Over 50's Life Insurance
Over 50's life insurance policies differ from term assurance cover (level term, decreasing term, family income benefit, critical illness cover) in as much as they are not restricted to a set amount of years protection as they last for the rest of your life.
Over 50's plans are suitable for people with pre-existing medical conditions. If you have no pre-existing medical conditions you should look at a Whole of Life Policy to meet your need for funeral arrangements and inheritance planning.
What is the difference between and Over 50's plan and a Whole Of Life Policy?
- Over 50's plans are more expensive as they cater for the needs of people with existing medical problems.
- Over 50's plans have no medical underwriting and everyone over 50 is guaranteed to be accepted.
- You cannot claim the full death benefit if you die within the first 12-24 months with an over 50's plan unlike a whole of life policy.
- The maximum you can send on an Over 50's policy is usually around £75 per month.
- Whole of Life Policies require medical underwriting and are therefore more suited to healthier individuals. This is usually just a short questionnaire.
- You will typically get more cover with a Whole of Life Policy.
- You don’t have to be over 50 years old to set up a Whole of Life Policy.
- You will typically pay for a whole of life plan for the rest of your life whereas you will in most cases cease payments on an Over 50's policy when you are 90-95 years old.
- You can take out much larger Whole of Life policies to leave behind much more money for your loved ones.
This policy will pay out when you die, unlike a term assurance policy that pays out if you die within the term, and so they are more expensive than term policies for the same level of protection. Over 50's policies are generally used to cover funeral arrangements or to pass on an inheritance to family and should in many cases be considered in addition to a term policy.
Over 50's policies do not typically include illness protection, although it is not impossible to get this.
To start comparing Over 50's policies use the form above!