What is a guaranteed over 50 plan?
A guaranteed over 50 plan is a type of life insurance designed for the over 50s. It provides insurance for the whole of your life and guarantees a cash sum is paid out when you die. Acceptance is guaranteed too with no medical questions asked.
To read more about how this type of cover works, take a look at our over 50 life insurance guide.
What is the difference between life insurance and over 50s life insurance?
The main differences between life insurance and over 50s life insurance is the term and the application process. Over 50s life insurance is a whole of life policy so provides cover for life rather than for a specific term. Acceptance is also guaranteed as there are no medical questionnaires to complete.
Things to consider when comparing over 50 life cover
If you are thinking of getting over 50 life cover, it’s worth considering the following when comparing plans:
- Affordability – premiums are payable for life or until you are 90*. Depending on how long you live, there is a chance you could pay more in premiums that the cash sum paid out.
- Waiting period – Cover starts after an initial period of 1 or 2 years. If anything happened to you during this period, your premiums would be refunded.
- Fixed premiums and cash sum – Your premiums and cash sum are fixed and will never change but inflation will reduce the value overtime.
- Funeral costs – selecting the funeral benefit option could help those looking to help with funeral costs
- Free gift – many plan providers offer over 50 life insurance with a free gift
Using an over 50 life insurance calculator can help you compare the amount of cover companies provide and reviews will show you how customers and the industry rate their service.
The funeral benefit option
The funeral benefit option is a free service offered by many over 50 plan providers. If you select this option, your cash sum when you die will be paid directly to a specified funeral director. In return, the chosen funeral director will make a further contribution towards your funeral costs.
The size of the contribution depends on the company you choose but is usually between £250 to £300 or 10% of the cash sum.
Another way of helping with funeral costs and arrangements is with a prepaid funeral plan.
Over 50 life insurance with a free gift
When comparing quotes, you will see that many companies offer over 50 life insurance with a free gift, usually in the form of a gift card. Choosing the best over 50 life insurance plan shouldn’t just depend on selecting the best free gift however it’s worth looking out for when comparing quotes.
Over 50 life insurance calculator
An over 50 life insurance calculator can help you see how much cover you can get for your money. You simply select how much you would like to pay each month and the calculator will work out how much life insurance you will get.
As most providers have a over 50 life insurance calculator, it also makes comparing plans much easier.
Over 50s life cover reviews
To help you decide on the best over 50 life insurance plan for you, it could be a good idea to read customer and industry reviews. Well known specialist review companies such as TrustPilot, Feefo and Fairer Finance will give you an insight into the quality of the plan and the service customers receive.
You can also read our reviews of the top 10 providers of life insurance for over 50s, which includes the features and benefits and tips on what to consider before going ahead.