At Engage Mutual, we know that for most people, making sure their affairs are in order in later life is an important step. This can involve anything from arranging a will to setting up an over 50s life insurance policy – it all depends on how you want to help your loved ones after you’ve gone.
However, a recent survey conducted by Engage Mutual highlighted just how many of us may not have the assets we used to pass on to family and friends later. The study revealed that while around half of the population has a will in place, 15 per cent have disposed of certain assets that would have otherwise been provided in the will in the last two years. In 67 per cent of cases, the reason for this was that the pressure of the economic downturn had forced the sale of certain things.
It was also revealed that there were a large number of people who were revising their financial affairs and making changes to their will. The reasons given for this ranged from simple things like changes of residence to more complex issues like family fall outs and people who were unsure about what they would actually have left to leave behind.
Karl Elliott, a spokesman for Engage Mutual, said that regardless of the changes we may want to make, taking the first step of actually getting financially prepared for your death is essential. “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 good way to help your loved ones after you’ve gone is to set up an over 50s life insurance policy. Engage Mutual guarantee acceptance without a medical for any UK resident that falls within the 50 to 80 category and once set up, the benefits will be payable upon your death, provided you have kept up the premium payments.
What level of premium you will pay in to an over 50s life insurance policy will depend entirely on what level of cover you need and what you can afford. Providers will be able to give you a quote and may even have an online calculator to help you see how much cover specific payments would provide. However, you should remember that an over 50s life cover plan does not work in the same way as a savings plan and will only pay out when you die. Also, in certain cases, you could pay more in premiums than the plan would pay out on death – but this would be dependent on how long premiums are paid for.