When it comes to life insurance policies, seekers over the age of 50 can have a difficult time finding an affordable plan that fits their needs. Traditionally, insurance companies look closely at lifestyle factors of applicants, most importantly age and health condition. This can leave older individuals concerned about the amount of coverage they can receive at a reasonable price.
Tesco Bank is aware of the concerns of older policy seekers and has created a life insurance plan specifically to fit their unique needs. This Over 50’s Plan is a low cost option for those individuals looking for an affordable way to contribute to funeral costs and leave funds for loved ones.
Key Benefits of Tesco’s Over 50’s Plan
For older policy seekers, there are many benefits that can be found with Tesco’s Over 50 Life Cover Plan. One of the most profound benefits of this plan is that UK residents ages 50 to 80 are guaranteed coverage. This guaranteed coverage is extended to applicants with no medical exam needed or health questions asked, making it a great option for older individuals who have existing health conditions.
Another key benefit is that this guaranteed life insurance plan is affordable. Depending on benefit choices, payments can begin at just €7 a month. Better yet, these payments are not just low, but also guaranteed to never increase over the life of the policy.
Another unique benefit of this plan is that it will pay out to beneficiaries after just one year of payments if the policyholder were to pass away.
Things to Consider about Tesco’s Over 50’s Plan
Although Tesco offers a number of great benefits, there are some things that policy seekers should consider when making a final decision. When looking at lump sum payments for beneficiaries, it is important to understand inflation over time can greatly affect a policy’s purchasing power.
Since this is not an investment plan, it is possible for the payout amount to be less than what is paid in.
If cancellation is a possibility, it is important to note that termination of the policy will void any payout. This means that if the policy is cancelled for any reason, the holder will not be refunded any of the money that was paid in. This is important to consider when making a decision about purchasing a life insurance policy that may not meet all coverage desires or outlive the policyholder.
For individuals over the age of 50, looking for a life insurance policy to meet their needs can seem almost impossible. Concerns about coverage desires and high premiums can make the process stressful, especially if the policy seeker’s health is in less than great condition. Luckily, Tesco has a policy to meet the needs of these individuals.
Tesco’s Over 50 Life Cover Plan is tailored to the needs of individuals between the ages of 50 and 80. This low cost insurance option is not only affordable but also offers guaranteed coverage without having to answer any medical questions.
Although this may seem like the perfect option, it is important to also note that inflation may have an effect on lump sum payments and the strict cancellation policy.
gave me a quote that was complete rubbish. Tom at Claybrooke got me better cover and a much lower price. And not just that he gave me a good choice.