Checklist Before You Buy An Over 50s Life Insurance Policy
Our suggested checklist before you buy any over 50 life insurance plan :
- Only buy policy with a big brand insurer, if you’ve never heard of them then don’t buy from them
- Ask for non-smoker cover if you are a non-smoker, they are likely to be much better. If you’re a smoker then check you will probably be better off going somewhere where they don’t ask if you smoke or not. Check out our comparison page to see which providers give preferential rates for non-smokers.
- Make sure that your payments stop after your 90 even if you think you won’t reach that age if you are the 1 in every 100 that reach 90 you will be glad you did
- Make sure you compare levels of cover and premiums – shop around but don’t just choose on price as often the differences can be small and you may feel more comfortable paying a little more for a better known brand or service
- Don’t buy from a comparison service without checking out products and prices from some of the big brands that don’t sell via comparison services like SunLife and Direct Line.
- Ask about how easy the claims process is and the percentage of claims paid out, you should expect payouts on death within 5 working days of notification as a minimum and accept nothing less than a 100% payout – these products are guaranteed acceptance with no medical questions so there can’t be any excuses for not paying out.