Life insurance brokers
Knowing your family is taken care of after you pass away is an important consideration for many over 50s who want to ensure their children, spouses, estates and any other dependants will be provided for in the event you’re not there to do it yourself.
Purchasing a life insurance policy is one way to protect your family’s income if you die unexpectedly. The money your family will receive can help cover your mortgage and any other living costs, and will provide you with peace of mind that they’ll have no financial worries in an already difficult time.
Do I need life insurance?
Many people resist the idea of life insurance, dismissing it as an additional and unnecessary cost. When you’re in the prime of your life considering death may feel unsettling and unnecessary, but taking the time to make a few provisions can offer you and your family assurance that everything will be taken care of if the unexpected happens.
Depending on how old you are when you purchase your policy, there may be different acceptance criteria – for example a medical exam – and the provider may also ask questions about illness, family medical history and current lifestyle habits. Your current health and how much cover you want will all determine the policy and quote you get from your broker.
Exploring your options online
Traditionally life insurance policies have been purchased directly through a broker, and can be fixed term, assured or decreasing term policies. In the last decade the market has changed – there are more options available to you and you can compare and buy a policy online either directly from an online broker or through a price comparison website.
If you’re wondering whether you need life insurance or aren’t quite sure how to go about doing it, start with some research. Consumer group Which? has released a guide about how to buy life insurance, which covers how to purchase direct from a broker as well as making use of comparison sites. Moneysupermarket has also published a useful article about some common objections to purchasing life insurance and who will and won’t benefit from a life insurance policy.
If you want to purchase your policy online direct from a broker, the Post Office, Aviva, and LV= all offer policies for people over the age of 50. Each website provides detailed information about the insurance policies available, how much they will cost, and why they might be useful to you. You can get a quote online before you decide, so you’re not obligated to purchase anything if you aren’t happy with the deal that’s being offered.
Price comparison sites are another easy way to shop for life insurance because you can get a quote for several different policies at once and compare aspects of each side by side. On Confused.com you can browse for policies, and if you have any special considerations you can narrow your search to suit your needs. Another popular website, Compare the Market, makes it easy to shop for over 50s life insurance by finding quotes for policies that are best suited your current lifestyle.
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