Over 50s life insurance offers financial protection for your loved ones after you are gone, by giving them a guaranteed cash lump sum. This means you can relieve them of any burdens, leaving them free to grieve for you.
While you may have seen TV commercials promoting this type of product, you may not be aware that there is more than one kind of this type of insurance. You should read up on each to find out which ones meets your needs.
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There are two main types: term policies (also known as term assurance) and whole-life policies.
Term insurance lapse after a set amount of time without paying out. There are five types of term policies:
This type of insurance pays out a fixed term lump sum to your benefactors if you die during the policy term. The amount paid out doe not change over time, meaning you know exactly how much will be paid out. You will know for sure if it will cover your funeral costs and if there will be anything left over.
This cover takes into account the rising cost of living, as it is designed to combat inflation, meaning it will retain its value over term. When the policy pays out, the cash lump sum will have retained its full purchasing power. Some see this as added financial protection, as they know their family will be left with enough to cover the cost of a funeral and anything else they may need.
The cash sum provided increases either by a fixed amount every year or rises in line with the Retail Prices Index (RPI) measure of inflation. One thing to remember is that premiums will also rise as the guaranteed sum increases, so you must be willing to pay more as time passes.
This policy is also known as mortage life insurance. If you are taking out the life insurance, you may be thinking about leaving enough money to pay off a specific debt, such as a mortgage. The longer you live, the more you will be able pay towards the debt, meaning you will be leaving less behind. Decreasing term insurance does exactly this, as the cash lump sum paid out lessens each year, bringing down your premiums.
This type of insurance enables policyholders to change their cover from a term policy to a whole-life policy, which offers protection until your death. Bear in mind that once you convert the insurance, your premiums will go up.
This term policy offers policyholders the option to renew the cover without the need to have a health check or review.
As the name suggests, this policy covers you for your entire life and guarantees a cash lump sum no matter when the policyholder dies - provided the premiums have been paid consistently since the start of the policy.
The money paid is split over the price of the life cover and an investment reserve, with growth from the latter being used to cover the rising cost of living. Just keep in mind that if the investments perform poorly, your monthly premiums may have to rise to ensure the sum you opted for is still paid out upon your death.