Guaranteed Over 50s Life Insurance is a specific type of life insurance designed for seniors and individuals over the age of 50, particularly those with serious health problems. This insurance can be purchased for as little as £5 per month and offers an accessible way to ensure that your loved ones are financially protected after your passing.
The Purpose of Over 50s Life Insurance
The primary purpose of an over 50s life insurance policy is to provide a financial pay-out to your family upon your death. This pay-out can be used to cover funeral expenses, settle any minor debts, or simply leave a financial gift to your children or grandchildren. These policies are relatively affordable, but the coverage amount is typically between £2,000 and £10,000, which is sufficient to meet most of these needs.
Guaranteed, Immediate Acceptance
One of the key benefits of over 50s life insurance is the guarantee of immediate acceptance. Unlike traditional life insurance policies, there are no medical questions to answer. This means that almost anyone between the ages of 50 and 80 can qualify, even if they have serious health issues, such as a previous stroke, heart attack, or cancer.
However, because there are no health questions, there is a deferred period. During this time, if the insured passes away, the insurance company will refund all the premiums paid, but it will not pay out the full sum assured. After the deferred period ends, the insurer will pay the full amount of the sum assured.
Whole of Life Policy
The over 50s life insurance policy is also known as a “whole of life” policy. This means that the coverage lasts for the entire lifetime of the policyholder, providing peace of mind that your loved ones will receive a pay-out no matter when you pass away. The premiums are only paid up to the age of 90, but the coverage continues for life.
Additionally, you have the flexibility to choose exactly who will receive the pay-out after your death, giving you control over your legacy.
Who Should Consider Over 50s Life Insurance?
This type of insurance is an excellent alternative for seniors and people with serious health problems who may not qualify for traditional life insurance policies. It provides a simple, affordable way to secure some financial protection for your family without the need for a medical examination.
However, if your health is relatively good, you might want to consider a standard life insurance policy with a full medical questionnaire. Such policies could offer a higher level of coverage for a similar or slightly higher premium.
Need Help Choosing the Right Policy?
If you’re unsure which type of insurance is best for you, feel free to contact us. Our advisers are here to help you navigate all the available options and choose the policy that best suits your needs. All our quotations are free and without obligation.
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