At Engage Mutual, we understand it’s an important step to get your affairs in order later in life. For some people this can involve writing a will and maybe setting up an over 50s life insurance policy. It all depends on how the individual wants to help their family and friends once they’ve gone.
Although this is important in principle when talking about wills, recent research has suggested it’s not happening in practice. The survey, carried out by Engage Mutual, showed that half the adult population has a will in place. But 15 per cent of these people have disposed of assets that would have been included in the will over the past two years. More than two thirds of respondents said this was because the economic situation meant they were forced to sell things.
Meanwhile, the study also showed that a large number of people have reviewed their finances and made changes to their will accordingly. When asked to name their reasons, respondents mentioned house moves, family fall-outs and uncertainty over what will be left behind when the time comes.
Speaking about the report, spokesman for Engage Mutual Karl Elliott underlined that being financial prepared for the sadly inevitable is essential. “Wills are an important part of life planning and are there to ensure that your wishes are carried out when you die. It can be a complex process, and sometimes life’s twists and turns can make it more so, but a will can be changed to account for changes of mind.”
Along with wills, over 50s life cover is a way to help your loved ones once you’ve gone. With Engage Mutual, you’re guaranteed to be accepted without a medical. However, you’ll need to be aged between 50 and 80 and a UK resident. The life cover will be payable upon your death, provided you have stayed up to date with the premium payments. However, the full sum assured is not payable in the first two years.
When it comes to deciding the level of premium you will need to pay into an over 50s life insurance policy, your choice will depend entirely on how much cover you need and what you find affordable. If you’re shopping around for cover, providers will be able to give you a quote and there may be an online calculator tool to make it easier to work out how much cover specific payments would provide.
There are some important points to keep in mind, however. An over 50s life cover is not a savings plan would and only pays out upon death. In some cases, you may end up paying in more premiums than the plan would pay out on death. Of course, this depends on how long the premiums have been paid in for. Full details of the plan will be available from the provider.
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