If rising interest rates are making you feel anxious about what’s going to happen when you come to remortgage, then don’t worry – you’re not
If rising interest rates are making you feel anxious about what’s going to happen when you come to remortgage, then don’t worry – you’re not
Are you aged between 50 and 80 and have concerns about your health? Discover greater peace of mind when you take out over 50 life insurance in the UK.
Deciding on the right over 50 life insurance cover for you can be tricky, we get it.
If your health is a concern, and you anticipate a shorter lifespan, you may want to look at the benefits of over 50 life insurance in the UK. For example, these plans often skip medical checks, which allows you to contribute less than the eventual pay-out.
However, exploring alternative ways to finance a funeral or create a lump sum is always advisable before deciding – something our expert advisors can help with.
A life insurance plan designed for those aged 50 to 80 (or 49 to 85 in some cases), over 50 life insurance cover helps to limit the financial stress placed on your loved ones following your passing.
To ensure a lump sum is paid out upon your death, you’ll need to make monthly payments as outlined in your chosen plan. This lump sum can then be given a gift to your beneficiaries or used by your loved ones to cover financial costs like mortgages, debts, bills, and funerals.
It’s a life insurance plan tailored for individuals aged 50 to 80 (or 49 to 85 in certain instances) which aims to mitigate the financial stresses for your loved ones when you pass.
By making monthly payments, the policy ensures that, upon your death, a lump sum is provided. This sum can be utilised to cover various financial needs such as mortgages, debts, outstanding bills, funeral expenses, or can even serve as a gift to your beneficiaries.
It’s important to understand that all policies designed for individuals over 50 falls under the category of whole-of-life policies. This guarantees a pay-out upon your death, regardless of when it occurs.
Compared to other life insurance policies with term-based limitations, whole-of-life policies do not expire. Due to the assured pay-out, insurance providers can set premiums without asking details of your medical history.
They mostly rely on your age and statistical data to calculate the premium amount. This simplifies the process and ensures a straightforward determination of your monthly payable amount.
Due to the assured pay-out, insurance providers can set premiums without asking details of your medical history. They mostly rely on your age and statistical data to calculate the premium amount.
This simplifies the process and ensures a straightforward determination of your monthly payable amount.
One of the biggest benefits of most over 50s policies is that they don’t require a medical check. This means if you have a serious health condition, but are not expected to pass away within the initial waiting period, your beneficiaries could get more than you pay in.
These policies also ensure that your family is protected if you were to pass away and you’ll benefit from guaranteed acceptance as long as you are over the age of 50.
Before taking out an over 50 life insurance policy, you should also be aware of the cons of this type of policy. For example, some causes of death may not be covered in the over 50 life insurance in the UK, such as drug and alcohol related deaths.
Depending on how your policy is set up with your provider, you may not receive a payout straightaway, or you could end up putting in more than you get paid out. Some policies can have a waiting period of around 1-3 years before they pay out.
Be sure to check the terms and conditions of the over 50 life insurance cover before you sign on the dotted line.
Over 50 life insurance cover providers won’t ask you for a medical check, but they may request some medical information about your lifestyle, such as how often you exercise and whether you smoke.
If you want to ensure you choose the best over 50 life insurance policy for you, it pays to be informed! We have plenty of tools and tips that can help you to fully understand over 50 life insurance cover.
Explore our selection of comprehensive over 50’s life insurance guides and tools
Check out our YouTube channel for unique over 50’s life insurance insights
Delve into our blog for plenty of helpful over 50’s life insurance information
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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