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Invest in life insurance


Saving for the future


In the UK despite increases in cancer and heart disease, people are living longer. The average life expectancy is now 77 for men and 82 for women according to UN statistics. Furthermore, more than 50% of babies now born in the UK will live until they are 100, plus these later years are to be spent with less serious disability. In 1950 the probability of surviving for between 80 and 90 years of age was 15 - 16% for women and 12% for men. But in 2002 these figures had risen to 37% for women and 25% for men.

Because of improvements in the diagnosis and treatment of illnesses, life expectancy continues to increase. By 2040 the Department of Health expects that an additional 1.7 million adults will have a care need and the impact of rising life expectancy is felt in the funding of care services and state pensions.

Because people are living longer and having more full and active lives they often forget about life insurance. Funeral costs are expensive and you may want to leave some money behind for your loved ones. No one wants to think about dying, but even though we are living longer we will all come to an end at some point and it's not fair to leave relatives with a burden when you pass away.

Legal & General offer three types of life insurance. Number one is the fixed plan that pays out a fixed cash sum when you die with the certainty of fixed monthly premiums. Number two is the increasing plan that enabled you to watch your benefit grow when you increase your premiums and finally, number three, the funeral plan; this ensures that the costs of a traditional cremation funeral are covered when you increase your premiums. There are no medical assessments required and you stop paying premiums on your ninetieth birthday.  You can find out more information about all three types of life insurance on their website.

Research on behalf of Legal & General found out that contrary to the popular belief that people buy life insurance to support their family when they die, most people actually buy it when they are moving or buying a house (33%); re-mortgaging an existing property (25%) or getting married (6%).  So don't feel that just because you are over 50 you are being targeted for life insurance, in fact anyone can get life insurance and the earlier the better.


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