Life insurance is a way of making sure your dependents have some financial support if you pass away. It is a type of insurance policy that pays a benefit amount to your loved ones if you die.
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Frequently Asked Questions
Over 50s life insurance is a type of life insurance that’s designed for people between 50-80. What makes it different from other types of insurance is that it offers guaranteed acceptance. So this means that you can get this life insurance without having to provide a medical. When you’re applying you choose the amount of money that will be paid when you pass away. This is known as your benefit. You will then also agree on a monthly payment which is known as your premium. If you were to miss a payment of your premium you may risk losing your cover.
The cost of Over 50s life insurance will directly depend on how much benefit you are looking for. One thing to note is that the benefit amounts you will have access to will depend on your age. This is why it could make sense to get this kind of insurance sorted out sooner rather than later. As it is a type of life insurance that is taken out later on in life it tends to be used to provide for final expenses. The cost of a funeral, outstanding debts or even leaving behind a gift are some of the ways that an over 50s life insurance benefit can be used.
When you are applying for Over 50s life insurance you choose the lump sum that will be paid to your loved ones if you pass away. What this amount is depends on both your age and how much you can reasonably afford to pay. If you are younger then the amounts you have access to will be higher. You will then agree a monthly premium. As long as you continue to pay this monthly premium will be covered for the rest of your life
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