Life Cover for the Over 50s

One of the many things people think about once they are approaching their 50s is to get a decent level of life insurance to cover fixed expenses as well as leaving a lump sum for their loved ones.

You see all the adverts on day time television for over 50 life cover products that are normally advertised by celebrities to entice you to their products and there are many providers of such life insurance which pays out a fixed sum in the event of your death.

What are Life Cover Plans for the over 50s ?

A life cover plan whether you are under or over 50 is not a savings plan as such but a product where you pay in a small monthly fee and after a qualification period (normally 2 years but it can be shorter) a fixed lump sum of money is paid out on the event of your death. Normally these plans are for smaller amounts of money and are not necessarily designed to pay of mortgages etc but to cover general expenses such as funeral arrangements.

How Much are Life Cover Plans ?

This is of course entirely down to your choosing but for around £14 per month you can get a life cover plan for around £3,000 from some insurers. It’s best to shop around and if you are in any doubt whatsoever for whether this type of insurance product is right for your circumstances then you should always seek professional financial advice from a qualified person or company. The level of cover is different for each insurance company so you should either undertake some research or perhaps look at a price comparison website so see what level and premiums are right for you.

Will I be Accepted ?

Almost all of the insurance companies guarantee acceptance if you are aged between 50 and 80 years of age and are a permanent resident in the UK. The terms of the policies are different for each insurance company so you should check. For most of these types of policies you won’t need to undertake a medical either or have to visit your doctor as you’re guaranteed to be accepted for most over 50s life cover. Most of the insurance companies have their own websites and you can simply apply directly online and your cover will begin immediately once you have entered all your details including your direct debit information.

What Else ?

Normally you’ll be offered some form of welcome gift such as vouchers for some of the high street shops or some other form of incentive normally worth about £30. But as this is not a savings plan if you stop paying then the cover stops so be sure that you can afford the premiums for the rest of your life. Although the payout in the event of your death is tax free it’s added to the entire estate to be valued for inheritance tax in the UK. If you and your partner want to take out this insurance then you both need to take out separate policies as joint policies are not generally available because it’s insurance against one life.