TL;DR
Over 50s life insurance - key points
Over 50s life insurance is designed for people over 50.
It may have simplified acceptance, but waiting periods, payout limits and total premium cost should be checked carefully.
It may seem harder to get life insurance as you get older, but there are still policies available that could give you peace of mind. An Over 50s life insurance plan pays out a guaranteed fixed lump sum when you die, helping your loved ones when you are not with them anymore.
How does it work?
It functions like any other sort of life insurance: you pay a monthly payment, and your insurer pays a lump sum to anyone you named on your policy when you die. The funds might be used for funeral expenses, debt repayment, or simply as a gift to your family and loved ones. Regardless of your age, most over 50s policies require you to pay your premiums until you die.
Who can apply?
There are only a few requirements to get this type of life cover. You need to be aged between 50 and 80 and live in the UK. The insurance company will accept your application without questions about your financial status and health situation. You will typically be asked if you’re a smoker.
This type of life insurance guarantees acceptance even if you have had medical issues.
How to choose the right Over 50s policy?
If you’ve decided that Over 50s life insurance is the right choice for you, you should compare all the plans available and choose the one that best suits your needs. Most Over 50s plans are similar, but different insurers have different terms and conditions when it comes to what they will and won’t payout in the event of your death.
Some providers also have policy exclusions that mean you will not get a pay-out if you die under certain conditions, for example, suicide or drug abuse. That’s why it’s important to weigh up the pros and cons of all the various types of Over 50s life insurance policies available before choosing which one is right for you.
Please contact us if you have any questions regarding Over 50s life insurance and need professional advice.
Frequently asked questions
Does over 50s cover require medical checks?
Often no, but rules depend on the insurer and product.
What is a waiting period?
An initial period where full payout may not apply, except in specific circumstances.
Is this type of policy always good value?
Not always. Premium, payout, terms and alternatives should be compared.