Over 50 Life Insurance is also commonly referred to as an ‘Over 50 Plan’ or an ‘Over 50 Policy’. This type of policy covers you for the whole of your life and it pays out a lump sum when you die. This money can then be used to help your loved ones with financial commitments such as outstanding bills or funeral costs. Choose how much you want to pay each month or how much cover you want to leave behind when you die. Normally, the more you pay each month, the bigger the pay-out your family will get.
Although “traditional” Life Insurance policies are available to people aged 50-79, Over 50 policies are designed specifically for people aged 50 years to 79. If you're aged 50-79 and a UK resident, you should be eligible, although criteria may vary from provider-to-provider.
Over 50 Life Insurance offers guaranteed acceptance, as long as youre aged between 50 and 79 and a UK resident, so it can still be a great option for those in their late 60's or even 70's.
There are a number of different types of cover out there which may be suitable for those in this particular age group. Which policy is best for you, depends however on your individual circumstances; age, health, budget and what you would like to protect.
The amount of cover you get will depend on your age and the maximum level that the provider will allow you to have. Normally, the more you pay each month, the bigger the pay-out will be for your loved ones.
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