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Over 50’s Life Insurance

An Over 50's Life Insurance Plan will pay out a lump sum in the unfortunate event of your death.
It is a very affordable way to ensure a lump sum is left for someone you love or to contribute to the cost of your funeral.

All UK residents aged 50 to 80 are normally guaranteed to be accepted - and the good thing is that you do not need to have a medical or answer any questions about your health, in most circumstances. An over 50 ’s  Life Insurance plan normally starts from around £7 per month, and it really does give you peace of mind and allow you to get on with your life. So with an over 50’s life insurance plan you are normally guaranteed acceptance if you are a uk resident aged 50-80, they are normally fixed monthly premiums starting at around £7 per month, no medical is needed and no health questions to answer, there are additional funeral benefit options.

These over 50’s life insurance plans pay out in the event of your death, from an accident within the first year, due to other causes within the first year, from an accident after the first year, from other causes after the first year.
There are a few things that you will need to be aware of, firstly the sum insured will be reduced by inflation, if you cancel your policy you will not be refunded any money and it is not a savings or investment plan and depending on how long you live the cash lump sum could be less than the total you have paid into the policy.

Also there is normally a maximum of £25,000 of cover available and premiums are payable until your 90th birthday. Payment normally goes to your estate and inheritance tax could apply. Also cover can be different in the first 12 months for example During the first 12 months you’re covered if you die as the result of an accident within 90 days of it happening. However, there are some things some providers don’t consider as accidents, such as those caused directly or indirectly by you drinking alcohol.

In the event that you will need to make a claim you will need the following: The Policy Schedule and Endorsements to be returned, The name of the person making the claim and evidence of their entitlement to the policy proceeds, The name and date of birth of the policyholder, The original death certificate, A copy of the policyholder's Will if there is one, It is important that you keep the policy documents safe and let your next of kin know where to find them.

Plans also have a funeral benefit option which is normally provided in association with an independent funeral specialist, who will probably not be authorised or regulated by the Financial Conduct Authority but will be registered with the Funeral Planning Authority. Selecting Funeral Benefit Option means you will give your life insurance provider permission to pay the cash sum from your Guaranteed Over 50 Plan directly to the independent funeral provider on your death, rather than to your estate. This means the cash sum from your chosen Guaranteed Over 50 Plan will be deducted directly from the final cost of your funeral bill, giving your loved ones less to worry about at a very difficult time

Compare Over 50’s Life Insurance Plans: Comparing Over 50’s Life Insurance is important if you want to be sure of choosing the best Over 50 Plan at the right price, so we have teamed up with many Life Insurance Partners and Providers, giving you access to the country’s leading Life Insurance Providers.  Just click the ‘get a quote ’button, answer a few questions and we’ll do the rest. You can choose and buy your Over 50s plan online, or over the phone if you want advice or prefer to talk through your options.

Why an over 50’s life insurance plan is important. The questions is have you ever considered who would be responsible for your funeral costs if you were to pass away, or how your loved ones may cope financially when you are not around? That’s why for a plan to help take care of your funeral expenses could be one of the most important decisions you make. Securing cover early ensures the financial help will be there for your loved ones and it allows your family to give you the funeral service and memorial that you would both like. An over 50’s life insurance plan offers insurance that’s low cost and easy to get. You can now help protect your family from the financial burden of your funeral and other unexpected costs. Once your Guaranteed Over 50s Life Insurance is in place you can keep it for life and you’ll be covered anywhere in the world, 24 hours a day. Your health and circumstances may change, but as long as you continue to pay your premiums, your Guaranteed Over 50s Life Insurance can continue for life.

There are normally 2 types of over 50’s life insurance plans: Age Based premium policy or Level premium policy Both policy types can be kept for the rest of your life (‘whole of life’) and allow you to apply for changes if your circumstances change. Your premium is based on the age of the eldest life insured. That could be you, or if you take out a family plan, it could be your partner.

Age Based policy type – How does it work? Normally With an Age Based policy, premium is recalculated each year at your policy anniversary; gradually increasing in line with age. From age 80, no further increases will apply and your premium will become fixed. After age 90, there will be no more premiums to pay, but cover will continue. Your monthly premium will start lower compared to its equivalent on a Level policy type, so this may appeal to those on a tight budget during the early years of holding the policy. Automatic benefit amount increases: An Age Based policy normally features a 5% automatic annual increase to your chosen benefit amount for your life insurance and any optional cover you have. It is applied automatically to your policy on your policy anniversary each year; for 10 consecutive years from the policy start date, or up to and including age 74, whichever is sooner.  For example, a benefit amount of £2,000 will increase by 5% to £2,100 after the first policy anniversary and will reach £3,000 after 10 years. If you are planning to leave your benefit amount to pay for funeral expenses, this gradual increase in benefit amount can help protect from the effects of inflation.

Level policy type – How does it work? A Level policy is great for people who want certainty, knowing that their increasing age will not affect their monthly premium – it will stay the same each year. As long as you are paying your premium: You will be covered for the whole of your life; and After age 90, there will be no more premiums to pay, but cover will continue. With the Level premium option, it is important to note that the value of the benefit amount you choose at the start of the policy, may not keep up with inflation. So, if you are planning to leave your benefit amount to pay for funeral expenses, its value may not keep up with funeral cost inflation. The 5% automatic benefit amount increase is not available on a Level policy. You could ask your over 50’s life insurance plan provider to make changes to your policy, however these changes may be subject to payment of additional premium based on age at the time of the request.

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Cover from £5 per month equivalent to 17p a day, based upon a £100,000 decreasing term policy over 10 years with guaranteed premiums for a non-smoker, aged 30.