Unfortunately, the amount of cover available with an over 50’s plan is significantly less than a regular life insurance policy. The older you are the less cover is available to you. You may also have a reduced cover amount available to you if you are a smoker.
Premiums for an over 50’s plan can be expensive in comparison to the level of cover available to you. You can still cover your plan with monthly payments over 12 months but the overall cost will be higher. This is due to your age and the fact that the policy is guaranteed to pay out.
Limited cover is also available because over 50’s plans are designed to cover funeral costs. However, if the worst was to happen, you can have peace of mind that your family can pay for your funeral.
If you needed more cover for another reason, you may want to consider taking out a regular life insurance policy. Other reasons could include paying off your mortgage or leaving enough money for your children. Depending on your circumstances, leaving behind enough money for school or university fees may be a priority. If this was the case, a regular life insurance policy may be better suited to you.
There are lots of things to consider when looking for life insurance cover, not just funeral planning. It may seem a little daunting, however you are in good hands with our team of experts. They will help you find the best plan to help cover you for the rest of your life.