Over 50's Life Insurance
Over 50's Life Insurance Explained
With an over 50's life insurance you receive a cash sum if you die at any time after the first two years of the plan.
This type of life cover differs from a standard whole of life insurance in that there is no medical assessment. You are guaranteed to be accepted for the cover at the standard premiums even if you are ill.
Over 50's Life Insurance Pros and Cons
- If you want to leave a cash sum to your family, or to pay for funeral cost when you have died, over 50's life cover could be right for you.
- Guaranteed acceptance if you are a UK resident aged 50-80.
- If you are under 60 the amount of cover you will get will be low.
- If you die in the first 2 years of the plan you will not get a pay out.
- The cash sum is fixed so inflation will affect its value over time.
- The amount of cover offered could be lower than a whole of life insurance policy.
Over 50's Life Cover Explained
Over 50's life cover is a popular way for older retired people to leave a cash lump sum in the event of death. This cash sum can be left to pay for funeral expenses or simple to leave some money to your family. Premiums are normally paid monthly though some policies allow annual pay.
There is no investment element with this form of life insurance, as such if you cancel the policy you will receive no cash sum.
Additional benefits of over 50's plans
Some providers of over 50's life cover offer additional benefits such as
- 20% of the sum assured paid out if you becomes seriously ill
- 100% of the sum assured paid out if you becomes terminally ill
- Premiums stop being charged when you reach 90 years of age so your cover is free
- Contribution to funneral costs
Over 50's Life Insurance Quotes
If you would like to find out how much cover you could get for an over 50's plan we are here to help. You can either simply look at our over 50s life cover table or for an instant quote please try our online over 50's life cover quotes system.
Do you want Advice on Over 50's Life Insurance ?
Your life insurance options these days can be confusing, if you would like Over 50's Life Insurance Advice, please complete our enquiry form and one of our professional advisers will contact you to discuss your insurance options.
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