The over 50s Insurance Market


Article by Iwan Williams

More than most age groups, the over 50s should shop around for their home, car and travel insurance. Often they have been with the same insurer for many years and have simply accepted the renewal deal on offer. Many will have bought their home insurance from a bank or building society when taking out a mortgage and need to be aware that there are better deals and big savings to be had.

Over 50s Should Shop Around for Insurance

It is also important for customers to remember that cheaper premiums do not have to mean less cover. A leading specialist and over 50s insurer, advises over 50s consumers planning to shop around for home, motor or travel insurance to be careful when taking out policies. Cheaper premiums are worth having only if the quality of the cover is not compromised. It is advised customers check the level of cover on policies and ensure that policy limits are suitable for the individual.

Why Over 50s Should Pay Lower Insurance Premiums

There are a variety of reasons why over 50s should expect to pay lower premiums for insurance such as car insurance and home content insurance. Primarily, they tend to have a low risk profile, which means insurers are able to offer cover at lower prices. In addition, the over 50s tend to make fewer claims and are less creative when making a claim, submitting lower value claims than the under 50s. Further savings can be also be made by using a specialist insurer for the over 50s. In fact, research conducted by a leading UK insurer shows over 50s can typically save up to 35% on home and contents insurance by using a specialist insurer.

A specialist insurer, in addition to offering potential savings, will also be able to provide tailored products for the over 50s. Examples include covering a home whilst the occupants are away for extended periods, garden cover, and home help benefit.

These savings are still available for the over 65s, particularly if they use a over 50s insurance specialist. However, travel insurance can attract higher premiums for older people as any claims made tend to be of a higher value. Also, some companies will not provide travel insurance at all to the over 65s.

Again, it is best to talk to a specialist over 50s insurer as they negotiate exclusive rates and cover with a panel of insurers and will be able to offer insurance for the over 65s.

About the Author

To find more information on over 50s insurance please visit http://www.rias.co.uk

 

 

Even If You’re Over 50, Don’t Forget Your Insurance

Even If You’re Over 50, Don’t Forget Your Insurance

Article by Chelsi Woolz







Now, more than ever, insurance coverage is needed to protect yourself and your loved ones in case of an unfortunate accident. Insurance for people over 50 doesn’t end with life insurance. There are many other situations where it can be instrumental in keeping those golden years valuable.

Life insurance is what many people are thinking about. We want our spouses and children to be taken care of when we pass. In the past, the insurance game was such that life insurance was unavailable to pensioners, but now it is a simple matter to get a deferred term life insurance policy up to the age of 85.

Life and death are not the only matters of importance. Often, death is preceded by costly hospital or long-term care. Health insurance is needed to take care of these costs as they occur, because quite frankly sometimes a doctor knows what he’s doing and you end up living for ten to twenty more years in relative good health. You don’t want those years to be spent drowning in debt. Even if you already have a good health insurance policy, there may be holes in it. In such a case, a second, or gap insurance policy can help to close those gaps and provide true full coverage that includes all prescription medications.

Your car insurance should also not lapse. You have to be honest with yourself. Your senses are not going to be as sharp as they were when you were 20 years old. Accidents do happen and your vehicle should be protected at all times. You may not be planning a new car purchase, and if that is true, then your automobile must be covered for all situations and include rental car benefits in case of an accident.

Lastly, travel insurance for people over 50 is always a good idea. Many retired couples and singles alike spend some of their time travelling, seeing places they’ve always wanted to see and visiting far-away friends and relatives. Travel insurance makes sure that you are covered for medical emergencies even if you are in another country and it also protects your ticket investment should you have to cancel.

Insurance is important at all ages – please don’t let coverage lapse, thinking it doesn’t apply. Insurance can save you from embarrassment and protect your family. That’s really what’s important.




About the Author

People over 50 who are not working full-time should consider specialist insurance catering to their age group. Finding such policies for car insurance and travel insurance could make a real difference to your budget.

Do I Still Need Insurance in Retirement?


Article by ric dalberri

We all know that we could during our lifetime, become cash poor and insurance rich. So, now, during the ‘golden years’ of retirement,do I still need insurance in retirement? The answer is basically, yes and no. What I mean is, which type of insurance do I still needin retirement. Here are different types of insurances that you usually have in your personal (not mentioning if you are self employed for business insurances) portfolio:

1) Life

2) Health, dental, vision

3) Automobile, R.V., motorcycle, boat, etc.

4) Homeowners, flood

5) Disability

6) Long term care

7) Pet

8) Travel

So, you should now understand why I said yes and no to needing insurance. Let’s start and go through the list.

1) Life insurance. The purpose of life insurance is to fill the gap of financial loss, hardship, pay some debt and burial funds for those left behind. If the answer is no to the purpose listed here then, you don’t need life insurance. You may, however, want a charity to benefit or help a family member in need. The amount of life insurance depends upon the amount of money the individuals you leave behind will need not to experience a financial loss. You have to calculate your liabilities. Consult with an insurance specialist as to the various insurance policies available to you. If you now own an insurance policy, you may consider having the cash value pay your premiums or sell the policy (called viaticles) and set aside some for burial and blow the rest.

2) Health, dental, vision insurance. Do I still need insurance in retirement? For this, yes. If you leave your employee, there may be an option to continue your health insurance. Many municipalities and unions will allow this. You may consider to continue with Cobra for 18 months until you decide what you will do until you go for Medicare. Remember, even if you don’t want Medicare at 65 yrs of age, you still need to inform them that you decline because of other coverage. If you don’t and at a later date, apply for Medicare, you will be penalized and pay a higher premium. You may also need a supplement to this.

3) Do I still need insurance in retirement for auto, R.V., motorcycle, boat? Only you can decide this. For the most part, if you own any of these in this category, the answer is yes. You decide how much.

4) Homeowners insurance is a must. Some policies will cover you away from the home. Even if you don’t live in a flood zone, you may want to consider flood insurance these days. Just watch the news and weather channel.

5) Disability insurance. You probably have had this at your work, even if you did clerical duties and not being a laborer. You probably don’t need his in retirement, unless you are very active. Only you can decide.

6) Do I still need insurance in retirement? Long term care should be a definite. The earlier you start (age wise) the less expensive your premium will be. Check out the cost of medical care in and away from the home. It could be a very expensive premium. Can you afford not to have this?

7) Pet insurance is a personal choice. If you own a pet, you know how expensive vet bills can be. Can you afford this in retirement?

8) Travel insurance. When you decide to travel, you can take travel insurance for the trip you are considering. It can be covered for different reasons from cancellation, weather, medical. Some foreign countries will not accept our (U.S.) medical coverage. This probably is a yes when traveling.

Do I Still Need Insurance In Retirement?

About the Author

Ric Dalberri is a graduate of Columbia State University & has been involved in his own business (sold) employing over 100 people. As well as being a top producer as a Financial Specialist for over a decade with one of the largest financial institutions in the U.S., Ric has many years experience in sales and management. Ric was also a mentor in the financial arena as well as a volunteer teacher for Junior Achievement.

 

 

Travel Insurance for Bank Holiday Breaks Won?t Break the Bank


With two Bank Holiday Mondays, and therefore two long weekends, May is the perfect chance for people to take a mini-break away to quench their holiday thirst until summer arrives. Thus, popular European countries are preparing for an influx of British tourists wishing to make the most of their extra long weekends.

 

Unsurprisingly, travel prices reflect this, and holidays over these three-day weekends are often more expensive than normal, as holiday companies cash in on what would perhaps otherwise be a lull in holiday sales. Although when you consider the limited amount of three-day weekends you get in a year, a slight increase in cost perhaps seems more tolerable.

 

Travelbite.co.uk have compiled a list their top destinations for the bank holiday weekend breaks. Their selections add a bit of variety to holiday, as they suggest more unusual places than holiday makers’ usual, more predictable choices. They reveal Croatian city Split as their top May bank holiday break destination, followed by Tunis in Tunisia and Manama, Bahrain. Berlin and (surprisingly) Washington DC make up the top 5.

 

Wherever the destination, travel insurance is just as important as ever, and May holiday makers booking last minute short breaks shouldn’t let it slip their minds. Unfortunately, unexpected things can go wrong on short breaks too, and having adequate travel insurance should be considered essential. Getting cover shouldn’t cost much either, as the price for single trip travel insurance is calculated depending on how long you are travelling for (as well as taking into account your destination, travel party size and ages). So, essentially, the shorter the trip, the cheaper the cover. For example, popular travel insurance provider Direct Travel Insurance’s comprehensive policies start from £5.50 for 5 days in Europe.

 

With the current weakness of the Euro against the British pound, trips abroad could, arguably, not be as good value as they have been, and UK trips may become more common for weekend breaks, especially in May. Seaside resorts such as Brighton and Blackpool are all expected to grow in popularity, as people from inner cities seek sun and sand without leaving the country. Even for weekend breaks within the UK, travel insurance could still be worthwhile. For example, cover for cancellation, money and personal belongings would be covered by most policies, and, with cover starting from £3.50 (based on a Direct Travel Insurance policy for one adult), getting covered for your Bank Holiday break won’t exactly break the bank.

 

Article Author – Rob James

Rob James is the Communications Coordinator for Direct Travel Insurance, providers of travel insurance.

 

Find out more about the Pros and Cons of Over 50 Life Insurance


Article by Soul Patel

Life insurance is often a difficult matter to handle as it may bring you to think about the practicalities of your own death which is not easy for anybody. It is also a comforting thought that the lump sum of cash left behind can clear any debts you may have, left to a grandchild, or cover the expense of a funeral. Most of the UK insurance providers do not require a medical checkup and for those aged 50 or older the good news is that the process is somewhat easier because of over 50s life insurance. It is also quite easy to set up an over 50 life insurance policy with the entire process able to be completed within only a few days. In the case of death, there is a lump sum of cash paid out, and this sum is paid out irrespective of the age at which death occurs.

However, there are of course disadvantages to these insurance policies. The first to know is that the monthly premium cost of the contract is relatively high compared to that of a standard life insurance policy. The closer you are to 50 years old, the lower the insurance premium will be. There is also an initial period, usually of two years, in which the policy will not pay out if you die, instead the premium costs paid over this time are often refunded. Lastly, unlike a standard life insurance policy, the level of pay out on death is significantly lower and is typically around £8,000. Having said this, and as stated above, this is a guaranteed sum.

In the UK, over 50 life insurance is a strongly growing market where many providers running extensive advertising programs. As such, there are many great deals to be found, as the competition is high. Excellent incentives are offered by some providers which include a high payout travel insurance policy where you can be paid three times the usual lump sum if a travel accident results in your death. Find a scheme appropriate for you by making sure you compare the benefits of each policy.

If you’re over 50 in looking into life insurance options, look for over 50s life insurance with provisions that enable you to extend the length of the term of the policy if you’re still alive at the end of the initial term. You should also be aware of return-of-premium term policies, which enable you to get back premiums that you paid into the policy. You might pay more for these provisions but they are worth it.

Interested in Over 50s Life Insurance? Click here

 

Travel Insurance for Saga Louts?


Article by Jean Andrews

Our older generations have been getting some negative press due to their alleged bad behaviour while on holiday abroad – earning them the unfortunate nickname ‘Saga Louts’. The same seniors don’t behave badly and earn themselves an ASBO at home. So what’s going on?

Fun and reckless behaviour is not exclusive to the young. It seems the people we used to look upon as role models are often the ones misbehaving these days. Apparently, the number of mature drinkers is rising while the number of teenage drinkers has dropped. Young people are worrying about their carbon footprints, growing their own vegetables, and spurning drink and drugs. Role reversal? It seems so.

Many older folks are ignoring their health problems and throwing old-fashioned caution to the wind. They are jetting off abroad, often without getting a health check from their GP – or taking out travel insurance! The Foreign Office has expressed concern about this new generation of retirees who are putting themselves at unnecessary risk.

Are these ageing rebels breaking the mold? What happened to our dear old grannies who spent their days baking cakes, knitting mysterious garments for us and trying their luck in the bingo halls? Where is the quiet grandpa who spent his days hiding in the potting shed with the newspaper and racing form? Perhaps they revert to a more staid persona at home, but once they have a taste for foreign travel and adventure there’s no stopping this new silver jet set!

Drinking, or rather binge drinking, is reported to be the cause of most of the problems. Their benders often result in these oldies-but-baddies ending up in jail, hospital or even the mortuary! Why shouldn’t they let their hair down (what’s left of it) or have a knees up (so what if they’re plastic). Many are wealthier than they used to be and feel they deserve to make up for all the years of sacrifice.

The over 55’s are reported to be among the largest group of people participating in dodgy activities like bungee jumping, skydiving, and paragliding! These ‘denture venturers’ as they have been labelled, often outshine younger dare-devils. The young are becoming the new fuddy-duddies, tut-tut-ing the antics of their irresponsible elders!

There’s no question that obtaining affordable travel insurance can be difficult for the older traveller. Cover varies from company to company, so it’s best to shop around for the right policy. Many companies set age restrictions in the mid 60’s for annual multi-trip policies and travel to the USA and Canada – due to the high cost of medical care. The over 70’s may have difficulty finding an affordable policy, especially if they have a medical history which includes conditions like heart disease, stroke or diabetes. Fifty used to be old, but 50 is the new 40 as they say, 60 the new 50, and so on. After working hard all their lives and paying taxes, the over 50s may feel they have earned it. Many won’t get their state pension at 60 as they planned, but will have to work until they are 65, 70 or beyond because the government changed the rules. The retirement carrot is being dangled further down the road now. Who wouldn’t get an attitude! No wonder they’re buying Harley Davidson hogs and hitting the highways while they can!

Maybe older folks feel time is running out and it’s foolhardy to stock up the freezer. Perhaps they don’t care whether they make the return trip from their holiday. In a way you can’t blame them, but one major downside to their rash behaviour is the impact it can have on the holiday plans of others. Older travellers who don’t see their GP for a check-up may not be medically fit to fly. There are reports that in-flight medical emergencies are on the increase, causing distress and chaos and sometimes requiring the pilot to make an unscheduled landing.

So, are they wrong to enjoy their silver or golden years and kick up their heels as they burn up the inheritance money? We probably shouldn’t pass judgment. However, the family may not be amused if grandma has no travel insurance and breaks her neck jet skiing in Spain! Emergency medical treatment abroad can cost a small fortune and emergency repatriation (dead or alive) can be extremely expensive. The house and nest-egg they intended to leave to the kids could vanish as fast as a nice glass of bubbly if there’s no travel insurance to help cover the costs.

Should we reprimand our seniors and send them clucking back to the bingo halls? Whatever your views may be, it’s probably too late anyway. Like free-range hens, they’ve broken free of the coop, scratched some dirt, and had a taste of sunshine and freedom. Why not let them flap those bingo wings and fly while they can!

 

About the Author

Jean Andrews is a freelance writer living in the UK. She regularly contributes articles for TIA Ltd who offer travel insurance at great prices online.