for the Guaranteed plan is just as it says on the tin – Guaranteed! There are a few other differences such as maximum level of cover available and optional ‘add ons’ which we have listed in an easy to read table on our website.

In addition to pointing out the differences and for that matter, similarities between the two plans, we have just launched a unique new comparison service which I am really excited about. 
You may have seen my previous blog or our latest press release mentioning our new Over 50s Life Insurance comparison service so I do apologise if I am getting on my soap box again but this is something we are extremely proud of and would urge people to look at if they are thinking about buying life cover. It’s easy to use, takes just a couple of minutes and shows exactly how much cover you would get with both options. As the famous furry meerkat says – simples!

The key as always is having the ability to shop around and the options available so you can make the right choice. So if you’re thinking about life cover and have a few minutes available, why not take a look and see what you think. We all love getting a good deal and who knows, this could be your lucky day!

By Ashley Shepherd

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Ashley Shepherd is an Over 50s Personal Finance Expert

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