Over 50 Life Insurance: Protect Your Golden Years

Over 50's life insurance is a policy taken out after the age of 50. It is usually a smaller lump sum payout.

What is over 50s life insurance?

Over 50s life insurance is a certain type of life insurance that you can take out over the age of 50. For UK residents, you can usually take this type of cover out between the ages of 50-80. It is also usually a lump cash sum payout that can be used for financial needs after you pass away. These can include funeral costs, debts or anything else your loved ones would need to pay for. šŸ’·

You may need 50s life insurance if you have dependents, a mortgage to pay off, and as mentioned above, to pay off your funeral costs.

Key features of over 50s life cover

With this type of a life insurance policy, it is quite different from other life insurance options. So the key features are specific to over 50 life insurance.

No medical

There is absolutely no medical checkup required when purchasing over 50s life insurance. No checkup or questions regarding your health at all.

Lifetime cover

If you keep up payments on your life cover, your cover will last. Some insurers will even stop taking your payments at a certain point but your life insurance plan will still be in place.

You can also ask financial services for some help and put your policy in trust. Inheritance tax is at a very high 40% currently, so as a uk resident, you are able to put your over 50 life insurance policy in a trust to avoid this tax for your beneficiaries. šŸ‘

Guaranteed acceptance

Another incredible reason to get 50s life insurance is the fact that you are guaranteed acceptance. With this life cover, you are guaranteed that lump sum for your loved ones when you are no longer around.

Set monthly payments

The monthly payments are set based on how much cover you are looking to get. Each life insurance provider will have different prices, but you will know what your monthly premiums will be from the start.

Most 50 life insurance insurers have fixed premiums, not decreasing payments. That means, their life insurance quotes will not change throughout your term and the lump sum will also stay the same.

Who needs over 50s life insurance? šŸ™‹

If you've never looked into getting life insurance before, when you turn 50 years old is a great reason to start the search!

While purchasing life insurance when you're younger is normally better price wise, it's never too late to consider purchasing a policy and get that cash sum to help with funeral costs and other financial needs..

Things to think about šŸ¤”

When looking for 50s life insurance, there are certain things you should think about.

  • How much cover you would like
  • What monthly payments you can afford
  • What your personal circumstances are
  • and what you would use your cash sum for

How does an over 50 life insurance policy work?

This type of life insurance policy is taken out between the ages of 50-80. This cash sum is normally smaller than other life insurance options, and is only paid out after you pass away. Your beneficiaries can use it however they would like, for things such as funeral costs and other debts.

As a UK resident, you are able to get over 50 life insurance policies fairly easily.

How much does over 50 life insurance cost?

For UK residents, the cost and monthly payments of your policy is determined by a few factors. These include your age, your chosen cover amount, the insurer you choose and when you are a smoker.

Each of these factors are taken into consideration when you get a quote and purchase your life insurance plan.

Are there any disadvantages? šŸ˜¬

Depending on which insurer you choose, there are disadvantages to waiting until you turn 50 (or getting a new policy) to get life insurance.

Here are a few disadvantages:

  • Your monthly premiums may be extremely high.
  • Some insurers might not even have over an over 50 life insurance plan available.
  • A fixed cash sum may lose value due to inflation.
  • If you take a policy out for a long time, you pay end up paying more into the policy than it is actually worth.
  • You can't cash in your policy before you pass away.

At Bequest, we do not have this specific type of life insurance policy, but we offer our term policies to those aged 18-65. The younger you are, the cheaper your cover normally is, so we like to say, buy young and buy long!

Is over 50 life insurance right for me?

Talking to financial services can help determine if over 50 life insurance is a right option for you.

There are normally smaller sums for this type of life insurance but the payment is guaranteed. If you need just a small financial payout (not necessarily fit for paying off a mortgage) for your family and are over 50 years old, this could be a great option.

Over 50 life insurance FAQs āœŒļø

What happens if I die soon after I take out cover?

No matter when you die after taking over 50 life insurance out, you receive your fixed lump sum. Some providers will even return your premiums to you if it's within a couple of years.

Does over 50 life insurance cover death from coronavirus?

Over 50 life insurance is different based on the insurer. This type of insurance covering corona depends on when you took out the cover (how many years ago) as most serious illness covers do not cover coronavirus.

Iā€™m over 60 and looking for life insurance. Do I qualify?

Yes! You can purchase over 50 life insurance up until the age of 80. However, if you are looking for regular term life insurance, you may not be guaranteed acceptance, or if you are accepted it could be at a very high monthly cost and with a low lump sum. At Bequest, you can purchase term life insurance until the age of 65.

How long do I pay for over 50 life insurance?

You are required to pay into your plan for as long as you live, similar to whole of life insurance. However, some insurers for over 50 life insurance will waive your premium if you live past a certain age.

Do you need a medical to get life insurance?

You do not need a medical to get 50s life insurance. However, depending on the life insurance provider, most regular life insurance policies require a medical checkup or at least some medical questions.

Can you get life insurance with a pre-existing condition?

Depending on the insurer and type of life insurance, you can get a policy with a pre-existing condition. With over 50 life insurance, you are guaranteed an acceptance.

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Safeguard your loved one's future and get your cover today! šŸ¤ŗ Apply for Bequest Life

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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