Over 50s Life Insurance

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  • Quotes starting at only £10 per month* with LetsGoCover
  • Automatic approval for individuals aged 50 – 85
  • No medical inquiries or examinations required

What is Over 50s life insurance?

Life insurance for those over 50, often called an ‘over 50s plan’ or ‘guaranteed over 50 plan’, is a policy type that assures a cash payout to your loved ones upon your passing.

Unlike regular life insurance, acceptance for an over 50s plan is guaranteed if you’re between 50 and 85 years old, and you won’t need to answer any health-related questions.

 

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.

Why buy life insurance over 50?

Over 50s life insurance helps you set aside funds for your loved ones, aiding them in managing expenses once you’re no longer present.

You might consider obtaining over 50s life insurance to:

  • Cover Funeral Costs: With the average UK funeral costing £3,953 and the overall expense of passing amounting to £9,200[1], a life insurance payout can provide substantial assistance in covering this significant financial obligation.
  • Clear Debts: This includes credit cards, personal loans, or store cards. The UK’s average unsecured debt per adult stands at £4,022[2], and a life insurance pay out can help settle these obligations.
  • Support a Spouse’s Living Costs: The payout can offer financial aid for your partner, particularly during retirement when they rely on a pension.
  • Create an Inheritance: If you have children or grandchildren, the policy’s proceeds could serve as a cherished gift, allowing them to use the funds as they wish.

[1] Statistics based on current data. [2] Average unsecured debt per adult in the UK as per available statistics.

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Sources

[1] https:///www.sunlife.co.uk/funeral-costs/

[2] https://themoneycharity.org.uk/money-statistics/