Payingtoomuch.com Launches the first Whole of Life comparison service in U.K
The time honored customary traditional Life Insurance got a fillip in UK, as Payingtoomuch.com launched new Whole Life Assurance Comparison Service. It was launched in 2011 and is the first and only life insurance aggregator to differentiate the Whole Life Insurance.
Michael Ward, MD of Payingtoomuch.com remarked that this service is for all those individuals who consider that term insurance is sheer wastage of money especially if they outlive the term. As customers are badly hit by the revolution of rising expectations, where they badly need an insurance policy that can serve their individual needs.
The new Whole of Life Insurance plan addresses these issues and provides a plan that is like a slice of life. It not only ensures peace of mind, but also a guaranteed payout.
According to Ward, Term Insurance Plan is beneficial to banks, but does not convince the customers. The reason behind that is the customer who purchase life insurance products are prescreened during a process of underwriting, which means that the customers outlive their term or do not die early. In fact, most of the times, banks need not to shell premium money as most of the customers outlive the term.
Whole of Life Assurance provides guaranteed premium until and unless the customer choose that they don’t need the cover or in the event of their death. Not to forget, this type of cover is dearer and it proffers pay out as long as there is no default in monthly premium.
Why there is no Over 50 Life Cover
AXA Life Insurers remains the market leader by providing Over the 50 Life Cover using well known protagonists Michael Parkinson.
50 Over Life Insurance Plans don’t come under the ambit of underwriting process, hence healthy customers subsidize effectively as otherwise they would have shelled out more of their hard earned money in form of premium. For example, a healthy 65 year female for the premium of £20 per month will get twice more cover with Whole Life policy than a Guaranteed 50’s plan.
Whole Life Insurance Plan also covers funeral expenses or it can also be used to pay Inheritance Tax Bill under the appropriate Trust.
Gender Biases
Presently, female premium rates are competitive as compared to male premium rates due to better female expectancy. On 21st December 212, this biasness will come to an end as EU Treaty will eliminate gender inequality.
Thus, Payingtoomuch.com has brought a spring of hope among the customers.
Life Insurance News
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