Life insurance is a means of financially protecting the ones you love most. It allows you to leave your dependents a cash lump sum that’s paid out when you pass away.
Over 50s life insurance is a type of life insurance that will pay a lump sum to your loved ones when you pass away. If you are aged 50-80 and a UK resident you are eligible to apply. It offers guaranteed acceptance which means that you won’t have to provide a medical when you are applying.
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 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 to a monthly premium. As long as you continue to pay this monthly premium will be covered for the rest of your life
The cost of your monthly premiums is determined by two principal factors. One factor is how high the benefit you’re looking for is. If your benefit is higher you will end up paying more in a monthly premium. The other main influence on the cost is your age at the time of application. Your age will determine how much money you can select when it comes to a benefit amount.
While no one likes to speak about death it is important to consider at some point. There are certain costs to consider such as the price of a funeral. As it stands in the UK at the moment the price of a basic funeral and burial stands at around £4,000. Do you think your loved ones would be able to bear this cost at short notice? Over 50s life insurance can provide a certain amount of certainty in knowing that there is something there to help out with these costs. It’s not just funeral costs either, some people can use it for things like paying outstanding debts and even leaving a gift behind.
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