Over 50s Life Insurance

How does over 50s life insurance work?

Here’s a breakdown of how an over 50s life insurance policy operates:

1. Application: Complete paperwork quickly. If you’re a UK resident aged 50 – 85, you’re guaranteed acceptance. Your age, chosen sum assured (pay out amount), and smoking status determine your monthly premium.
2. Cost: Fixed premiums starting from £10 per month. The policy remains in effect for your lifetime (as long as payments are maintained), and your premiums remain consistent.
3. Guaranteed Payout: A fixed payout is ensured. While the maximum payout can be around £28,000, the precise sum depends on your individual situation and budget.
4. Family Protection: Immediate coverage for accidental death. In the initial 12 or 24 months (depending on the insurer), accidental death is covered, excluding natural death. After this waiting period, coverage extends to all causes of death.
5. Funeral Benefit: Option for funeral coverage. This free choice directs the policy proceeds to a funeral provider, with an added contribution toward your funeral expenses.
6. Inheritance: Simple claims process & swift payout. Over 50s plans are recognised for their speedy payouts, often within a few days or weeks following a valid claim.