Retirement Options Available Through The Insurance Surgery
The Insurance Surgery are working hard to bring you a range of options to take when you get to your well-earned retirement. Choose from our products to find out more.
There are a few products that would be suitable for retirement, some will be beneficial to take out just before your retirement, and some to be taken out during your retirement.
Over 50’S plan
Possibly the easiest policy to obtain is an over 50’s plan, due to the fact that there is no medical evidence needed for the application, or medical questions to answer. It is guaranteed acceptance, and anyone can take out a policy, as long as you’re over 50 of course.
The only downside to an over 50’s plan is the level of cover that is available. For example, the older you get, the less cover you are eligible for, and the cover will be further reduced if you are a smoker. Furthering this, the premiums can be quite expensive in comparison with the level of cover you have.
This may all seem like negative points, however if you have a pre-existing medical condition, and are aged over 50, it is highly likely that your premiums will be slightly pricier than if you were in perfect health. There is also a chance, if your condition is quite severe, that your application could even be declined, therefore an over 50’s plan is a good alternative.
There are two main types of life insurance that would be suitable for a retirement plan, these are term insurance and whole of life insurance.
Term Assurance is where you take out a policy for a certain term, or number of years. For example, a 20-year policy. This then means that if you were to pass away within that term then your policy would pay out, however if you were to pass away after that term ended i.e. 21 years later, then your policy would not pay out. This may seem like a bit of a gamble as you can never be certain of when you’re going to pass away, however term life insurance is dramatically cheaper than a whole of life policy.
Whole Of Life Insurance
Whole of life insurance is a policy that lasts your whole life until you pass away. Therefore, you are guaranteed a pay out no matter when you die. This is a much more secure policy as you know 100% that your family will be protected in the event of your passing. However, the only downside to this is the price of the premiums, due to the fact that the policy is guaranteed to pay out, you should expect to pay more for your policy, especially if you are older or require a larger sum of cover.
Both forms of life insurance have their pros and cons, so it is important to pick the one that is best for you, your family and your budget.
It is also important to take into consideration your pre-existing medical condition(s) as depending on the condition, that can also make your premiums increase. Furthering this, in the event of your medical condition being severe, there is also a chance that your policy could be declined.
Critical Illness Cover
Critical illness cover is a policy that pays out when you are diagnosed with a critical illness. However, it excludes any conditions that you have been diagnosed with previously, and some policies will even exclude any conditions that you get as a result of your pre-existing condition. It is important to remember that the older you are, the more difficult it is to get a critical illness policy, and unfortunately, once you reach a certain age (providers differ on this) Critical Illness would not be available.
Furthering this, it is also important to take into consideration the price of the premiums that you will have to pay, as the older you are the more expensive the cover will be, in addition, any pre-existing medical condition that you have will also increase the price, or will be excluded from your cover.
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