Over 50s life insurance policies offer guaranteed acceptance for UK residents within a specific age bracket, however, they're not all equal.
If you've decided this product is the best suited to meet your needs, there are a number of elements to consider.
Some providers only offer guaranteed acceptance between 50-80, but at Reassured, we offer guaranteed acceptance for all UK residents up to the age of 85.
Therefore, your age alone may factor into your decision on the best over 50s plan for you.
The purpose of your cover may also determine with whom you arrange your cover.
Over 50s life insurance is often used to cover the rising cost of a funeral.
Some over 50s providers offer a funeral benefit, meaning that upon your death, the proceeds of your policy are paid directly to a funeral director and an additional monetary benefit is added to the pay out amount.
The benefit amount will vary between policy providers and can be anywhere between £250 to 10% of the policy cover amount.
Therefore, if this is the purpose of your cover, it may be in your best interests to seek out a provider offering this benefit.
Arranging your cover through Reassured will provide an opportunity to harness the funeral benefit.
Typically, the sum assured associated with over 50s life insurance is significantly lower than that of term or whole of life cover.
However, the sum assured can also differ significantly between providers with some offering as low as £10,000 and others offering up to £25,000.
Meaning you should consider the amount of cover you require when determining the best over 50s provider.
Finally, you should consider the likelihood of paying more into the policy than your loved ones will receive.
Many insurers will cap your premiums, meaning that when the policy has been in place a certain length of time (usually 30 years) or you reach a certain age (usually 90), you're no longer required to make payments, but your cover will remain in place.
However, some over 50s policies require you to continue making payments for the rest of your life, leaving you at higher risk of paying more into the policy than the overall sum assured.
At Reassured, we compare over 50s life insurance policies from a number of providers