7th July ‘08 - Over 50s Given Life Insurance Warning
Posted on Friday, July 11th, 2008 at 3:16pmA study into the credit and saving habits of over 50s carried out by the Post Office has led to its head of protection reminding this age group of the importance of life insurance.
The study found that the current climate of economic uncertainty is reflected in the over 50s age group’s use of credit cards, with 47% using them to make everyday purchases.
Other figures which show that many could benefit from having effective life insurance policies relate to savings. 33% of those surveyed said that they are unable to save at the moment, while 48% said that their incomes are only just meeting the cost of their expenses.
Post Office also advised consumers within this age bracket that now would be a good time to look at the value of their life cover, including policies for level term and mortgage protection policies.
Their head of protection made the following life insurance-related comments, “In an economic climate where living costs are soaring, over 50s are finding they can’t afford to save and are more reliant on credit.
“Thinking about the future and how the family will cope should the unexpected happen is an extra worry, but a simple life plan can offer peace of mind to those concerned about passing on funeral costs and debts.”
