Affordable Life Insurance for the over 50s
Over 50s Life Insurance policies have been the subject of many discussions, not least by Martin Lewis of MoneySavingExpert.
There are lots of different companies advertising on tv, often using media personalities and offering free gifts to entice you in, but are they right for you?
If you are over 50 and looking for life insurance for the first time it can seem a daunting task: You may be looking to provide for family, pay for your funeral or simply leave a little bit to help with bills. Or maybe you think you should have it, because everyone else seems to.
What makes Over 50s Life Insurance different from other insurance plans?
Over 50s Life Insurance policies can usually be signed up to if you are aged up to 80, or sometimes 85. As the name suggested, you do need to be at least 50! When you take out a policy, you are signing up for it to be for the rest of your life. If you stop paying in, miss a month or decide to switch to a different policy, you’ll get nothing back at all.
Other policies will often last for a set length of time – for example, mortgage insurance will cover you for the remaining amount of your mortgage until you’ve paid it off. You then stop paying and won’t get a pay-out (as you’ve no mortgage left to pay).
Do I need a Medical?
Usually Not. With this type of insurance, it is almost always medical free, meaning anyone can sign up to it. Additionally, the cost is usually the same, however in general the older you are when you start it, the lower the amount payable when you die will be.
Is this the right insurance policy for me?
Unfortunately there is no ‘one size fits all’ answer to this; it depends on your financial status, your heath, your requirements and many other factors. If you’d like some professional advice, our advisers can go through the different types of policy available and which ones suit your situation best. Appointments are free and can be via phone, video call or in person. Just give us a ring on 0808 231 1073
YOU WILL RECEIVE A KEY FEATURES DOCUMENT PRIOR TO TAKING OUT A POLICY. THIS WILL SET OUT IN DETAIL ANY CONDITIONS OR LIMITATIONS OF THE POLICY.
IF YOU FAIL TO KEEP UP WITH PREMIUM PAYMENTS YOU WILL BE UNABLE TO CLAIM BACK ANY OF THE PAYMENTS YOU HAVE MADE. IT IS IMPORTANT THAT YOU CHECK YOUR INSURANCE REGULARLY TO ENSURE IT STILL MEETS YOUR NEEDS.