In our previous ‘types of life insurance‘ blog we went through the basics of life insurance available in the UK and the different types that you may want to consider, depending on your personal circumstances.
In today’s blog, we are going to run through the two other types of life insurance cover and what they might offer you or your family. They are Over 50s Guaranteed Life Insurance and Private Medical Insurance.
Over 50′s Guaranteed Life Insurance
If you are over 50 you’re not old! The great news is that we are all living longer and at 50 or over, you may still want to consider some life insurance.
Over 50′s Guaranteed Life Insurance does not always require a medical depending on your personal health and circumstances and it can provide peace of mind to you and your partner, should something happen to you.
People buy over 50′s Life Insurance to cover funeral expenses amongst other things and you may be surprised to know that the cost of over 50′s life insurance cover is not necessarily expensive at all.
Over 50s life insurance can cost the older you are and usually lasts for a set period of time or until you officially retire.
It is important to note, that sometimes a standard policy (not necessarily set for over 50′s) is often better value, but you should always seek financial advice if you are unsure.
Private Medical Insurance
With long NHS lists the idea of private medical insurance is a very attractive option. However, many people assume it is very costly and therefore out of their budget.
However, private medical insurance can be very cost effective and offer peace of mind for a host of situations where your health may be at risk.
Private Medical Insurance can offer treatment in a private hospital, meaning you can avoid longer waiting times and see private Doctors about your illness.
PMI (as it is also known) essentially covers the cost of medical treatment for short-term medical conditions, which can include things like surgery, specialists and nursing in a private ward or room, giving you the very best medical cover when you need it.
There are both standard and more complex private medical insurance options so it is important to ascertain exactly what your policy will cover.
As a general rule, many private medical insurance policies will not cover illnesses that cannot be cured – for example things like asthma or diabetes.
Well that’s our run down of the main life insurance types in the UK. Come back and check our blog regularly for more updates, information and useful tips and advice for buying life insurance and finding the cheapest life insurance policy for you!