An over 50s life insurance plan pays out a fixed lump sum to your loved ones when you die. It gives you the peace of mind that after you are gone, there will be money to support your family. This may be to pay off any debts you may have or to cover funeral expenses.
Over 50s life insurance works slightly differently to a life insurance policy aimed at younger people. The money you pay in isn’t necessarily invested, which is why it pays out a fixed lump sum.
An Over 50s plan is available for people aged between 50 and 80 and you are guaranteed to be accepted for one. You will not be questioned about any aspects of your lifestyle or your health. You will also not need to have a medical check when you take out the policy.
For other life insurance policies, you may have to provide medical information regarding your health or any medical conditions that you have.
Can I take out an ordinary life insurance policy if I am over 50?
If you want to leave money behind for other aspects of your life, we can help. This could be to support your children through university or you may want to leave behind money for your partner. If this is the case, you may want to look into taking out an “ordinary” life insurance policy.
We can find you the best price available from our roster of insurance providers, however many will only offer these if you are below 65. You will notice that monthly payments will be a lot higher than if you took out an Over 50s policy. This is especially the case if you have a medical condition, health implication or a hazardous occupation. The term that you can cover will also be relatively short.
Over 50s life insurance plans will cover you for a term lasting right up until your death and is not affected by any health conditions.
If an over 50s plan isn’t suitable for you, there are two main types of life insurance that could be. These two options are term life insurance or whole of life insurance.
Below is an explanation of how each of these policy types differ.