When you’re in your 50’s there could be several reasons why you need to consider life insurance:
But there’s a commonly held view that it’s difficult for any one aged over 50 to get life insurance – and this isn’t the case. Now more than ever, people in their 50’s have a selection of specific Over 50s Life Insurance Plans to choose from as well as the option to apply for regular term assurance policies.
First of all, lets clear up what the difference is between a regular term assurance policy and an Over 50s Life Insurance Plan. We will use our Level Term Assurance plan and Over 50s Fixed Life Insurance Plan for comparison purposes.
|Feature/Benefit||Level term assurance||Over 50s Fixed Plan|
|Benefit type||Lump sum payout||Lump sum payout|
|Maximum sum assured||No maximum||£22,000 (initial)|
|Benefits payable||Full benefit paid from the start of the plan (valid claim required)||Full benefit paid after one year.|
If death occurs in first year, premiums are returned without interest if death is not covered under accidental death criteria.
|Basis of cover||Single or joint life cover||Single cover only|
|Medical underwriting||Policy is underwritten. Doctor reports and medicals possible||No medical underwriting required - guaranteed acceptance|
|Age limits at application stage||Maximum: 78 next birthday||Minimum: 50|
|Age limits at end of cover||Minimum: 29.5 next birthday|
|Premiums stop at age 90 although cover continues until death|
|Premiums (per month)||Minimum: £6|
Maximum: no maximum
|Minimum: £8 (depending on your age)|
Why consider term assurance?
Term assurance is an affordable type of policy. It’s a popular choice for those who want to help pay off a mortgage if they die or want to leave a lump sum to their loved ones to help ensure that their financial well being is taken care of.
It pays out a cash lump sum if you die during the term of the policy. The term can be between 1 and 40 years, and you choose how much cover you want.
It’s worth remembering that term assurance policies only pay out if you die during the term. If you survive past the end of the term, the plan ends and you won’t get any money back.
Why consider an Over 50’s plan?
These types of plan are very popular for several reasons:
Our Over 50s plans are whole of life policies meaning that life cover continues from the time the policy starts, until you die as long as you continue to pay premiums when they are due. If you stop paying premiums then the life cover will cease, however when you reach age 90 you stop paying premiums, but the life cover will continue until you die.
We also offer the Insured Funeral Plan which is designed to cover the costs of a traditional cremation funeral. This means you can make your own funeral decisions removing a lot of stress from your family at a difficult time.
The bills don’t stop coming when someone dies. Help protect your family financially with our life assurance starting from only £6 a month.