We've all seen those TV ads for Over 50's Life Insurance Plans…
Have you wondered if those plans are the only type of Life Insurance available to you?
You might be surprised to know there may be cheaper alternative life cover plans available, even if you have health conditions.
Life Insurance options for people aged 50 or over
This is the type of plan you may already be familiar with.
- Provided that you are over 50, you're guaranteed to be accepted, regardless of any health conditions you may have. There are no medical questions to answer and the insurance company does not write to your GP or ask you to attend a medical examination.
- This type of cover can provide a life insurance solution for some people who might otherwise be declined for life insurance.
- It is set up on a whole of life basis and can be used to fund funeral fees or to leave a legacy to loved ones.
- Once the policy begins, you have to wait for a period of one or two years (depends on the insurer) to be fully covered for death from all causes.
- Generally, if you die as a result of an accident during this period, the full death benefit will be paid. However, most deaths will be due to natural causes rather than accidents, and in such circumstances it is likely that an over 50's plan would only return the premiums already paid, possibly with interest.
- Depending on how long you pay the premiums, the total cost may be greater than any benefit paid out by the policy. With some companies, premiums cease once you reach 90 but cover continues for life.
'Traditional' Life Cover
You might be surprised to know that the same Life Insurance Plans available to people under 50 are also often available to people aged 50 and over.
- With traditional life insurance, the majority of people would not be asked to attend a medical examination (although you would be required to answer medical questions and the insurance company may wish to write to your GP).
- Once your policy has started, there is no initial waiting period for making a claim. From day one, the policy would pay out the full death benefit, whenever death occurred (whether due to natural causes or an accident).
We don't charge you a fee
If you start a policy, we will be paid a commission by the insurance company. The insurance company will usually pay for any doctor's fees if reports are required.