Over 50s Life Insurance

Over 50s life insurance, as the name suggests, is a form of life insurance especially designed for people who have crossed the age of 50. It is a very cost effective choice tat is designed to ensure financial support for your dependents in the eventuality of your death. There are various forms of cover available under this policy. You could go for a policy that will cover your whole life, or a policy that ensures you do not need any medical questioning. The premium rate, of course, is different for each type of policy.

Let us take a look at some of the features of over 50s life insurance policy:

  • To avail an over 50s life insurance, you have to be over the age of 50 but younger than 80.
  • The price of this insurance policy varies and depends on the cover amount that you require and of course your age.
  • The amount you pay is generally fixed in case of most of the policies.
  • You will be immediately covered for a fixed number of years.
  • You will have to give full details about medical history. Remember to present all facts; even if you miss out on a minor ailment, it can cause a problem when you go to make a claim. The insurance company will further check these with your general practitioner, and also get additional information. The insurer will fully understand your medical history before any policy agreements are made.
  • Under this policy, you start paying the premiums from the first day itself. However, your family will not receive the payouts unless the policy has been in place for a period of 1 to 2 years.
  • You should note that this cover does not allow you to cover yourself against critical illnesses such as cancer, stroke and heart attack etc.
  • In order to ensure that your payout is not affected by probate or inheritance tax, your cover could be written into a trust.

What you need to remember is that the over 50s life insurance will help in protecting you and your family, especially if you have liabilities such as outstanding loans or mortgage. Without the right protection, your family may not be able to make the necessary repayments such as mortgage. And you definitely don’t want to see your dependents left behind in a financial mess. Also, an over 50’s life insurance will also help your family in meeting your funeral expenses.

One thing that you must keep in mind is that you must shop around before deciding on a particular insurance agency to buy your policy. An informed decision can go a long way in ensuring you get the best possible deal.