Top Five Tips for Over 50s Life Insurance

Over 50s Life Insurance should not be difficult to find at a reasonable price, but often unfortunately can be. With our quick and easy guide we’ll give our top five tips for securing good quality, good priced insurance quotes.

1. If you are in reasonably good health, avoid so called ‘Over 50s Plans’ - They are not medically underwritten which increases the risk of the insurance company avoiding paying a claim and in a vast majority of cases are over priced compared to normal Life Cover.
2. Shop around – Don’t just take the first quotation you get and definitely never take an offer from your bank or building society. It will probably be extremely overpriced and they will not be looking at the whole of the market.
3. Seek an advice driven service – Speak to a qualified life insurance advisor to make sure you are getting a cover which is both suitable for your needs, suitable for any medical conditions you may have and the best price. Different insurance companies will look at certain medical conditions in different ways. What one company considers being serious is not of any concern to another and a good advisor will be able to point you in the right direction.
4. Avoid Comparison sites which want to charge you – Some comparison websites and financial advisors will want to charge you for their services. In reality they are paid a commission by the insurance company and do not need you to pay them as well!
5. Over 50s Life Insurance may require some extra medical information, help your advisor to help you! – In a lot of cases, as you get older, the insurance company will want to check through your medical records just to make sure everything is okay. This helps both the life insurance company to reduce instances of non-disclosure and at the same time will help to diagnose any problems you weren’t aware of! The insurance company pays for any medical reports they ask for so helping your advisor to get the information to the insurance company, as quickly as possible, can really speed up getting you under cover.