No one wants to spend time thinking about what would happen if they died, but it is important to plan for the future as much as we can.
Over 50s life insurance provides your family with a lump sum of money that can be used to cover the cost of your funeral, pay off any outstanding debts that are left behind or leave an inheritance for your loved ones.
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Here is a list of the top eight reasons why you should look into this type of insurance.
The most obvious benefit of over 50s life insurance is the fact that a lump sum of cash is paid out upon your death. This money can be used to cover the cost of your funeral, pay off any outstanding debts or provide an inheritance to your loved ones. The money can be used for extra support or kept safe for a rainy day or emergency.
If there is a history of illness in your family - such as cancer or heart disease - you may have found it difficult to purchase regular life insurance. Over 50s policies do not typically require medical checks, meaning your history won’t affect your chances of being covered.
As the policyholder must be at least 50 years of age, it is assumed that there won’t be any large debts left to pay off, such as a mortgage. This means you can get cover for a small monthly premium compared to regular life insurance. However, keep in mind that the more you pay, the bigger the lump sum will be.
Once you set the policy up - and as long as you keep up with the monthly payments - a guaranteed cash lump sum will be paid upon your death. This means you don’t have to waste time worrying about an investment or whether your money will be safe or not.
Before you purchase the policy, you can set a budget and decide how much you would like your insurance cover to pay out upon your death. Once you have found a policy that matches your needs, your monthly premiums will never change - meaning you don't need to worry about the affordability of the policy.
Based on the current guidelines from HM Revenue and Customs, the lump sum that is paid out from your over 50s life insurance policy will be free of capital gains or income tax. Your family will be paid the full sum, free of any deductions.
Most over 50s life insurance providers allow you to stop paying premiums once you reach 90 years of age, meaning the policy remains in force without you having to make any additional payments.
After an initial period of between one to two years where you can’t make any claims, your policy will pay out no matter when you die. This means that you can rest assured that your family will receive the money no matter when you pass on.