The new plan has product enhancements specifically designed to meet the changing needs of customers and includes the introduction of a Funeral Benefit Option.
Whilst death may not be an easy topic of conversation, it is nevertheless an important fact of life which requires people to plan ahead. For some, this means providing a small nest egg for their family and loved ones and for others it is to provide funds to help towards funeral costs.
Demographic change has resulted in an increased number of people aged 55+ and this upward trend is predicted to continue for many years to come. The Over 55s Life Cover Plan, provided by AXA Sun Life, has been specifically designed to meet the protection needs of the older generation and is now available to people aged between 55 and 80 (the maximum age was previously 75) and includes guaranteed acceptance which, unlike some forms of life cover, does not require people to provide details of their medical history.
Robin Bailey, Nationwide’s insurance director, said: “Most of us want to make sure that we leave our financial affairs in order after we’ve gone. For a lot of people, a top priority will be making sure funeral costs are taken care of. For a monthly outlay, people can have the reassurance that, even if they are in their 60s and 70s, after two years, a useful cash sum could be paid towards the cost of their funeral or provide a nest egg for their family and loved ones.”