Over 50s insurance, also known as an over 50s plan, offers a guaranteed pay out to your loved ones after you pass away.
This form of cover is often used to cover a funeral, clear outstanding debts and/or leave an inheritance.
The insurer usually bases your premium on how much you can afford each month. With Aviva this can be from £5 up to £100 per month.
As with other over 50s plans, the key benefit is you're not required to provide any medical information to Aviva to secure cover.
Aviva currently employ a 12-month waiting (or qualifying) period.
So, if you were to pass away with in the first 12 months of natural causes, you won't receive a pay out and your premiums will be refunded to your family.
Aviva also describe this as their whole of life policy, as cover lasts for the rest of your life. However, premium payments will finish either on your 90th birthday or after 30 years of the policy.
Aviva used to offer a £50 M&S voucher to new customers taking out an over 50s plan, however, currently, they're not offering a welcome gift.
An over 50s plan could be a good alternative to a funeral plan, as the sum assured is usually sufficient to cover the cost of a funeral (and more).
The cost of a funeral has rapidly increased in the UK over recent years and is set to increase further.
Funeral plans are not affected by inflation, however if you've an over 50s plan then it's possible the value of your pay out will decrease over time.
Aviva doesn't offer a funeral plan option, however, you could take out a funeral plan separate to your life insurance.
At Reassured, we offer over 50 life insurance to anyone aged between 50 to 85 years old. We can also compare a number of funeral plans.