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Over 50's Life Insurance Guide
Are Over 50's Life Insurance policies good value for money?
We've all seen the TV ads with various celebrities encouraging the Over 50's to apply for a life insurance quote and receive a free pen, but do they offer real value for money?
First let us have a look at what the Over 50's Life Insurance policies offer.
With most Over 50's Life Insurance Policies such as the ones advertised on TV, they offer life insurance cover with no medical questions asked and will guarantee cover to any applicant regardless of medical history.
The cover they provide is usually on a whole of life basis which means the cover doesn't stop when you reach a certain age. This makes the cover ideal if you wish to cover funeral costs or make a gift to loves ones when you pass.
So Over 50's life insurance sounds good, what's the catch?
There are two main features of the Over 50's Life Insurance products that you need to be aware of.
- The product will not usually cover you for the first two years (one year with some policies) and if you should die in this initial period you will usually just receive your premiums back.
- If you are in good health you will probably be able to secure much better value cover using a traditional life insurance policy.
So Over 50's Life Insurance Policies are a bad idea?
Not necessarily.
If you are in poor health this may be the only way you can secure cover as no medical questions are asked for Over 50's Life Insurance Policies. This means that providing you survive the initial period you will have life cover guaranteed whatever your state of health.
So in a nutshell Over 50's Life Insurance Policies definitely have their uses but if you are in good health you should also look at what's available in the standard life insurance marketplace.
To see our Over 50's Life Insurance comparison click here
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