Protect your loved ones with over 50s cover

Over 50s Cover

Over 50s life insurance is a type of life insurance designed for individuals aged 50 and above. It offers guaranteed acceptance without the need for medical exams or health questions. Premiums are typically fixed and paid until the insured’s death, at which point a lump sum payment is made to the beneficiaries.

Over 50s life insurance is often chosen to cover funeral expenses, outstanding debts, or to leave a financial legacy for loved ones.

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Over 50s life insurance is a type of life insurance policy specifically designed for people over the age of 50. There are no medical questions so anyone over 50 and under 80 will be accepted on the plan. As such, this is often a more suitable type of policy for those who have more complex medical histories or who simply choose not to answer medical questions. An over 50s live insurance policy runs from when you take out the policy till you pass away, as long as you make all your monthly payments on time, your beneficiaries will receive a payment in a lump sum.

Over 50s life insurance and Traditional Life Insurance policies have some key differences. Over 50s life insurance has a guaranteed pay-out as long as you maintain the premiums, no matter what age you pass away. Conversely, with term assurance you are covered for a defined period of time, for example, you may want cover for the duration of a mortgage. With Over 50s insurance, if you live past the age of 90, you no longer need to pay your premiums but the policy will still pay out.

No, there are no requirements for a medical or acceptance when taking out an over 50s insurance policy. With most providers, full cover is payable two years after taking out the policy.

The cost of over 50s life insurance can start from as low as £10 per month, this will depend on your age and the amount of cover you need. Like with any insurance product, the higher your monthly premium the more your beneficiaries will receive in a lump sum when you pass away.

This is down to personal circumstances and how much cover you need. There are different types of life insurance to cover all your needs, they are:

  • Traditional Life Insurance
  • Critical Illness Cover
  • Over 50s Cover
  • Income Protection
  • Whole of Life Insurance

Each one has different benefits and will come at different costs for the agreed term. Speak to us today to get support in finding the right product for you.

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Proceeds of these policies can be used for payment of, or towards, the cost of a funeral, following the death of the person who is insured. You could
pay out more money in premiums than the policy pays out. This policy is not a savings plan and has no cash-in value. Due to inflation, any amount paid out may not buy as much in the future as it would now and may not cover the full cost of a funeral. If you stop paying premiums before age 90, the cover will end, and you won’t be entitled to claim any money back.