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12 Jul 2020

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Over-50s get new life insurance products

People above the age of 50 are set to benefit from three new guaranteed acceptance life insurance products launched by insurance provider Legal & General (L&G).

The firm has introduced Fixed Plan with permanent monthly premiums and a fixed cash sum to be paid out on death, Increasing Plan whose benefit will increase in line with inflation and Funeral Plan aimed at protecting against rising funeral costs.

Designed for consumers aged between 50 and 80 years old, the plans' monthly premiums will stop once the applicant reaches 90, although cover will automatically continue until death, L&G said.

According to the firm's director of marketing and channel development Alan Ferguson, the plans are being launched in order to ensure consumers have flexible products that can meet their needs.

"People traditionally take out this type of life insurance to provide their family with funds to go towards funeral expenses or unpaid bills, or as a gift for children or grandchildren," he explained.

"If inflation is a concern, then two of our plans are index-linked and the Funeral Plan is specifically designed to help with funeral costs."

Which? Legal Service recently stated that life insurance is just as important as a will.

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Over-50s get new life insurance products