What is an Over 50s product and is it right for you?
Over 50s Life Insurance is a type of life insurance for anyone aged over 50 (up to the age of 80). You pay for this type of insurance with regular monthly payments and quite simply when you die it pays out a pre-agreed lump sum.
One of the big advantages of an over 50s policy is that it is ‘guaranteed acceptance’ which means you don’t have to answer any questions about your medical history or current health.
So, what do you need to know before setting up a policy?
- Your age
- If you are a smoker or not
- And how much money you want your final pay out to be? As this will affect your monthly premium.
How is this insurance policy best used?
An over 50s policy is best for anyone who would like to leave a lump sum of money behind after they pass away. This could be to pay for funeral costs, clear any existing debts or to leave a gift to a loved one.
This type of policy can work well if you don’t want to talk about your personal circumstances, your BMI or your family history. Everyone is accepted, the only thing you need to understand is that there can be a 1, 2 or 3 year qualification period before you could claim on your policy. That means you need to have had your policy for 1, 2 or 3 years before a full payout will be made.
Things to be aware of:
You must ensure you keep up with your monthly premiums for your policy to continue. If you cancel your policy there is no cash in option available and you will not be covered. You could also be in a position where you have paid in more money than you get out. Make sure you get advice when looking at policies.
Gifts, best rates, offers?
Take a close look at rates, offers and gifts from insurers. Some of the big insurers in the market offer gift cards for joining and some offer a doctor’s service as an added benefit. Do look at other smaller insurers though as they often have good rates depending on your age. Do your homework, get advice and get the best product with the insurer that’s right for you and your circumstances.
- Talk to a qualified advisor for FREE – the A-Plan Life & Health team can help with this
- Think about how much you can afford on a monthly basis – it has to be sustainable
- Look at all the insurers available – the biggest brands don’t always have the best rates
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