What is the best over 50 life insurance?
To find the best over 50 life insurance, it helps to consider the things that are important to you.
All plans guarantee acceptance regardless of any health issues, but certain plan features vary by provider. It’s therefore important to understand these differences in order to find the right over 50 plan for you:
Age limits – the majority of plan providers have an age range of 50 to 80. However, there are some companies that have a maximum age limit of 75 and SunLife have the oldest threshold of 85.
Minimum premium – this is the lowest monthly premium you can pay for cover and typically ranges from £4 to £10. Rather than immediately opting for a cheap plan, it is worth comparing quotes to see how much cover you can get for your money.
Waiting period – the waiting period before you can claim for the full amount of life cover varies between 1 to 2 years. However, some companies do offer immediate cover for accidental death.
Premiums payable period – some companies require you to pay your premiums for life whereas others have premiums that cease on your 90th birthday but the cover continues.
Cover level – the amount of life cover you can get for your premium will also vary, which is why comparing over 50 life insurance quotes is important when looking for the best deals.
Smoker vs non-smoker – some providers will want to know your smoking status. As a non-smoker these companies could offer you a better deal but it may be best for smokers to look elsewhere.
Funeral benefit option – this free option means your money is paid to a specified funeral director when you die to help with funeral costs instead of to your beneficiaries. In return, the funeral director will also contribute an amount towards the total cost when the time comes. Typically it is £250 to £300 but it will vary by provider.
Free welcome gift – many companies offer a free gift as an incentive for choosing their plan which will vary depending on the provider.
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