Over 50? Have the last laugh!

If you are over 50 then you deserve a little more respect from financial services organisations for good reason. The over 45’s own 80% of the country’s wealth and the over 50’s have a 30% higher disposable income than those under 50.

The older population has the same car or home insurance requirement as the rest of the population or indeed any other  financial product and as mature decision makers who are on the whole more responsible they are a valuable segment of the UK population.

The U.K.’s over 50 population is worth a combined £175 billion, with this in mind remember your consumer value to the industry and keep well informed.

1.Over 50 - Specialist Car Insurance
The over 50’s benefit from being generally regarded as lower risk on the roads and people in their 60’s pay the lowest insurance premiums of anyone. The insurance industry perceive you as being a calmer, less stressed person, marry this with years of experience and a no-claims record and you should find a good premium. There are a number of options for over 50 car and home insurance from specialist over 50’s insurers that claim to give you the best deal, we recommend getting three or four quotes to be certain.

2.Home and Contents Insurance for the retired
Considering insurers work on risk retirees are given preferential rates regarding home insurance. If you are over-50 then you are likely to spend more time at home, be more security conscious and less likely to make a fraudulent insurance claim. As you're over 50 the odds are on your side so shop around.

3.You CAN get cheaper Life Cover
Traditionally Life Insurance premiums rise by up to 33% every five years older you get and up to 50% every ten years. However, the number of newcomers to the market is at an all time high and life expectancy is increasing so premiums are being re-assessed. If you’ve been with your life insurance provider for a few years its definitely worth looking around to see if you can get the same cover for less cost.

4.Annuity Rates are at an all time high
A number of insurers have recently increased their annuity rates so if you were thinking about buying one in the future now might be a good time. Check out the Annuity Comparison Tool on www.fsa.gov.uk, if you know how much is in your pension and when you’d like to retire this will start you off with a list of providers geared to your requirements.

5.Cheaper Share Dealing Fees
We estimate that approximately 25% of over 50’s monitor their shares online. There are a few companies that specialise in share dealings for the over 50’s giving preferential rates that are very competitive. If you like to dabble in the market we recommend you keep on the ball and check for new online deals every few weeks as this is an ever growing competitive market.

So you're over 50 and considering you’ve worked hard shopping around to protect your wealth now is the time to think about your estate as a whole. It grates most people to realise that anything in your estate worth over £263,000 is eligible for inheritance tax at 40% if you pass away. If you want to maximise what your loved ones end up with now is the time to start giving; an outright gift is exempt from inheritance tax if it is given more than seven years before the date of your death.

So if its over 50 car insurance, home insurance,  life insurance, Annuities or Share dealing you are looking for then there are deals out there for you.

It can be very advantageous to keep up to date with changes in legislation and the resources available to you. These listings may well be of assistance to you:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
0845 606 1234
www.fsa.gov.uk

Citizens Advice Bureau
Myddelton House
115-123 Pentonville Road
London N1 9LZ
0207 833 2181
www.adviceguide.org.uk

The Pensions Advisory Service
11 Belgrave Road
London SW1V 1RB
0845 601 2923
www.pensionsadvisoryservice.org.uk

Department for Work and Pensions
Public Enquiry Office Room 112 The Adelphi
1-11 John Adam Street
London WC2N 6HT
www.dwp.gov.uk

The opinions expressed are those of the author only. The material is for general information only and does not constitute legal, financial or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation by an FSA authorised company where the market is FSA regulated.