No wonder many people are confused about Over 50s Life Insurance!
There is Over 50’s Life Insurance and there is Life Insurance for people over 50.
Don’t fall for all the jargon on those daytime TV adverts until you have listened to our advice.
We can help you cut through the sales hype.
The problem with Life Insurance is the Grim Reaper tends to get closer as we get older, so it’s not unreasonable to expect that premiums will tend to rise due to the increasing risk.
Here’s a quick explanation…
Over 50’s Life Insurance
We’ve all seen the adverts on telly where Parky sits in his famous chair talking about over 50’s life insurance and giving away free pens.
The core components of these plans are that you are almost certain to be guaranteed acceptance if you are between the ages of 50 and 85, with no medical required.
The premiums are also usually fixed. Just select a premium to suit you and choose your desired payout.
As long as you keep up with the payments, your dependents will receive the sum assured when you die.
Be aware that you could end up paying more in than you get out, depending on how long you live.
Also, another important thing to remember is that the sum assured you choose may seem like a lot of money now but remember the effects of inflation that we discussed previously.
Life Insurance for The Over 50s
Another option that could suit your needs as well, if not better, if you are over 50, are these insurances:
Level Term Life Insurance
Increasing Term Life Insurance
Decreasing Term Life Insurance
Life Insurance With Critical Illness Cover
Whole of Life Insurance
Life Insurance Trust Deed