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Over 50's Life insurance has no expiry date and with no medical questions they are one of the easiest plans available to set up to protect your family.
Cover funeral expenses - The average funeral cost in the UK in 2017 was in excess of £4,078 (source SunLife)
Fast to set up - Applications for Over 50's cover can usually be completed in under 5 minutes
No Medical - Acceptance is guaranteed
Stop paying at age 90 - Most providers will continue cover for free after age 90
Immediate cover for accidents - Usually providers will cover you fully for accidents immediately after you take your plan
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Making a claim is usually simple and straightforward. Most providers have a dedicated claims line.
Rather than stop paying and risk losing all your cover, some providers will allow you to reduce it, bringing your payments down.
Yes, you can cancel your plan at any time. If you cancel it within 30 days you will get a refund of any payments you have made.
You are free to change your plan at any time in the future if you wish to cancel and take a new one. However as over 50's plans have a cooling off period at the start before you can claim on deaths due to illness, you should think very carefully before resetting this.
Sometimes taking a second plan and topping up your cover may be a better option. It is best to call and speak to an expert on 0800 024 8685 if you need some advice.
No, it is worth taking this into account when you are selecting your cover amount.
It is possible to take out additional cover in the future, however as you will be older this is unlikely to be as good value as taking a larger plan when you are younger.
Providing you are in good health it is possible to Index Link a Whole of Life plan.
An Over 50's plan can be set up without taking into account any pre-existing medical conditions, however Whole of Life insurance will require details on your medical history.
You pay for whole of life plans until you pass away. Whilst more expensive you only pay for an over 50's plan usually until age 90.
A Whole of Life plan will offer immediate cover for death whilst an Over 50's life plan will usually have a 12 or 24 month waiting period.
Put simply "if you have a serious medical condition an over 50's plan is likely to be the only option, whilst if you are in perfect health a whole of life plan will likely be cheaper as you want them to take this into account."
Yes we can help you place your life insurance plan into trust for FREE when you take out a plan.
This can help you reduce your inheritance tax liability and will generally get the money to your loved ones faster than where probate is required.
Yes, It is only possible to get a monthly income paid on death on Term Insurance.
Wih MOST providers you pay up to the policy anniversary date when you turn 90, or until you pass away, whichever comes first. It’s worth remembering that depending on how long you live for, you could pay more in than the money paid out when you die.
This will depend on the type of insurance that you purchase but it is easy to fix your price when you buy your plan.
Guaranteed premiums - Fixed price
Reviewable Premiums - Price will increase at 5 year intervals
Index linked - Price increases in line with inflation, but your cover goes up too
Age rated plans - price goes up each year on your birthday (this is expensive over the long term)
Over 50's plans are available for 50 to 80 year olds and UK residents only. Inflation reduces the value of the payout amount. There is no cash-in value at any time. Only pays out on death.
If monthly payments stop, cover will reduce or end. Total monthly payments paid could exceed the payout. Full cover after 12 or 24 months depending on the provider