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Whether you’re celebrating your 50th birthday or just turned 65, life insurance is an important part of planning for retirement. We’ve compiled the following guide to help explain how this type works and what else might be useful in thinking about over-50 plans – including information on things like premiums/coverage levels available as well costs associated with different types that can affect each person differently depending upon their situation!
What is over 50 life insurance?
The idea of life insurance may seem scary and overwhelming, but it doesn’t have to be! Over 50 Life Insurance is simple. All you need are your dates of birth with an annual income verification form completed in order for us understand how much money will actually go into retirement funds when compared against other benefits like mortgages or investments- which can take up hours on their own at times depending upon what information was available previously during application process… But don’t worry about any health questions as well; since these types aren’t asked until later stages anyway (unless something relevant arises). So why wait? Get approved today
Your loved ones can use the money your plan pays out in any way they choose. They could put it towards their funeral, pay off outstanding debts or simply leave as a gift for them to enjoy!
How over 50s life insurance works
- You are guaranteed to be accepted
To be eligible for over 50s life cover, you simply need to be at least 50 years of age and live in the UK. Most providers have a maximum age limit of 80 years old, although SunLife over 50 plans go up to the age of 85.
- There’s no need for a medical
This is no medical life insurance so you will not be asked to answer any questions about your health or lifestyle.
- You pay a fixed premium every month
The premium you choose at the outset is fixed and will not change for the duration of the plan are agreed at the beginning of your plan will not change for the duration your plan. Premiums are usually payable until you die, or until you reach your 90th birthday (this can vary from plan to plan), so it’s always a good idea to compare over 50 life insurance plans before you make your final decision.
- You will be fully covered after 1 or 2 years
All over 50 life insurance plans have an initial waiting period of 1 or 2 years. If you were to die during this time, the full cash sum will not pay out. Instead all money that had been paid in up to that point would be refunded.
- The cash payout is guaranteed
Provided you keep up with your monthly payments, you can be sure that when you die, your over 50s life cover will pay out a cash sum to your beneficiaries.
Why would you want to cover your medical expenses?
Whilst over 50 life cover can provide an affordable way to leave money to your your loved ones, there are important things to consider before you make your decision.
Let’s start by looking at the benefits:
- Your health and lifestyle are your business, and don’t have any bearing on your application
- Straightforward and quick application process online or over the phone
- Affordable premiums starting from just £3.70 a month
- Your monthly payments will never change so no nasty surprises along the way
- A cash payout is guaranteed when you die
- You choose how much you want to pay each month or how much cover you need
- Your loved ones are free to do what they want with the money paid out
- Simple and efficient claims process to make things easy when the time comes
Now here’s what you need to be aware of:
- If you were to die during the initial waiting period (usually 1 or 2 years), the full cash sum will not pay out, however your monthly premiums would be refunded
- Premiums are payable for life or until your 90th birthday depending on the plan you choose
- Depending on how long you live, there is a chance you could pay in more than your plan pays out
- The amount of money paid out when you die is fixed, so inflation will reduce its value over time
- If you cancel or stop paying your premiums for any reason, your plan will be cancelled, and you will not get any money back
- The cash sum is usually paid to your estate so may be subject to inheritance tax.