Do I need life insurance? While more of us are living longer lives, the knowledge that things like funeral costs, education expenses and maintenance are provided for, is a great comfort.
The benefits of an over-50s policy With a wide selection of policies on the market, you'll want to make sure you get value for money and a policy, which works for you.
More and more people are opting for over 50s life insurance and there are many advantages to choosing this type of cover.
With an over 50s policy, premiums stop when you reach a certain age (usually 90 years old).
While you may no longer be paying into your policy, you'll still be covered by its benefits.
Important points to consider Over 50s life insurance is not a savings plan.
Your cover will only last as long as you continue paying premiums.
If you choose to stop paying premiums before the plan permits, you're cover will end and you will receive nothing back.
There is no cash-in value.
All over 50s life insurance plans will have a set period at the beginning of the policy which doesn't pay out the full assurance amount (unless you die in an accident).
While you may receive something from your policy the amount you get back will vary across different providers.
If your policy promises to pay out a fixed cash sum, it's important to be aware that inflation may reduce the value of this amount over time.
Again, make sure you have considered the conditions of each provider's policies.
Depending on how long you live after you take out an over 50s policy, the amount you pay into the plan may actually be more than the amount paid out at its end.
Be aware of your options Make sure you've studied the market, every over 50s life insurance policy is different.
Many providers offer extra benefits and perks, like a payment towards funeral costs, free care advice or bereavement counselling or even a cash gift when you open the policy.
Being aware of your options and making an informed choice is the first step to making your life insurance policy work for you!
The benefits of an over-50s policy With a wide selection of policies on the market, you'll want to make sure you get value for money and a policy, which works for you.
More and more people are opting for over 50s life insurance and there are many advantages to choosing this type of cover.
- Guaranteed pay out: when you die, an over 50s policy offers a guaranteed cash payout, even if you're still within the first two years of your policy.
- No medical: over 50s life insurance plans have no requirements that you undergo a medical.
If you are over 50, you are eligible. - Affordable: over 50s life insurance prices are very competitive, meaning everyone can afford to consider taking out a policy.
With an over 50s policy, premiums stop when you reach a certain age (usually 90 years old).
While you may no longer be paying into your policy, you'll still be covered by its benefits.
Important points to consider Over 50s life insurance is not a savings plan.
Your cover will only last as long as you continue paying premiums.
If you choose to stop paying premiums before the plan permits, you're cover will end and you will receive nothing back.
There is no cash-in value.
All over 50s life insurance plans will have a set period at the beginning of the policy which doesn't pay out the full assurance amount (unless you die in an accident).
While you may receive something from your policy the amount you get back will vary across different providers.
If your policy promises to pay out a fixed cash sum, it's important to be aware that inflation may reduce the value of this amount over time.
Again, make sure you have considered the conditions of each provider's policies.
Depending on how long you live after you take out an over 50s policy, the amount you pay into the plan may actually be more than the amount paid out at its end.
Be aware of your options Make sure you've studied the market, every over 50s life insurance policy is different.
Many providers offer extra benefits and perks, like a payment towards funeral costs, free care advice or bereavement counselling or even a cash gift when you open the policy.
Being aware of your options and making an informed choice is the first step to making your life insurance policy work for you!
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