Life insurance is a very important consideration for anyone, but if you are over 50 and don’t have it yet, you might think that an Over 50s policy is your only choice. However, over-50s life insurance is only suitable for those who may have struggled to obtain standard coverage. If you have a major pre-existing medical condition, over-50s life insurance offers guaranteed acceptance regardless of your health status.
Over 50s Fixed Life Insurance provides an affordable way to ensure financial support for your loved ones after your passing. You can utilize it to settle outstanding bills, as a present, or to assist with funeral expenses. In this article, you will know everything you need to know about over-50s life insurance.
What is over-50s life insurance?
Over-50s life insurance provides financial support to beneficiaries upon the policyholder’s death. If you wish to offer financial support to your family after passing, consider Post Office’s Over 50s Life Cover. To obtain this cover, you must be a UK resident aged between 50 and 80.
This policy ensures a lump sum payment to beneficiaries for covering unpaid bills or funeral expenses upon the policyholder’s death. You can pay a fixed monthly premium to keep the policy active, and your loved ones will get the payout amount regardless of when you pass away. This is an effective method to ensure the financial well-being of your loved ones after your passing.
Why Should I Get Over-50sLife Insurance?
Having life insurance is probably one of the most important things you can do to assist in protecting the ones you love. When you are gone, your policy can leave money for those you leave behind. These benefits could mean:
- Less strain on your family’s finances: one less worry for them at a difficult time.
- Assistance with funeral costs: some people plan their payout to go towards positioning their final send-off, but it does not have to be for anything particular.
- A guaranteed payout: if you die within the first 12 months and your death is a result of anything but an accident. If this happens, when a claim is made, over-50s life insurance will pay a sum equal to the premiums you have paid since you have had the policy.
How over-50s life insurance works
Getting life insurance over 50 Life insurance is very simple and hassle-free. You will not have to make tough decisions, complete any hoops, or undergo medical checks or health questionnaires. All you have to do is choose your preferred cover amount or monthly premium payment. Below is an explanation of how it works.
This insurance company will pay out the entire cover amount as a lump sum if you pass away for any reason after the first 12 months of the policy. If death occurs due to an accident within the first 12 months, the insurance company will pay the full amount. Passing away before the first 12 months without an accidental death results in no payout of the cover amount. Instead, a sum equal to the premiums paid up to that point will be paid.
What Over 50 Life Insurance Covers
Your premiums are guaranteed, no medical needed, and beneficiaries get a payout upon your death. The lists below are what it covers, and they are as follows:
The same price for life
The document discusses a promise of acceptance for individuals aged 50 to 80 who reside in the UK, ensuring coverage regardless of current health status. It highlights that the monthly payment chosen will remain constant throughout the individual’s life.
Cover forever
You will have lifelong coverage, which means that your insurance will last until the day you are no more. After 30 years or from the anniversary date after your 90th birthday (whichever comes first), you will not have to pay any premiums.
A lump sum payout
In the event of your death, the life insurance company will pay the full cover amount in one lump sum if you pass away after the first 12 months for any reason or within the first 12 months from an accident.
Having more than one option
You have the option to buy multiple plans if you want to add extra coverage later. You can have as many policies as possible (as you want), as long as all your premiums together don’t exceed £100 every month.
How Much Life Insurance Over 50 Can You Get?
If you are a non-smoker and looking for over-50s life insurance, you might be interested in seeing some real-life examples of what their customers get for £20 a month. To get a personalized quote, they will need some details from you, such as the amount you want to pay and the cash sum you would like to leave behind. Don’t forget to consider both the premium you can afford and the amount you want to leave behind for your loved ones.
| Age when cover starts | Payout |
| 50 years | £6, 044 |
| 60 years | £4,766 |
| 70 years | £2,948 |
| 80 years | £1,508 |
Final Thought
Over 50 life insurance provides a policy that lasts for your entire life, without any specific number of years. The amount of cover and monthly premium you pay will not change. After 30 years of having the policy or from the next anniversary of your 90th birthday, you will not have to pay any extra amount to keep the policy active; it will continue until you are gone. However, note that depending on the length of your life, you may end up paying more in total premiums than the real cover amount.
