How life insurance for over 50s can help your family

Life insurance for over 50s covers you for the rest of your days, as long as the policy remains in force – and you can take out a policy until you’re 80 years old. You can pay a fixed monthly premium to secure a small cash sum for your loved ones when you die. While nothing can make losing you any easier, this financial support may be a comfort to your family when the time comes.

You may decide to take out an over 50s life insurance policy to provide help towards your funeral costs, chip away at unsettled bills or even as a gift to your loved ones.

Here are some things to bear in mind with our life insurance for over 50s:

• This policy is just a helping hand towards funeral costs and is not designed to cover the full expense.
• This is not an investment and has no cash value unless an eligible claim is made.
• Depending on how long you live, it’s possible the total of your monthly premiums will be greater than the cash sum.
• If you stop paying your premiums, cover will stop 60 days after the missed payment.
• You can take out multiple plans, as long as the total of all cash sums is less than £10,000.
• There may be other products available to you dependent on further lifestyle and medical questions.

Fixed plan

A fixed plan over 50 life insurance policy is a simple way to plan for the future. You can choose a premium that you can afford every month and feel confident that the cost is fixed and won’t rise throughout your policy. Just bear in mind that inflation will affect the value of the cash sum.

Increasing plan

An increasing plan over 50 life insurance rises in line with inflation (as measured by the Retail Price Index). So, while your premiums will increase, this type of over 50s life insurance is designed to protect your cash sum from the effects of inflation.

Key differences from other life insurance plans 

With an over 50s life insurance policy, you’re automatically covered for the rest of your life. It’s designed for those aged between 50 and 80 and offers guaranteed acceptance with no medical questions. With this policy 100% of valid claims are paid, if you die over a year after you take out your policy.

You can still take out life insurance cover if you’re over 50, but general life insurance policies are designed to cover you for a set period of time. During your application for other types of life insurance you may need to answer a series of questions about yourself – depending on your medical history and any risk factors.