An Over 50s Plan is a life insurance plan that pays out a cash sum when you die that can be used how you and your family wish. Designed specifically for those aged 50 or older, the application is quick and easy and you are guaranteed to be accepted.
Quite simply with an Over 50s plan you won’t be asked any health or lifestyle questions when you apply as the state of your health isn’t taken into account. As long as you are within the age threshold which is typically 50 to 80 years old and live in the UK, you are guaranteed to be accepted.
This will depend on the plan provider and so will vary, but typically you can get up to £25,000
No. You can only take a plan out in a single name, so if your partner or spouse would like cover aswell, they will need to take out a separate plan
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.
Guaranteed life isnurance 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; so yes you can in effect get life insurance for over 60 years of age.
If you are pondering over whether you think an Over 50 Plan is the right choice for you, it’s probably worth doing the maths. The good thing is that because the amount you pay on a monthly basis and the amount paid out on death stays the same, it’s easy to work out. You just need to look at how many months you will pay your over 50s life insurance premiums for before they add up to the same amount as the cash sum paid out on death
For example:
You agree to pay £12 per month for £2,000 of cover (this level of cover is just an example and will depend on your age) £2000 divided by £12 = 167: After 167 months, you would start to pay in more than the money paid out (i.e. the £2,000) 167 divided by 12months = 14: If you die within 14 years of taking the policy out, the money paid out when you die will be higher than the amount of money you have paid in.
If you live for longer than 14 years, you will pay more than the plan will pay out
This depends on what you are looking for 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 an over 50 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 an over 50 life insurance comparison of the UK’s leading plans in addition to a more detailed insight into what each has to offer.
All Over 50 life 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 theover 50s life 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 over 50 life insurance 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 - you can also go direct to the likes of Royal London, Sun Life & LV.
The process is quick and straightforward. By answering a few simple questions, you will be provided with a range of over 50 life insurance quotes in minutes, saving you the time consuming task of searching the market yourself.
Many people buy over 50s life cover 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 polices 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.
The best life insurance for over 50s depends on your own personal requirements. If you are in good health you may want to consider a regular whole of life insurance plan as the cash sum paid out can be up to 60% higher.
If you prefer a simple, quick application process with no health or lifestyle questions to answer, than you may prefer a guaranteed over 50s plan as your acceptance is guaranteed.
Comparing quotes is a great place to start but it is also important to look at the benefits and read reviews too, all of which you will find right here at Over50choices.