Over 50s Cover

Over 50s Life Insurance

Over 50s Cover is a type of life insurance plan that pays out a fixed lump sum to your loved ones when you die. It’ll give you peace of mind that they’ll have the money available to cover things like funeral expenses or outstanding debts after you’re gone.

Over 50s life insurance plans work a bit differently to life insurance for younger people:

The money you pay in isn’t invested, which is why the sum paid out is fixed.
You also won’t need to have a medical check when you take out the policy.
They’re available if you’re aged between 50 and 80
Guaranteed Acceptance
Guaranteed Pay Out

Is there guaranteed acceptance?

Yes, you’re guaranteed to be accepted. There are no questions about your lifestyle or health if you’re over 50 and taking out a life insurance plan.

Can’t I just take out ordinary life insurance when I’m over 50?

You can still get quotes for ordinary life insurance. Although, as you get older, generally premiums go up. This will especially be the case if you have health or medical issues. Additionally, the term that you can cover will also be relatively short.

Nonetheless, Over 50s life insurance plans will cover you for a term lasting right up until your death and don’t take your medical history into account. Therefore, you won’t be penalised for health conditions and other issues of that nature.

Reasons to get Over 50s Cover:

Leave an inheritance to loved ones
Cover the cost of your funeral
Clear all outstanding debt

The guaranteed acceptance for 50-85-year-olds means those suffering with their health can still obtain life cover. Even if they have been declined elsewhere.

The lack of medical information required also makes the over 50 application quick and simple and can be completed in less than 15 minutes.

Do I need over 50 life insurance cover?

You might want to take out an over 50s policy because you didn’t take out traditional life insurance while you were younger and now it’s too expensive.

If your children are grown up and your partner doesn’t rely on your income to pay the bills, it’s still worth considering over 50s life insurance to help cover the costs of a funeral or other bills at what will be a difficult time for your family.

How much cover do I need?

That depends on what you want your beneficiaries to use the pay out for.

Consider whether anyone relies on you financially, whether you have any outstanding loans or other debts and how much you can afford to spend on premiums each month.

If you want the pay out to cover the costs of your funeral and immediate death expenses, try to allow for inflation when you choose a pay out amount. If the pay out will only just cover a funeral at today’s prices, it might not be enough in 10 years’ time.