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Over 50 Life Insurance

What is over 50 life insurance?

Over 50 life insurance, as the name suggests, is a life insurance policy specially designed to meet the unique needs of those aged 50 and over. It is sometimes referred to as ‘over 50s life cover’, a ‘guaranteed over 50 plan’ or an ‘over 50s plan’.

You pay in a fixed, monthly premium and the policy will pay out a fixed, cash lump sum to your beneficiaries, on death. The pay out is commonly used to cover funeral expenses or provide an inheritance.

50 is often the age when your mortgage is largely paid off, the children have left home and well-paid management jobs are secured. However, you may need life insurance that reflects these changing circumstances.

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Over 50 life insurance vs standard life insurance

Over 50s policies, like whole of life insurance, are a form of life assurance, as a pay out is assured at some point, (as long as you pay your premium).

In contrast, a standard life insurance policy only provides cover for a set period of time, (or term). Although these policies tend to pay out much larger sums and are used to cover long-term family living costs and mortgages.

As you get older, especially if you have had medical problems, securing affordable life insurance, becomes much harder. There could also be restrictions on the length of the term an insurer is willing to protect you.

As a result, for many, an over 50 life insurance plan, which does not require a medical and guarantees acceptance, is more suitable.

The benefits of an over 50s plan:

Over 50 life insurance in summary:



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