Taking out an Over 50 Life Insurance policy to cover yourself in later life is becoming increasingly popular in Britain. But many over 50s in the UK still have no life cover.
A guaranteed over 50s life insurance policy does exactly what it says on the tin – the policy holder is insured for the whole of their lives and it pays out in full on their death.
Many people who don’t already have life insurance are wary of taking on a policy in their later years because they expect to have to face high premiums and problems with existing medical conditions which would make obtaining cover cost prohibitive. An over 50s life insurance policy can provide you with the cover you need without the hassle.
You might also be thinking of the bills your family might face if you’ve made no provision for your funeral costs. In these cash-strapped times, the average £7,622* cost of a funeral is a huge bill some families might be landed with, often unexpectedly.
Other policyholders want to leave a legacy to their children or grandchildren when they are gone or to help them with their future.
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A great deal of the popularity of over 50s life insurance lies in the simplicity of organising a policy which is much cheaper than you think. It can provide all the benefits you’re looking for and ensures your surviving family will receive a lump sum when you die. Applicants are guaranteed acceptance, regardless of any pre-existing medical conditions.
Starting from as little as £10 a month, cover is generally available to any UK resident aged between 50 and 80. As long as the monthly premiums are paid until they are 90 there will be a guaranteed payout with no need for further premiums to be paid.
It’s very simple. As with all types of insurance, it’s good to compare life insurance quotes and choose a policy which offers you the best cover. It’s also worth bearing in mind that some companies offer additional benefits at no extra cost:
Of course, costs will vary from company to company, but, as a rough guide, starting a £10 a month policy at the age of 50 could give you £4,405 worth of cover as a non-smoker. (Female aged 50)
The higher the monthly premium the higher the payout – £50 a month could generate a payout of £23,440 as a non-smoker. (Female aged 50)
If you start your policy at a later age the benefits are correspondingly lower, so it’s worthwhile doing your homework and make a comparison of what’s available.