With the swathes of advice available on line these days, a simple free gift with your life insurance policy shouldn’t be enough to sway your choice of provider anymore (and it never should be by the way).
Websites such as Money Saving Expert, founded by Martin Lewis, provide millions of people with a logical and sound decision making process when investing in financial products.
Martin Lewis reviewed one such financial product – Over 50’s Life Insurance, to help people understand the cover and to highlight the best life insurance plans for over 50’s. His review is somewhat scathing, and deservedly so – why would you pay in more than will be paid out?
The review, which can be read here, focuses on one plan and provider in particular – Sun Life and Axa. The main downfall of this policy was its low and static pay out, one which may well be less than what you paid in.
Quick Quote Life never use the Sun Life plan. We never use it because we agree with ol’ Martin Lewis that it really is a terrible plan. QQL use only the best over’s 50’s life insurance plans available in the UK.
The advisors at QQL will listen to your exact requirements and criteria and then review a database of insurance providers and run a comparison of over 50's life insurance to find you the best cover.
In the review of the over fifties life insurance plan, there was a positive note to end on – and that was a list of insurance providers that could offer indexation and a decent pay out for minimal monthly costs. These are the providers that QQL use when finding you the best cover.
As well as using only the best plans and providers, QQL advisors will offer you a comprehensive guide to buying life insurance so that you understand exactly how your plan will work and how you can make the most of it.
Quick Quote Life advisor’s will talk you through indexing your life insurance policy and will help to find you a policy with great rates if you have a pre-existing medical condition.
Our over 50’s plans do not require a medical but we do need you to be honest when applying for Life Insurance. Lying on your application could result in the insurance provider not paying out in the event of your death. Having said that, over 98% of policies are paid out in full – see the exact graph here.
Indexing your life insurance policy is a great move for over 50’s plans. What your assured sum is worth now, is realistically not what it will be worth in a decade or two. Indexing your insurance policy to the Retail Price Index will make sure the value of your assured sum is representative of it’s worth in years to come.
You will have to index your premiums too but the increase is only small and without sounding too morbid, won’t be for long enough to become substantial. Those getting life insurance very early on can opt in to index their life insurance at a later stage or opt out at any point if premiums become too expensive – their assured sum will be fixed at whatever value they opted out on so no paying in has been lost.
The benefits of over 50’s plans in a nutshell are;
The crux of what Martin Lewis had to say about over 50’s life insurance was this: shop around, do the maths and be smart.
If you want some help or feel you don’t quite understand the way it works then just give us a call. We are here to help and to advise – and to find you the best policy. If you would like to do some more reading on Life Insurance then read out ultimate guide
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