Cover levels depend on the plan provider and of course the amount you are happy paying on a monthly basis but typically you should expect to get up to £25,000.
Over 50s Life Insurance pays out an agreed amount of money when you die. The money can be left as a gift, to help pay towards funeral costs, or pay off any outstanding debts, loans, bills and also to help in making Inheritance Tax provisions.
You can’t have a joint over 50 plan but your spouse or partner can always get a separate over 50 life cover plan, as long as they are between the ages of 50 and 80 (age limits do vary depending on the plan provider) and live in the UK.
This is insurance and like all other insurance plans, they are there to protect us and give us peace of mind. Year after year we pay out hundreds of pounds on insurance. Car, home, mobile phone, travel, health, the list is endless. We dutifully pay our monthly fees, often paying in far more than we will ever claim.
Over 50 plans are no different.
The longer you live, the more you pay so you could end up paying in more than the plan pays out. There is one difference with these insurance policies though and that’s the fact that when you die, as long as it’s after the initial one or two year period, they are guaranteed to pay out.
It doesn’t matter whether you are Over 60, Over 70 or in some cases even over 80 (depending on the 50 plus insurance provider), you are guaranteed to be accepted for Over 50s Life Cover as long as you are between the ages of 50 and 85
This really does depend on your personal circumstances and what is important to you. Essentially one of the main points will be the level of cover provided which is why it is important to compare over 50 life insurance quotes.
Then consider which features are important to you. For example, is it important that your over 50 plan provides life cover after 12 months or are you comfortable waiting for 2 years? Are you looking to include the funeral benefit option? Would you prefer a plan that pays out if you are diagnosed with a terminal illness?
To help you decide, why not take a look at our Reviews section which provides a comparison of the UK’s leading plans in addition to a more detailed insight into what each has to offer.
All Over 50 Insurance providers will have a cancellation policy allowing you to cancel and get any premiums paid refunded within certain period, typically the first 30 days. After this period you will still be able to cancel however you would not get any money back and the cover would end.
Over 50 life insurance quotes vary depending on your age, the amount you want to pay on a monthly basis and in some cases whether you smoke. You will also notice the cash sum available will vary by company so it is important to compare quotes from a range of providers before making your decision.
It is important that you choose an over 50 life insurance plan that is right for you, based on your personal requirements. Whilst the cheapest over 50 plan may tick the box in terms of low monthly premium, you need to be comfortable that the level of cover provided is suitable too.
By taking time to compare over 50 life insurance quotes, you’ll see at a glance the cash sum you could get based on the amount you want to pay on a monthly basis.
There are a number of companies that give you the opportunity to compare over 50 life insurance quotes from leading providers, Go Compare, Moneysupermarket, ComparetheMarket and of course this site.
The process is quick and straightforward. By answering a few simple questions, you will be provided with a range of life insurance quotes in minutes, saving you the time consuming task of searching the market yourself.
To talk through your options or to get advice, simply call the Over50choices team on 0845 145 0070
Many people buy over 50 plans to help with paying funeral costs. By agreeing to pay a fixed premium on a monthly basis, a cash sum will be paid out when you die that your family can use to help with funeral costs.
In addition, most plan providers offer a free funeral benefit option which provides additional free cover if you agree for the cash sum to be paid directly to a specified funeral director. When the time comes, they will provide the funeral services using the proceeds from your life cover to help cover the funeral costs.
A number of companies offer over 50 plans with a free gift to thank you for choosing their plan however it is important that your decision to buy is based on the life cover provided and not swayed by any free gift that may be on offer.