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Over 50s Cover

Over 50s Cover

Turning 50 is no longer something to be worried about. For many people, life definitely begins at 50, as this is often the age when mortgages get paid off, kids leave home and management positions are secured at work. For many people, being in their 50s means more freedom, both physically and financially, than they will have had for the past few decades.

For many people, however, their 50th birthday brings with it a time of reflection, a time of reassessment and a realisation that their lives are probably more than half over. Thinking about growing older brings with it the worries about how their families would cope if they weren’t there, such as whether mortgage payments could be met or tuition fees for children paid. One way we can make sure we are providing for the future of our family, whether we’re there or not, is to take out over 50s life insurance.

What is it?

Over 50s cover is a form of life insurance that is designed specifically for the mature adult. It provides a financial cushion for the policyholder’s family, which will pay out in the event of their death. It can be used to provide money to pay off the mortgage, a nest egg for the children, or even just to pay for the costs associated with a funeral.

You are guaranteed to be accepted with most insurers, with no medical or health questions. This will also make your policy a higher risk one and consequently, insurers, will have “waiting periods” at the beginning of the policy.

Waiting periods

Generally, the policy will not pay out in the first 2 years. During the waiting period, you will get full accidental death benefit, so if you die as a result of an accident you will get 3 times the sum assured up to a maximum of £48k, exclusions apply. After the waiting period, there are no exclusions at all.

Providers will have different offerings and exclusions for the waiting periods. Give us a call and our consultants will be able to provide you with a number of options that suit your needs.

Who gets the money?

Paying into an over 50s life insurance plan means your family will benefit if you die. However, there are ways you can make it easier for them to do so.

Normally a life insurance policy will form part of a deceased person’s estate. This means it needs to be bundled with all your other assets and then divided to the beneficiaries by your executor. The problem with this is that if your estate, including life insurance, adds up to over £325,000, it will be subject to inheritance tax of 40%.

Putting your policy into ‘trust’ means you effectively give it to someone else to look after for you, with it being paid directly into the beneficiaries account when you pass away. Doing this means it is no longer part of your estate, therefore not able to be taxed.

Guaranteed Acceptance

Most people get to 50 years of age in great heath. However, in the eyes of insurance underwriters, being over the age of 50 means you are at a much higher risk of death, hence they tend to make it much more difficult, and expensive, to secure a policy. Our consultants can help you find a policy which guarantees acceptance, even if you have a pre-existing medical condition to take into account.

Fixed Premiums

Taking out life insurance in your 50s is a great decision. By securing your policy now, you be able to fix your premium at today’s rate. Leaving it until you are in your 60’s or 70’s will mean you pay significantly higher premiums, and if you’ve developed a health condition in those years, you might struggle to be accepted onto a policy at all.

Low premiums

Insuring your life when you’ve over 50 doesn’t need to cost the earth. Fill in our form to find a policy that suits your own needs and budget..

Free Cover after 90 years old

Paying for a whole of life policy when you’re in your 50s can be a daunting prospect. So many more of us are living into our 90’s and beyond, you might be worried that you end up paying in more than the product pays out. For this reason, lots of the policies available include a clause that gives you free cover after you turn 90, so if you do end up living a long and healthy life, you can be sure you won’t still be paying your premiums when you turn 100.

Things to consider

  • This is not a savings policy & If you cancel your policy there is no cash-in value.
  • Cover will end if you don’t make monthly payments.
  • Inflation may reduce the value of your pay out.
  • Dependent upon your chosen product, you will not be covered for death unless it is caused by an accident for the first 12 or 24 months.
  • Dependent upon your chosen product, you might end up paying more into the plan than will be paid out when you die.

Give us a call on 0808 168 2025 and our consultants will be more than happy to provide you with a number of options for you to choose from today.

 

 

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