Over 50s Life Insurance
There are a wide range of life insurance policies available for the over 50s.
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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