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Only a THIRD of Over 50s had life insurance during lockdown

New research has shown that most over 50s did not have any life insurance in place during the Covid-19 pandemic. The research from financial services provider OneFamily shows that only a third of over 50s in the country had a policy in place during the whole of the pandemic, starting back in March 2020.

Over 50 Life Insurance with The Insurance Company

At The Insurance Surgery, we can help you make this change and put a policy in place. As we begin to see lockdown lifting and new government guidelines allow us to spend time outdoors with friends and family, now is the perfect time to think about your next steps in protecting yourself and your family. Between working from home, home schooling and trying to keep yourself and your family as safe as possible, it’s easy to let life admin take a back seat. As we start adapting to a new ‘normal’, you wouldn’t be the only one to let something fairly important, like life insurance, slip down the priority list. If you’re in the 66% of over 50s who were not covered by life insurance over the past 12 months, but want to change that, we can help. We are specialists in Over 50s Life Insurance, as well as life insurance for pre-existing medical conditions. 70% of people declined for life insurance elsewhere have been able to take out a policy through us.

Making the process easy and streamlined

It can be a difficult conversation to have with your friends and family. Statistics show that one in four (28%) in this age group don’t want to engage with end-of-life planning or funeral plans whatsoever. As you get older, you often want to enjoy every minute with family and friends, rather thinking ahead to what may be years in the future. We understand this and can make the process of taking out a Life Insurance policy as streamlined and easy as possible, so that you can have everything in place without having to think about it again. Our team at The Insurance Surgery are trained experts who understand that some people may find talking about what happens after a customer dies a little uncomfortable. Our advisers are brilliant at handling your unique circumstances with the care and attention that you deserve. We understand every potential barrier there may be when taking out an insurance policy. This may be that you have concerns over a medical condition, or concerns over your budget. We can help you find a provider and a policy that you are happy with. 40% of those surveyed who do have a life insurance policy say they have greater peace of mind that their funeral costs are taken care of and that their family doesn’t need to worry about them. We can help you feel this way too. Looking at the statistics more in depth, certain areas of the country seem to be more likely to be covered than others.
  • Scotland: 47%
  • Northern Ireland: 46%
  • Wales: 37%
However, less people in England have a policy in place, particularly:
  • West Midlands: 26%
  • London: 28%
Of those asked in the survey, three in 10 over-50s agree that as the pandemic begins to slow and the R-rate continues to drop, it is more important than ever to have life insurance in place.

Budget constraints and Life Insurance

It seems that personal circumstances may be the reason why many are eager to look at taking out a policy pre-covid. 47% of these people do still have money left to pay off their mortgage. Still having costs to pay on a home and not leaving that for a next of kin to deal with is a key factor in the decision to take out life insurance. Many Over 50s may have had a life insurance policy in place for years, after buying their first home perhaps. To some, it may seem like a no-brainer to have a policy in place when they are over 50. However, one deciding factor for most people is the cost of the monthly premiums. 1 in 8 over 50s think they would struggle to cover the expense of life insurance. On top of that, 14% say they would consider scrapping their cover if they were struggling to pay the monthly premium. With the amount of people in the country who have been on furlough leave over this past year, or have even been made redundant this year, this comes as no surprise. At The Insurance Surgery, we understand how different each and every one of our circumstances can be. We will search the whole market for you to find the very best premium possible for you. Our aim is to make sure you are happy with your monthly payments.

Am I too old to take out a Life Insurance Policy?

There is a misconception that those over the age of 50 are too old to get life insurance, however that is not always the case. There may be some cases where age may have an impact on taking out a new policy, so the sooner you find one that is right for you, the better.

Adding Life Insurance to your to-do list

The last year has taught us a lot of things but one thing we all can take away from the coronavirus pandemic is to not take our health for granted. Keeping healthy, active and safe has been something that we have all attempted throughout. Overall, we never know what is around the corner. If you are over 50, have a pre-existing medical condition or have been declined for life insurance elsewhere, we are experts in finding you a policy that will cover your funeral costs and look after your family if the worst was to happen. You can call us on 0800 083 2829 to talk to an expert, or fill in your details on our quote form here and a member of the team will get back to you. Let’s enjoy getting through the final hurdles of Covid-19 safely and give you peace of mind for the future!