You’ve probably already got a lot of monthly outgoings, and no-one wants to add to that long list of standing orders – unless, of course, it’s a vital part of your financial future. Getting life insurance could help your loved ones pay for exactly those outgoings when you’re no longer able to. Taking out life insurance is often triggered by a life event – getting married/having a baby/buying a new home – but they aren’t the only times you should consider taking out a policy.
Why is it not too late to get life insurance?
There are a lot of companies offering Over-50s plans, but it’s sometimes hard to work out which deal will secure the best outcome for your personal situation.
The main benefits of life insurance are mostly seen by your beneficiaries after you’ve passed away and often means they’ll be covered if you die or are diagnosed with a terminal illness. It can cover the cost of your funeral, help pay mortgage and other costs associated with the family home and stop or reduce the risk of your family being unable to manage financially.
To secure them the best protection, you need to carefully choose the right policy length and consider how much cover is needed. Maybe the right policy for your circumstances offers a lump sum pay out which could provide vital support if you were to become seriously ill and needed to pay for private treatment or palliative care.
Finding you the ideal deal
Professional advice when considering which policy is right for you can make for a much easier process. There are so many details to be considered when choosing the perfect policy and we have access to products and prices you won’t find on the high street or price comparison sites.
You may want to have guaranteed policy payments or additional benefits like accidental death or critical illness cover, and they’re not always easy to find. Working with our expert team can save you a lot of time researching the various pros and cons of different products.
How we can offer you peace of mind
Professional advice will ensure that:
Your life insurance cover reflects your outstanding mortgage debt (if paying off your mortgage how your life policy is intended to be used. If you’ve moved, or restructured your borrowing there’s a good chance you’ll need to update your cover to meet your mortgage borrowing.
If you take out decreasing term life insurance, we’ll check that the interest rate applied to your mortgage does not become higher than the interest rate applied to your policy.
Any tax-free lump sum meets your expected needs. This money can be used for any purpose by your loved ones when they need it most, so being clear on lump sum pay outs can help your family with unexpected costs.
You have a full understanding of lump sums is essential as some will become part of your estate or be subject to inheritance tax. Though by putting it in a trust you can often protect your named beneficiaries from that.
It’s a good idea to take out a policy sooner rather than later, as the monthly instalments will, predictably, get more expensive the older you get.
However, with a full review of your lifestyle we may be able to improve things… If you’re older but healthy, you exercise and don’t smoke or drink (too much) it can bring the premiums down.
Variety is the spice of life (insurance)
Life insurance policies are often arranged for 10-25 years – the length of most people’s mortgage agreements. There are decreasing term policies that pay out a lower amount as you grow older and level term policies which pay out a single amount a , mortgage protection life insurance and whole-of-life cover. With Oportfolio we can help you work out what is the best deal for you, considering your age, length of mortgage, dependants, and affordability. Without life insurance – or some other guaranteed way to repay your mortgage if something happens to you – your home could be repossessed and taken from your loved ones at their most vulnerable time. Its not compulsory to have a policy, but it’s definitely sensible in financial planning terms.
And while you’re at it, another solid piece of advice is to also consider a Will if you don’t already have one to ensure that if needed the insurance money goes exactly where you want it to – be it divided across family members, your spouse or partner (you may not want your ex-wife or ex-husband to be the one who gets to decide where that money goes).
Check in with us
Don’t let the policies baffle you’. We can take the stress out of the research and pay close attention to all the small print. With Oportfolio you’ll have the peace of mind that your dependents will be given the financial support they need, when they need it.