Changes in demography and life expectancy have led to an increase in the number of people aged 55 and above in the UK. The trend is expected to continue in the next several years. This change has not been lost on the life insurance companies of the country. Many have come out with products specifically tailored for the needs of the senior generation.
Those aged fifty-five and above are largely nearing their retirement and this is the time for them to think even more about leaving a small nest egg for their survivors. Their health status also may be below par in many cases and many of them still think that there is no possibility of taking a life insurance cover at 55. Then there are issues such as funeral expenses –by no means a small amount – to be planned and taken care of. In short, the requirements of those in this age category are different from the younger generation.
Most insurance companies now have life insurance products specifically for those over 55. The salient features of these include guaranteed acceptance, which does not require people to provide their medical history with their application. The option to cover funeral costs comes at a small additional premium.
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Founded in 1762, The Equitable Assurance Society (Equitable Life) is a life insurance company in the United Kingdom which is now all but closed down. It is credited with having pioneered age based premiums based on mortality rate and creating the framework for practicing insurance scientifically. All life insurance schemes of today base themselves on this framework created by Equitable Life.
Equitable Life Insurance, in the 1990’s had over 1.50 million policy holders and £26 million worth funds under management making it one of the UK’s top life insurers. However poor provisioning in respect of its guaranteed fixed return schemes led to the company incurring heavy losses. This pushed the company to the verge of bankruptcy and dishonouring its payment commitments to policy holders. Failing to find a buyer to bail it out of trouble, Equitable Life closed to new business in December 2000.
The collapse of Equitable Life Insurance shocked the whole life insurance industry. Following the incident, the government tightened the monitoring of life insurers to make sure that a repeat of this would not happen.
Following the formation of the new coalition government in early 2010 the Equitable Life Payments Scheme Bill was announced. The bill seeks to give compensation to nearly a million policyholders of Equitable Life.
The new government has also announced that the final report from Sir John Chadwick on Equitable Life will be available by July, 2010. Harried policyholders and their survivors meanwhile, hope to see the end of their long wait to get their insurance money.
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