Serious illness brings Whole of Life into focus
16th March, 2015
Research by Engage Mutual has revealed some sobering statistics regarding serious illness. They now suggest that 1 in 8 people over 50 are now living with a serous illness in the UK. This equates to 3.1 million people. The figures suggest that an aging population and advancements in medicine and care has made living with illness a more common occurrence. So will this affect how we approach protection options?
Whole of Life cover is normally considered the policy better suited to the older generation, who wish to cause no financial detriment to their family and want to ensure the policy covers funeral costs and inheritance tax bills. But the increase in those over 50 living with serious illness suggests that many of those looking to change from a term assurance to Whole of Life may find the policies costly, or even unaffordable. Taking advantage of good health early in life could therefore be the best way to protect yourself and your family.
If you are lucky enough to currently have no medical problems of any kind, now is a great time to seriously consider Whole of Life cover. Your premiums can be set for life, which means unless your policy is reviewed, you will not have to worry about increasing rates. So before you assume that Life Term Insurance is the only option, pop over to our Whole of Life quotes page and see if taking advantage of your health is the right move for you.