Over 50s Life Insurance

 

There are a wide range of life insurance policies available for the over 50s.
If you do not currently have a life insurance a specialist over 50 life policy
may be worth considering.

 

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Features of Over 50s Life Insurance

 

Guaranteed Acceptance

 

Many insurers guarantee policy acceptance if you're aged between 50 and 80.

 

No Medical Examination or Questions

 

There is often no requirement for a medical examination or health related questions.

 

Premiums

 

The premiums for over 50s life insurance are typically fixed and so provide certainty on payments that are made. For instance you may pay £30 per month for a sum insured of £12,000. This amount would be payable upon death as long as payments have been maintained.

 

Length of Policy

 

The duration of the policy could be an important plan attribute to consider. For example you may wish only to pay into the policy for a fixed period (e.g. 10 years). In such case 'term insurance' would be the best option. If the duration is not important a 'whole life' policy may be more suitable.

 

Funeral Costs

 

An over 50's life policy can be used to help provide for funeral costs. Insurers offer funeral benefits option that can be used for this purpose.

 

Qualifying Period

 

There is often a 1-2 year minimum period of time from policy commencement that payments need to be made before the final sum insured will be paid upon death.

 

Inheritance Planning

 

A life insurance policy proceeds can provide a cash boost to pay inheritance tax (IHT) to help protect assets such as the family home.

 

 

 

 

 

 

 

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