Over 50 life insurance Martin Lewis' views
Martin Lewis from Money Saving Expert has reservations when it comes to Over 50 Life Insurance. His concern is that depending on how long you live, you could pay more into the plan than the cash sum paid out.
Although he has a valid point, the thing Martin Lewis misses is that this is insurance, there to cover a risk. We go through life insuring ourselves against risk; something we hope will never happen – the house being burgled or damaged, our belongings lost or our car bumped – the list is endless.
The difference with this type of life insurance is that it is actually guaranteed to pay out a cash sum to your family.
So if you are looking for life insurance that is quick and easy to arrange with no questions asked about your health and lifestyle, then a guaranteed over 50 life insurance plan could be right for you.
If however you are in relatively good health and happy to go through a longer application with medical and lifestyle questions included, then regular life insurance could be more suitable as you could get more life cover for your money.
The key here is fully understanding how plans work and choosing the one that is best suited to your own personal needs.
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