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Life Insurance News
Life insurance 'more expensive' for elderly - 28/11/2007
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Elderly people can find it "very difficult" to take out a new life insurance policy, West Financial Management has suggested.
Helen West of the independent financial advisory firm said that when people reach the age of 85, it becomes harder to get underwriting on a life insurance policy.
In addition, she explained that as some elderly people have health and mobility issues, they may have to rely on a power of attorney to arrange a life insurance policy, which can complicate the process.
"A lot of financial advisors . are not creative in thinking up strategies and ways of satisfying older people's needs," she explained.
Ms West added that many of the problems faced by older people seeking a life insurance policy could have been resolved if they had arranged for cover when they were younger.
"The older they leave it to get cover, the more expensive it becomes and the higher the chance that they are going to be too decrepit to be a good bet for the insurance company," she said.
Figures published earlier this year by the Association of British Insurers revealed that the UK insurance industry paid out around £160 million per day in pension and life insurance benefits in 2005.
© Adfero
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