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The amount of cover available with an over 50s 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. At The Insurance Surgery, we can help you find the best over 50 life insurance for you.

Premiums for an over 50s 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 50s 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 need 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.

Pre-existing Condition

It is highly likely that your cover may be more expensive if you have a pre-existing medical condition. It is possible that your application would be declined depending on the severity of your condition. Our expert team can look into this and get you the cover that you need. However, it may mean that your monthly premiums come at an extra cost.

An over 50s plan is suitable if you do not wish to discuss your personal health. Due to the fact that over 50s plans do not require any medical evidence, your privacy would be respected. We can help you find the best policy for your circumstances to protect you and your loved ones.

If you are over 50, this does not mean that an over 50s life insurance plan is your only option. There are also other life insurance products available.

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Over 50s Life Insurance

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.

Term life Insurance

Term life insurance is where your policy covers you for a certain term, or length of time i.e. 20 years. If you were to pass away within this term, then your policy would pay out a cash sum. The term would be agreed when you take out your initial policy.

If you live beyond the term of the policy however it would not pay out. When choosing your cover, there are lots of aspects to consider and our team can help you with this. However a term life policy is cheaper than taking out a whole of life policy.

Furthering this, there are two types of term insurance available; level and decreasing cover:

When taking out a level cover plan, your cover level is agreed at the beginning of the policy. If you were to pass away within the term, this is the amount that would be paid out.

With decreasing life insurance, the amount that would be paid out if you were to pass away will decrease each year. When taking out the policy, the terms and payments will be outlined. Although this may seem like a downside, it is suitable to cover your mortgage and is cheaper than level life insurance.

If you are aged 50 to 80 and a UK resident, our expert team can find the best policy for you.

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Whole of Life Insurance

This type of life insurance isn’t restricted to a certain term. It covers you for your whole life until you pass away, therefore it is guaranteed to pay out.

It is however more expensive than term life insurance, especially if you are older or require a large amount of cover.

Both forms of life insurance have their pros and cons. Choosing the right option for you could affect your family when the worst does happen. Therefore, it is important to pick the cover that is best for you, your family and your budget.

It is important to take into consideration any pre-existing medical conditions that you may have. Depending on your condition, you could be subject to higher premiums. Moreover, if your condition is severe there is also a chance of your application being declined. Find out more about Whole of Life Insurance

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Case Studies

  • Client: Female
  • Age: 54
  • Smoker Status: Non-smoker
  • Medical Condition(s): Bipolar, Chronic Myeloid Leukaemia & Angina
  • Cover date: 1st June 2021
  • Product type: Over 50s
  • Cover amount: £10,000
  • Premium: £32.73

Our client came to us directly through our quote form having struggled to get cover elsewhere. Our advisor Julie then contacted the customer to discuss her life insurance needs and any pre-existing medical conditions that she has.

It was at this point that the client disclosed that she had Angina, Bipolar & Chronic Myeloid Leukaemia. She was diagnosed in 2016 but is still undergoing treatment. She then explained she had a budget of £40 a month and was looking for £10,000 of cover for her family.

Julie explained that due to ongoing treatment mainstream cover isn’t available and would have to look at over 50s plans. She then sent the client quotes for £10,000 and also for the most she could get for her budget.

The next day Julie called the client and went through the application process with her to activate the cover. Her policy had a start date from the 1st of the following month.

The lady was so pleased that Julie was able to secure her the life cover she needed to protect her family and give her peace of mind.

We are delighted to have helped another customer to get the protection they deserve.

How much does Life Insurance cost if I am over 50?

We are often asked how much a policy would cost for a person of a certain age. It is impossible for us to give you a ballpark figure without looking into your specific circumstances.

Everyone’s personal circumstances are different. Some people may have health conditions that need to be taken into account. Others may have a hazardous occupation which also would affect the cost of your premiums. Your lifestyle and family setup would also be considered.

All of these aspects would affect your monthly premiums as it would determine your ‘risk’ to an insurance company. If you are deemed as ‘high risk’ you will see an increase in your monthly premiums.

Some questions that you will be asked when getting a quote for life insurance would include:

  • How much you want to be covered for.
  • Your health in general and if you suffer from any medical conditions.
  • Your age.
  • Your height and weight.
  • Whether you smoke or not.

Finding a life insurance policy to suit you and your circumstances can feel like a chore. You have to submit your information over and over again to hear back from individual providers. At The Insurance Surgery, we take your details once and use our expert knowledge to find the best provider for you.

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Critical Illness Cover

Another form of life insurance that may be suitable for you is critical illness cover. This is a policy that pays out a lump sum if you are diagnosed with a critical illness. The critical illness would need to be defined under your policy wording.

The definition of a critical illness varies with each provider so it’s important to check what you are covered for. Critical illness cover will potentially exclude certain conditions from your cover depending on any pre-existing medical conditions that you have. When taking out your policy, it is important to check what you are covered for.

It is important to remember that the older you are, the more difficult it is to get a critical illness policy. You should also expect to pay higher premiums depending on your age.

Furthering this, once you reach a certain age (differs with each provider) then critical illness cover is not available to you. Our experts can check across our range of insurance providers to see if critical illness cover can be provided for you.

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There is no time like the present to find out what options are available for you. We can help you find your perfect policy.

There may also be other lesser known life insurance products available to you, each with their own benefits. Our team can see what products you are eligible for and help you decide.

It is important to choose the right insurance product for your personal circumstances as well as your budget. As you get older, the cover available to you may reduce or your premiums will rise. However if you are over 50 and looking for life insurance, we can go through your options with you.

Our expert advisors will always help you to get the best cover for your circumstance. We know that every person is individual, so we can make sure your policy is individual to you too.

The perfect time to take out life insurance is as soon as possible. Our easy to use quote form can help you submit your details to us quickly. Our expert team can then help you find a policy that you are happy with.

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