Five Reasons Why You Should Consider Switching Your Life Insurance Policy
Life insurance can be a minefield if you’re in the process of choosing a policy. It’s difficult to discern which options meet your needs, and you might end up making the wrong choice. This isn’t the end of the world, though – especially not if you’ve only recently signed up. Most providers offer a grace period where you can cancel without it costing you any money.
If you’re currently choosing a policy or have recently signed up to one, you may not have been aware of the new Lifetime Payback Guarantee policy for over 50s from British Seniors, which has just launched and isn’t visible on life insurance comparison websites. This is because it is a unique type of deal – there isn’t anything to compare it to.
There are five main reasons why you might want to consider switching your life insurance policy to the Lifetime Payback Guarantee policy.
Safeguard your investment
One of the main issues with most life insurance policies is the fact that a lot of them will allow you to pay in more than your family would actually receive after you die. The key to the Lifetime Payback Guarantee policy is that no policy holder will ever get back less than they put in. In fact, whatever you have paid in by the time you die (even if it is more than originally specified), that is the amount that will be paid out. The investment you make is safeguarded in a way that you won’t currently find with any other provider.
Your protection begins immediately
Although the policy does not become fully operational until 24 months after it is signed up to, your investments are still protected during that time. If you die during those 24 months for any reason, the amount paid into the policy will be refunded to your family. There is no situation, therefore, where you will lose the money you pay in, unlike with other policies where you might lose everything if you die at the ‘wrong time’.
High levels of flexibility
You can enjoy a significant amount of flexibility once the policy begins. For instance, you can add a partner at no extra cost (as long as they also meet the eligibility criteria) and increase or decrease your benefit amount. Most policies don’t give customers anywhere near this much control over their deal once it has been agreed, so this is another feather in Lifetime Payback Guarantee’s cap.
Acceptance is guaranteed
Unlike other life insurance policies, there are no medical interviews or tests that have to be undergone when you sign up to the Lifetime Payback Guarantee policy. Acceptance is guaranteed as long as you are a UK resident, aged between 50 and 79. This is an especially attractive deal if you suffer from a medical condition which might preclude you from being accepted to alternative policies.
This deal is not available anywhere else
Lifetime Payback Guarantee is a one-of-a-kind deal that can’t be found with any other provider. British Seniors says it has listened to its customers, taken their feedback on board and devised a policy that protects them and their investment completely.