What is Over 50 Life Insurance?

By Vicki Coleman

Also called an Over 50 Plan or Over 50 Policy, an Over 50 Life Insurance policy is designed for people aged 50 to 79, usually with guaranteed acceptance.

What is Over 50 Life insurance?

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.

With an over 50s life policy, you can 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.

What are the key benefits of Over 50 life Insurance?

Firstly, guaranteed acceptance with no medical questions asked. Unlike with traditional life insurance policies, with an over 50s plan, your health status doesn't affect the availability of cover. You won't even need to answer any medical or health questions.

Another feature are the fixed monthly premiums. Most Over 50 Life Insurance policies have fixed premiums. So, even as you get older and your health changes, you'll pay the same amount.

So we hear you asking, are there any disadvantages?

Depending on what you’re looking for, an over 50s policy may or may not be suitable. For example, it depends what you want the policy to  cover. The sum of money that an over 50 life insurance policy will pay out upon your death, is not specifically set aside to cover your funeral costs. If you wish to have your funeral costs explicitly covered, then a Pre-Paid Funeral Plan might better suit your needs.

Also, as there are no medical questions or exams, there's usually a waiting period before you are fully covered. This is typically 12 months, but can be 24 months depending on the provider.

What about life insurance if you're over 60 or 70?

Over 50 life insurance offers guaranteed acceptance, as long as you’re 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.

How much is Over 50 Life Insurance?

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.

So do you need life insurance if you’re over 50?

Life insurance can offer valuable financial support for your loved ones regardless of the age you are when you take out a policy. Even if you’re children are grown up or the mortgage has already been paid off, it’s worth considering. Common reasons why people take out an over 50s life insurance are:

  • Leave a cash lump sum for their loved ones
  • To help cover the cost of their funeral
  • Contribute to paying off the rest of the mortgage
  • Donation for a favourite charity
  • How to get covered…

This is the easy part, all you have to do is fill in an online form and you’ll be able to compare quotes, online, for FREE from leading providers! You even have an option to speak to someone if you have a few more questions that we’ve not covered. Click here to get started!

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