Information and Benefits of Nationwide’s Over 55s Life Cover Plan..
As we get older, we become more and more aware of what our loved ones and children may need when we pass away. Many people find the thought of planning for these events to be stressful and can have a hard time finding an insurance plan that fits their needs.
Luckily, planning ahead can help alleviate some of these concerns and having life insurance coverage that will protect your family in the event of your passing is a great place to start.
Generally, people believe that the price of life insurance will only increase as they get older, and individuals over 50 think that purchasing a policy later in life is an enormous expense. Luckily, companies like Nationwide have developed insurance plans specifically designed to suit the needs of these older individuals.
Here we will discuss some of the specifics of Nationwide’s Over 55 Life Insurance plan and how it can benefit older policy seekers.
How Does Nationwide Over 55 Life Insurance Work?
The Over 55s Life Cover plan is a great way for policy holders to provide for their families after they pass away. This coverage is a straightforward way to leave a guaranteed amount of money behind to help beneficiaries pay your final expenses such as outstanding mortgages and personal loans. These funds can also be used to cover any funeral costs and leave money for younger generations such as children or grandchildren.
Who Qualifies for the Over 55s Life Cover Plan?
To apply for this coverage you simply have to be a citizen of the United Kingdom between the ages of 55 and 80. Anyone falling into this demographic will be accepted and covered under Nationwide’s Over 55 Life Insurance. Another great benefit of this kind of coverage is that there is no health questions asked or medical examinations required to qualify.
Not having to answer health related questions can help put many older individual’s minds at ease when looking for proper life insurance coverage.
Information on Premiums and Coverage Options
This type of coverage offers policy holders premiums as little as £7 a month. This makes the Over 55 Life Insurance plan very affordable for those individuals who may be retired from their occupation. These premiums are paid until the policy holder turns 90 years old at which time payments will stop but coverage will continue.
An important note, however, is that if the policy holder where to pass away before holding the plan for two years, only the premiums that were paid into the plan will be paid out.
When applying for Over 55s Life Cover plan, premium payments and coverage will be based on age, gender and the coverage option that is selected. You may choose one of two coverage options – either fixed cover or increasing cover.
The Benefit Of Fixed Coverage
This provides policy holders with premiums that will not increase and coverage that will not increase. An increasing coverage policy is the opposite in that the coverage provided along with the premiums will increase annually.
When choosing an insurance plan, it is important to take how much coverage you may need and what premiums you can afford into consideration. If you are interested in Nationwide Over 55 Life Insurance or need more information, contact us.
Our knowledgeable insurance advisors can help you choose the right policy to fit your needs and provide a great deal regarding this insurance. Claybrooke will also take care of all the paperwork, making the application process that much easier.