Over 50s life cover
Leave something for your loved ones
Life insurance for over 50s
Over 50s life cover is a whole of life insurance policy for those aged between 50 and 85 years old. You pay a fixed amount you can afford each month and when you pass away, your loved ones receive a guaranteed cash sum. The money can be spent however your beneficiaries choose. But it is often used to pay for things such as funeral costs, household bills, or simply to support them when you no longer can.
Proceeds of these policies can be used for payment of, or towards, the cost of a funeral, following the death of the person who is insured. You could pay out more money in premiums than the policy pays out. This policy is not a savings plan and has no cash-in value. Due to inflation, any amount paid out may not buy as much in the future as it would now and may not cover the full cost of a funeral. If you stop paying premiums before age 90, the cover will end, and you won’t be entitled to claim any money back.
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Over 50 life insurance no medical
Unlike other types of life insurance cover, you do not need to answer any questions about your health when applying for over 50s life insurance. As a medical examination is not required, your health will not be taken into consideration and can therefore be a great option for those with existing medical conditions or problems.
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What is the best over 50 life insurance?
Over 50s life insurance is an affordable way to help you leave some cash for your loved ones. But, if you still have dependants that rely on your income or a large debt such as a mortgage, then term life insurance may be more fitting.
Whilst a term life insurance policy will only pay out if you die during the term of your policy. The amount of money your family will receive is significantly more. Depending on the type of term insurance you have, it can help to clear any large debts as well as your monthly household expenses. But you will need to undergo a health check to be considered for this type of cover, so it will not suit everyone.
If you have problems with your health or are simply looking for a budget friendly option to leave some cash to your nearest and dearest, then an over 50s life plan would likely be more suitable. You are guaranteed to be accepted and your cover will last for the rest of your life.
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Is over 50 life insurance worth it?
Everyone’s needs are different. But if you want to leave some money as a gift for your loved ones or to pay for any outstanding costs, then over 50s life insurance could be worthwhile. As experienced life insurance brokers, we can help you find the right cover for your needs at a price that you can afford.
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