Why Buying Life Insurance Should Be On Your New Year’s Resolution List

Granddad playing with sparklers with his granddaughter

The New Year is traditionally a time when people begin to reflect on the previous year and make plans for the months ahead that will bring about positive change to their lives. For some, that might mean making plans to get in shape, deciding to pick up a new hobby, improving their finances, or giving up a bad habit. 

Most of us spend the holidays with our loved ones, enjoying the happiness that sharing Christmas with our families can bring. So it can be the perfect time to start thinking about buying life insurance to help protect their future. We all want to know that our loved ones will be looked after if something were to happen, but how many of us actually put a plan in place for that eventuality?

Whatever you may choose for your resolutions this year, here’s why you might want to include buying life insurance as one of them… 

It can help you to protect your loved ones

At British Seniors, we understand that your family is your priority. That’s why we believe it’s better to take the time now to put a plan in place for the future that could make all the difference for your family financially when you’re gone. 

With Over 50 Life Insurance or Seniors Term Life Insurance, you could have some peace of mind knowing that you’ve got a plan in place that will help your loved ones to pay for any end-of-life expenses that might arise when you die. 

You can have some peace of mind

According to the British Seniors Funeral Report 2021, when considering the impact from having to pay for some or all of the costs of a funeral, 41% of people admitted they felt stressed. 38% struggled to cope with the financial strain. 27% felt overwhelmed by the additional costs. 25% said they had less disposable income for a significant amount of time while 19% fell behind on financial payments. We understand that thinking about your own death isn’t the cheeriest of subjects, but putting it off could cause you and your loved ones more stress down the line.

With Over 50 Life Insurance, you could have some peace of mind knowing that you’ve got a plan in place that will help your loved ones to pay for any end-of-life expenses that might arise when you die. 

Get the send-off you really want

A survey on funeral planning carried out by Mintel found that about 32% of people aged 50 and older would like a personalised funeral that reflects their life. Whether you would like a traditional service, or perhaps something more alternative, life insurance can help you to make sure that whatever your wishes are, they’ll be followed. 

In fact, should you choose an Over 50 Life Insurance policy, you can choose the free Funeral Benefit Option. This extra cover guarantees a contribution of £300 towards the cost of your funeral1 (on top of your existing benefit amount). As well as the appointment of a local independent funeral director.

You can leave behind a legacy to be proud of 

We all want to leave behind a legacy that we can be proud of. We want our loved ones to remember the good times and to look fondly on our lives. One of the ways that you can help to leave behind the legacy you really want is with life insurance.

With life insurance in place, your family could have some financial help to fall back on when you pass away. This can allow them the time and space to grieve in whatever way they feel is appropriate, without the worry of having to pull together the money for a funeral.  It’s a way of leaving them with a final gift that could make all the difference to your loved ones. 

What kind of cover is available?

British Seniors Over 50 Life Insurance

This is a guaranteed policy, meaning if you’re a UK resident aged 50-80, you’ll be able to take out this protection. With this cover, your premium is a fixed amount that is paid monthly towards your policy. When you pass away, your legal beneficiaries (that’s your spouse, partner or family members) will receive a lump sum benefit. 

The maximum benefit amount available to you will depend on your age at the start of the policy. Let’s look at a breakdown of that...

  • If you’re aged 50-69, you could choose a benefit amount from £1,000 - £10,000
  • If you’re aged 70-74, you could choose a benefit amount up to £9,000
  • If you’re aged 75-80, you could choose a benefit amount up to  £6,000

With British Seniors Over 50 Life Insurance, you’re immediately covered for accidental death from the start of your policy. And what’s more, if you were to suffer an accidental death, we will pay out twice your benefit amount (up to a maximum of £20,000). It’s important to note that there is a 12-month waiting period before you are fully covered for death due to any cause. When this waiting period is over you can rest assured that you’ll be fully covered.

British Seniors Term Life Insurance

Seniors Term Life Insurance, unlike guaranteed Over 50 Life Insurance, is a type of protection that is taken out for a set amount of time, or term. That means that for the duration of the term, you will be protected. Your cover will then end when you pass away, when the term is complete, or if you cancel it. With Seniors Term Life Insurance, you can leave behind a larger benefit amount, up to £100,000 depending on your age, for your family later in life. To qualify for this life insurance, you must be a UK resident aged 45-80, and you will need to answer health and lifestyle questions. Your answers to these questions will play a big part in deciding whether you’re eligible to take it out or not.  

• If you’re aged 45-74, you could choose a benefit amount from £10,000 - £100,000

• If you’re aged 74 – 80, you could choose a benefit amount between £10,000 and £50,000

With British Seniors Term Life Insurance, you’re immediately covered from day 1 for death by any cause except for death as a result of self-inflicted injury for the first 12 months. You’ll also have access to a range of free healthcare services including a 24/7 remote GP as well as other health and wellbeing experts.

Funeral Benefit Option

Again, with British Seniors Over 50 Life Insurance, you can take a proactive approach to planning your funeral with our Funeral Benefit Option. This extra cover guarantees a contribution of £300 towards the cost of your funeral1. As well as the appointment of a local independent funeral director. This is all on top of your existing benefit amount. 

When is the best time to take out cover?

Taking out a life insurance policy is a personal decision and there’s no wrong time to take it out. However, it is important to note that the sooner you secure life insurance, the better. This is because the earlier you take out a policy, the greater your benefit amount could be. Don’t worry, you can still get a competitive deal in your 50s, but premium rates start to climb with every year, so you’ll probably get a better deal securing life insurance sooner rather than later.

This year, make a positive change for the whole family

Try as we may, none of us has the power to predict the future. But we can still plan for it. This year, whatever goals you want to reach, and whatever it is that you want to achieve, why not include a goal that could benefit the whole family? 

The New Year could be the perfect time to sow the seeds for a more financially secure future for your loved ones. And what could be more important than that?

1

If you choose an unattended cremation, please note that the £300 contribution will not apply. An unattended cremation means any cremation where there is no funeral service, funeral procession (or other services such as family viewing, limousine(s), embalming or delivery of ashes). The cremation is arranged at a crematorium at a date and time chosen by the allocated funeral director and without anyone attending other than the funeral director’s staff.