Over-50s life insurance plans are designed to help give financial security to you and your family in the event of your death. They could help to cover things like funeral costs, outstanding debts, or everyday living expenses.
There are two main types of over-50s life insurance: ‘Fixed Lump Sum’ and ‘No Need For Medical’.
Fixed lump sum life insurance pays out a set amount of money if you die during the policy term. This type of policy is in place to help cover final expenses such as funeral costs or outstanding debts.
‘No need for medical’ life insurance, does not require a medical exam to qualify and pays out a lump sum benefit if you die during the policy term.
Over-50s life insurance plans typically have lower premiums than other life insurance policies, and there is no upper age limit for coverage. However, it is important to compare different over-50s life insurance policies to find the right one for your needs.
It is important to understand how these policies work and what they will cover before choosing one. Speak to a life insurance agent to find the right policy and make the right choices for you.
What Next?
Now that you’re getting clued up with over 50’s life insurance the next steps would be to find out how much cover you could get & more importantly how much it will cost.
To help with this process we’ve created a FREE custom form to get you a quote.
Click here and answer a few simple questions. We’ll provide you with quotes tailored to suit your needs.