Peace of Mind
Over 50's Life Insurance
Are you aged between 50 and 80, seeking a way to safeguard your family's financial future when you're no longer there for them? Consider an over 50s life insurance policy.
With over 50 life insurance, acceptance is guaranteed, and most providers skip the need for a medical check. In the unfortunate event of your passing, your loved ones will receive a cash sum. The payout amount is determined by your monthly contributions, meaning the more you invest, the greater the benefit for your family.
Typically, you must contribute to an over 50s life insurance plan for a minimum of 2 years before your loved ones become eligible for a full payout. However, in the event of your demise before this period, they usually receive a cash sum equivalent to the premiums paid.
If you believe that over 50s life insurance aligns with your needs, don't hesitate to reach out! Our expert mortgage and protection advisors are available six days a week, ready to meet or chat at a time and place convenient for you. They will diligently compare numerous quotes, ensuring you secure the right level of coverage at the best possible price. Additionally, they'll handle all relevant paperwork, sparing you the time and hassle.
What are the benefits of over 50's life insurance
Over 50s life insurance plans provide assurance that a predetermined amount will be paid out to your beneficiaries upon your demise.
This coverage ensures peace of mind, allowing your beneficiaries to:
- Cover funeral expenses
- Settle outstanding debts
- Receive an inheritance
To ensure the chosen lump sum adequately covers your intentions, consider accounting for inflation effects as well.
These plans involve no medical checks, and acceptance is guaranteed, making them a viable option even for individuals with a history of poor health.
Compared to traditional life insurance applications, over 50s plans require fewer questions, making them quicker and more straightforward to arrange.
What you need to consider
When opting for an over-50s life insurance plan, there are several considerations to keep in mind:
- If you cease premium payments, your policy will terminate, and coverage will cease.
- The payout you receive may be less than the total amount you've paid in premiums.
- Full coverage is typically applicable only after having the plan for a complete year. If you make a claim within the initial 12 months, receiving a payout is unlikely.
- The payout is a fixed sum, unaffected by the influences of increasing inflation.
Got Questions
We Got Answers
Our friendly advisors are always happy to help with your insurance enquiries, so call us for a no-obligation chat.
How would my family or loved ones make a claim?
The process for filing a claim may differ among insurers, but typically, you will be required to furnish the following:
- The death certificate of the individual
- The signed and witnessed will of the deceased
- The date of death
- Your contact details (as the claimant)
- The policy number
Can I get a joint over-50s life insurance policy?
Joint policies are not available for over-50s guaranteed life insurance. However, if you choose a decreasing or level term policy, you have the option to take out a joint policy with your partner.
Can I get over-50s life insurance if I have a pre-existing condition?
Certainly. You can obtain a life insurance policy even if you have a pre-existing medical condition.
Can I get over 50s life insurance if I’m over 60?
We provide quotes for standard life insurance only up to the age of 65. However, over 50s life insurance plans are accessible for individuals up to the age of 80.
How long do I pay for over-50s life insurance?
The duration of payments for over-50 life insurance is contingent on the age at which you initiate your policy and the particulars of your coverage. Certain insurers may cease payments when you reach the age of 90, notwithstanding the fact that your coverage will remain in effect for the remainder of your life.
Will my over 50s premiums go up?
No, after securing over 50s coverage, your monthly premiums will remain unchanged until your demise or until you reach the maximum age. If you surpass the maximum age, your coverage will persist until your passing.
If I already have a policy should I cancel it?
Determining the value of continuing premium payments for an existing over 50s policy is a personal decision.
Choosing to cancel means you won't receive any reimbursement for the payments made thus far. However, if you opt to persist with payments, it's essential to reassess whether it remains a worthwhile investment.
If you come across a more appealing over 50s policy than your current one, consider the initial period without a guaranteed payout before deciding to switch.
Can I put my over-50s life insurance policy in trust?
Placing your over-50s life insurance policy into a trust can serve as a method to shield your payout from inheritance tax and prevent it from being included in your estate. Various types of trusts are accessible, and the choice depends on your specific individual or family circumstances.
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The level of insurance you need will depend on your individual circumstances. Our experts will work with you to establish what the right level of cover is for you to ensure you are fully protected.
Call us on 0203 835 6263 to receive an insurance quote from our experts.
Avoid Comparison Websites
Get the Right Insurance
Many price comparison sites only offer ‘standard’ or 'basic' insurance policies and won’t necessarily take your personal circumstances and needs into account. Equally, because comparison sites don’t provide one on one advice, you could be left with unanswered questions or worst still be unaware that you are underinsured or unable to make a claim because of small print or legal complexities you weren’t aware of during the application process.
By arranging your insurance through us, you can ensure that you speak with an expert who can guide you through the process and ensure that the policy you are being sold is right for you and your individual circumstances.