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Over 50s Cover
Deciding on the right policy for you can be tricky, we get it.
If your health is a concern, and you anticipate a shorter lifespan, considering over 50s life insurance could be beneficial. These plans often skip medical checks, allowing you to contribute less than the eventual pay-out. However, exploring alternative ways to finance a funeral or create a lump sum is advisable before deciding.
One Family are UK Mortgage Centres trusted Over 50s Insurance provider.
What They Offer
Affordable cover from £10 per month
5 Star Defaqto rating
Guaranteed acceptance for uk residents ages 50-80
Terminal Illness benefit and Funeral Funding included as standard
What Is An Over 50s Life Insurance Policy?
It’s a life insurance plan tailored for individuals aged 50 to 80 (or 49 to 85 in certain instances) it aims to mitigate the financial stresses for your loved ones in the event of your passing.
By making monthly payments, the policy ensures that upon your death, a lump sum is provided. This sum can be utilised to address various financial needs such as mortgages, debts, outstanding bills, funeral expenses, or can serve as a gift to your beneficiaries.
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Get a FREE Instant QuoteOver 50s Life Insurance FAQs
What is an over 50s insurance policy?
It’s a life insurance plan tailored for individuals aged 50 to 80 (or 49 to 85 in certain instances) it aims to mitigate the financial stresses for your loved ones in the event of your passing.
By making monthly payments, the policy ensures that upon your death, a lump sum is provided. This sum can be utilised to address various financial needs such as mortgages, debts, outstanding bills, funeral expenses, or can serve as a gift to your beneficiaries.
How does the cover work?
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.
What are the benefits of an over 50s life insurance policy?
- Most over 50s policies do not require a medical which 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.
- It ensures that your family is protected if you were to pass away.
- Over 50s Life Insurance has a guaranteed acceptance rile as long as you are over the age of 50 which means you will never be turned away.
What are the cons of an over 50s life insurance policy?
- Some causes of death may not be included, such as drug and alcohol related deaths.
- You may end up putting in more than you get paid out depending on how your policy is set up with your provider.
- Some policies may not pay out straightaway. 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 policy before you sign on the dotted line.
Will I need any medical checks?
No providers will ask you for a medical check however, some may ask you some medical information around your lifestyle such as how often do you exercise and smoking status
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