Economic changes in recent years have left many people struggling to make provisions for when they’re gone, a new study has found.
Researchers working for Engage Mutual, a provider of over 50s life cover, spoke to 3,000 people across Britain to discover their thoughts on will planning before they pass away.
One in three of the respondents who already have made a will said they were worried about the amount of money they would leave behind – and expressed concerns that they may have nothing left at all. Meanwhile, 20 per cent revealed they keep changing their minds about what should be in the will – and the same amount worry about who should end up receiving their inheritance.
Speaking about the research, Engage Mutual spokesman Karl Elliott commented: “Wills are an important part of life planning and are there to ensure that your wishes are carried out when you die. It can be a complex process, and sometimes life’s twists and turns can make it more so, but a will can be changed to account for changes of mind.”
Another way people could help their loved ones after they’ve gone is by considering an over 50s life insurance plan. It’s important to remember that different providers offer different sorts of policies, but there is some common ground between many of them. For example, most will ask that you are a certain age at start of the policy – usually between 50 and 80 – and are a UK resident. Once the policy has started, the death benefit is payable upon your death, as long as you’ve paid the premiums that are due. You should keep in mind that you could end up paying in more premiums than the policy pays out in death, but this is dependent on how long the premiums have been paid for.
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Applying for over 50s life insurance couldn’t be easier. You can arrange the cover through the post, over the phone or online. You’ll get the chance to get a quote that outlines how much cover you could receive based on a specific monthly premium.
Before you take out the cover, there are some important things to remember. For example, you need to be aware that an over 50s life insurance plan is not a savings plan and carries no cash in value. A payout will only be made on the policy when you die and there is an initial period when the full sum assured will not be paid out. Any payout could be subject to inheritance tax, unless the policy has been written in trust. Full details of the plan will be available from the provider.
