Life insurance policy seekers over the age of 50 can have a hard time finding a plan that not only fits their needs but also their budget. The fact that life insurance companies look closely at an applicant’s age and health status usually makes premium payments for older individuals more expensive and coverage options very limited.
Luckily, insurance providers such as Tesco Bank have taken these factors and older individual’s concerns into consideration and developed life insurance plans to fit their unique needs, such as the Over 50 Life Cover Plan.
Tesco’s Over 50 Life Cover Plan Has Many Important Benefits
Tesco’s Over 50 Life Cover plan offers many benefits to older individuals looking for life insurance protection. One of the best benefits of this plan is that any resident of the United Kingdom between the ages of 50 and 80 is guaranteed acceptance.
This means that coverage is extended to those individuals without having to answer any medical questions or submitting a health screening. This type of guarantee comes as a huge relief to older policy seekers, especially those with a pre-existing condition.
This life insurance plan is also affordable, making it another great option for older individuals. Depending on the type of coverage chosen and any other benefits and features selected, payments can start as low as £7 a month, which helps to easily fit life insurance coverage into a household budget. As if these low payments could not get any better, Tesco also offers a guarantee that premium payments will never increase through the life of the policy.
Important Points to Keep in Mind with Tesco’s Over 50 Life Cover Plan
Just as with any insurance policy, it is important to review all aspects of the plan before making a decision to purchase coverage. Even though Tesco offers a number of great benefits to older policy seekers, there are still some points to keep in mind.
Tesco does offer a lump sum payout to beneficiaries when the policy holder passes away, but it is vital to know that the value of this sum can be affected by inflation over time and may lose some of its purchasing power. Tesco also has a strict cancellation policy when it comes to its Over 50 Life Cover Plan.
If You Need To Cancel?
Cancellation for any reason will cause the policy to become null and void and any insurance coverage will stop immediately. Also, when the plan is cancelled, none of the funds paid into the policy will be refunded. These types of stipulations with any insurance policy make it important to find coverage that meets all of your needs so having to cancel the plan does not become an issue.
It is important for older policy seekers to find a life insurance policy that will meet all of their unique needs as well as one that is affordable for their budget. Tesco’s Over 50 Life Cover Plan offers just that along with guaranteed acceptance and premiums that will never increase.
It is important to take the whole plan into account, however, so be sure of all the special clauses that may affect your payout. Affordable options for older individuals are available and it is important to compare different plans to make sure all your insurance needs are being met.