A New Over 50s Life Cover Plan Launched by Sainsbury’s Finance
Life Insurance is one of those areas that is constantly recommended by insurance providers, but people still seem to go without, possibly due to the morbid nature of thinking about death and also because during times of economic turbulence insurance is often the first thing to disappear from the household.
But insurance providers will always point out that life insurance can offer a person peace of mind in regards to their loved ones. After their passing, they will be secure at least financially particularly if that person was the main breadwinner.
Now Sainsbury’s Finance has launched a new Over 50s Life Cover Plan, which aims to insure people above the age of 50. The insurance policy can be taken out by anyone who is above the age of 50 and below the age of 74, with premiums continuing until the person is 90, after which the person is still covered by the policy but the premium will have ceased.
Provided by the Legal & General Assurance Society Limited, the Sainsbury’s Finance Over 50s Life Cover Plan begins with premiums starting at around £8 a month and boasts that no medical is required and once a premium is settled it will stay at that amount for the duration of the policy plan.
“These policies can make a lot of sense if you want to leave a tax-free sum to your partner and loved ones when you die,” said Lucy Hunter, the Life Insurance Manager of Sainbury’s Life Insurance, “Also, with no medical required and applications accepted online or on the phone, our Over 50s single life cover plan is easy to apply for.”
In addition to the offers outlined above, the plan also lets the individual choose how much cover they require and can choose from a range of premiums that are relevant to age and gender. The Insurer also points out that the cover increases by 10% without an increase in premiums after 5 years.
It was recently revealed by LV= that more people have Pet Insurance than Life Insurance and the problem was highlighted further by a press release from Direct Line, who were offering £15,000 of free Accidental Death Cover for one year as long as the person sought a quote over the phone.
Source: Sainsbury’s Finance Earlier in 2009