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COMPARE OVER 50’s PLANS – June 2011
Over 50s Plans are essential for someone preparing for retirement who wants to ensure their loved ones are taken care of financially when they pass away. Over 50s Plans can be taken out at any point from the time you turn 50 onwards, with more money built up the earlier you start your plan.
We at PensionCalculator.org have taken a look at all the Over 50s Plans available on the market, and picked our top 5 best policies for someone wanting to make sure their dependents are provided for should the worst happen.
| Over 50’s plans | |||||
| Provider | Life cover | Full life cover payable after | Age | Notes | Apply |
| Engage Mutual | £3,163 | 24 months | Age 90 | 5% online discount | Info |
| Tesco | £2,863 | 24 months | Age 90 | Info | |
| Post office | £2,739 | 12 months | Age 83 | Info | |
| LV= | £2,656 | 12 months | Age 90 | Info | |
| Foresters Friendly Society | £2,238 | 24 months | Age 90 | Full legal will (worth £199) with monthly premiums of £25 or more | Info |
All rates shown are based on a female non-smoker aged 63 paying a premium of £14 monthly, being accepted into the plan on standard terms.
Providers are constantly changing premiums and policies. We at PensionCalculator.org update our information monthly.
The simplest type of policy is the fixed payment plan, where you know what sum of money will be left behind and pay fixed monthly contributions accordingly.
Over 50s Plans are relatively straightforward, but the end payments can be influenced by inflation. To counter this, most providers will increase their premiums for every 1% increase in the RPI (Retail Price Index) by 1.5%.
These are the best accounts for levels of cover, however this does not necessarily indicate whether a specific Over 50s Plan is right for you.
