Over 50s Life Insurance

Over 50s Life Insurance

What’s over 50 life insurance?

An over 50s life insurance plan pays out a fixed lump sum to your loved ones when you die.

It’ll give you peace of mind that they’ll have the money available to cover things like funeral expenses or outstanding debts after you’re gone.

Over 50s life insurance plans work a bit differently to life insurance for younger people:

The money you pay in isn’t invested, which is why the sum paid out is fixed
You also won’t need to have a medical check when you take out the policy
They’re available if you’re aged between 50 and 80

Is there guaranteed acceptance?

Yes, you’re guaranteed to be accepted. There are no questions about your lifestyle or health if you’re over 50 and taking out a life insurance plan.

Can’t I just take out ordinary life insurance when I’m over 50?

You can still get quotes for ordinary life insurance through us up to the age of 65, but you might find that the monthly payments are pretty high, especially if you’ve had any ill health over the years. The term that you can cover will also be relatively short.

But over 50s life insurance plans will cover you for a term lasting right up until your death and don’t take your medical history into account.
With our average life expectancy in the UK increasing, it is encouraging people to look at making provisions for the future much later in life.

Perhaps you need some form of life insurance to:

Leave an inheritance to loved ones?
Cover the cost of your funeral?
Clear all outstanding debt?
Over 50’s Guaranteed Acceptance – Instant Cover

A key benefit of an over 50s plan is no medical information is required to secure cover.

The guaranteed acceptance for 50-85-year-olds means those suffering with their health can still obtain life cover. Even if they have been declined elsewhere.

The lack of medical information required also makes the over 50 application quick and simple and can be completed in less than 15 minutes.

What are the benefits of over 50 life insurance?
Over 50s life insurance plans guarantee a certain amount of money is paid out to your beneficiaries when you die.

It’ll give you peace of mind that they’ll be able to:

Pay for your funeral
Pay off your debts
Have an inheritance
Make sure that the lump sum you choose for the payout will cover what you intend it to and try to allow for the effects of inflation too.

There are no medical checks and you’re guaranteed to be accepted, so these plans could be an option for you even if you’ve had poor health.

There are less questions to answer when you take out a plan too, so they’re quicker and more straightforward to arrange than traditional life insurance.

Do I need over 50 life insurance cover?
You might want to take out an over 50s policy because you didn’t take out traditional life insurance while you were younger and now it’s too expensive.

If your children are grown up and your partner doesn’t rely on your income to pay the bills, it’s still worth considering over 50s life insurance to help cover the costs of a funeral or other bills at what will be a difficult time for your family.

How much cover do I need?
That depends on what you want your beneficiaries to use the payout for.

Consider whether anyone relies on you financially, whether you have any outstanding loans or other debts and how much you can afford to spend on premiums each month.

If you want the payout to cover the costs of your funeral and immediate death expenses, try to allow for inflation when you choose a payout amount. If the payout will only just cover a funeral at today’s prices, it might not be enough in 10 years’ time.

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