Life insurance policies are amongst some of the most popular insurance products in the UK, yet over 50s may be paying far too much for their cover, and could benefit by exploring more of the market.
For instance, policies that offer guaranteed pay outs, for instance, and don’t require medical examinations can have stipulations such as fixed pay outs.
Thinking long-term with life insurance
We feel this is why it pays to work with a specialist brokerage team when looking for a life insurance policy, especially for those in the over-50 bracket. The market can often be confusing, and making sense of the full terms and conditions can be something of a minefield.
The right broker will work alongside you to help you find the most suitable bespoke package for your needs and overall budget. That’s not just essential planning for over 50s now, but for middle-aged workers who may retire later in the future.
According to research by CEBR in 2017, figures for the older generations staying in work has increased from 65% in 2012 to 71% in 2016. They also believe that the number of 50-64-year olds in work will surpass 9 million before the end of 2018, with 10 million still active by 2021. As a result of all this, approximately 24 million over 50s in the UK are becoming an increasingly essential cog in the overall economy, with many choosing to stay in the labour market later in life.
Younger workers also need to plan ahead
This is why it’s so important for the over 50s – especially those working longer. Not just for the over 50s, but for those approaching the milestone, too.
Almost 8.5 million people in the UK don’t have a life insurance policy in place, according to the Association of British Insurers. This means one in four breadwinners may be putting their families at risk of financial insecurity. Based on average life insurance payouts of £31,000 per person, the cover gap equates to an astonishing £263 billion.
Finding a policy that works for you could not only save you money, but provide immediate peace of mind for both yourself and your family.
Find out more about life insurance and finding the right policy for you and your loved ones – no matter your age – by speaking to Oportfolio’s expert consultants today.
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