A report has uncovered that Britons over 50 are now struggling with the rising costs of their insurance policies, with almost two-thirds concerned about what they are paying out in premiums. The study found that close to half of over 50s surveyed are now paying more for their insurance than they were just 12 months ago.
UK consumers with economic concerns in both the present and future often seek out financial advice in Shropshire, Hampshire and other counties. Taking a holistic approach to the financial guidance they provide, wealth managers can advise on not just investments and retirement planning, but also protective plans such as insurance policies, ensuring all aspects of their client’s plans are aligned.
Among those over 50, the two most common forms of insurance are buildings insurance and home or contents insurance. This is then followed by life insurance, which is usually held in the form of over 50s life insurance or whole of life cover.
However, despite fears about the increasing cost of insurance, almost two-thirds of respondents holding an insurance plan for over 50s state that they feel it has become even more important as the cost-of-living crisis is in the UK is now putting families under an even greater financial pressure.
The survey uncovered that more than half of over 50s are taking out an insurance plan to cover the costs associated with their funeral, while slightly fewer are doing so to provide for their loved ones financially when they pass away.
