What is the Best Over 50 Life Insurance?
Oct 27, 2013
Choosing an Over 50 life insurance plan can be difficult and quite frankly downright confusing. Not only can these types of products be shrouded in a world of insurance jargon; there are just so many options available. So exactly how do you work out what is the best Over 50 Life Insurance?
Don’t be swayed by the Stars
The first point worth mentioning is don’t be drawn to one particular Over 50 Life Insurance Plan just because a TV personality endorses it. Once you have done your homework you might find that a heavily marketed product offers the best cover but don’t choose one on the basis that you’ve always liked and trusted the celebrity. I’m sure they are all lovely people but they are paid to advertise the product. They are doing their job!
Work out what is important to you
Over 50 Life Insurance is designed to provide a fixed sum of money when you die that can be used as a gift for those you leave behind; to pay off outstanding debts or for the majority, to help pay funeral costs. In addition to the differing levels of cover, you will find some policy variations depending on the insurance plan provider you choose. Here’s what to look out for:
• The date from which you are fully covered – if you choose an Over 50 plan that offers guaranteed acceptance, there will be an initial period of either one or two years when you won’t be covered for the full cash sum. However if you were to die during this period, as a minimum your premiums would be refunded and some companies also pay out an additional amount.
• Smoker / Non Smoker rates – some companies base the level of life cover paid out on whether you are a smoker; therefore as a non smoker you may get preferential rates.
• Monthly premiums – Depending on the plan provider, you’re monthly premiums will be payable until you die or until your 90th birthday.
Is health an issue?
The most popular Over 50 life insurance plan is Guaranteed Over 50 Life Insurance which offers guaranteed acceptance with no medical or health questionnaires to complete. Quite simply the state of your health isn’t taken into account.
If you are happy to answer health and lifestyle questions, it would be well worth looking at an Underwritten Over 50 Life Insurance Plan. Acceptance depends on a lengthier application process however these plans can provide at least 40% more cover for your money.
In addition to a higher level of cover, once you have been accepted you will also be immediately covered for the full cash sum.
Be aware of the terms and conditions
This point is not really about the best Over 50 Life Insurance as it applies to all life insurance plans regardless of which company provides them. This is just a reminder to always read the terms and conditions. For more information on things to consider, go to our website.
Compare, Compare, Compare
This is possibly one of the most crucial points; don’t just opt for the first Over 50 Life Insurance plan you come across. I can’t stress enough the value of taking time to compare Over 50 Life Insurance Plans. You will be able to pick out the plan that is right for you based on your needs and choose a level of cover you are happy with.
Don’t forget, if you are happy to answer medical questions, compare Underwritten Over 50s Life Insurance; you could be very surprised with the increased level of cover. Just click here to compare both Underwritten and Guaranteed Over 50s life insurance in one go.
By Ashley Shepherd