UK Money News
28th November 2007
Life insurance 'becomes less available with age''
Older people hoping to set up a new life insurance policy may find a number of difficulties in finding such help with finance, according to new reports.
Personal finance advisory service West Financial Management has stated that stumbling blocks such as age, illness and lack of mobility can all get in the way of buying a new life insurance product.
Helen West, a spokesperson for the company, remarks: "A lot of people are perhaps too poorly or immobile to actually get it organised themselves so they need to rely on a power of attorney.
"Some companies don't want to take people on when they get past 85 so it's not easy to get underwriting."
She warned that the older consumers leave it before getting cover the more costs rise and the higher the chance that they may be considered a poor prospect by potential insurers.
The money news comes alongside recent figures from the Association of British Insurers that reveal that one in three British adults have no life insurance, while many that do have not reviewed their product in more than five years meaning that they may be underinsured.
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