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Over 50s life insurance

As the name implicates, this type of life insurance is constructed for those people who are older than 50. Most often, as the person ages it is much harder to get the insurance policy. Usually medical check-up is necessary and as the person gets older it is more likely that he will have more minor or severe health problems that decrease the chances of getting life insurance contract with good conditions. As a result, the premiums are likely to be much higher. The main advantage of this type of policy is the guaranteed acceptance of older people.

Usually the individual can choose what amount of money he will pay with one premium. Most often the minimum amount is £5 or £10 per month and can get up to £50-£75 per month (some providers can offer even bigger insurance quotes). The only difference is that the higher is the premium the higher is the coverage guaranteed in case of death.

Advantages of over 50s life insurance

Moreover, this kind of insurance is very convenient as there is no health check up, medical history is not taken into consideration and will not impact the conditions of the insurance. Moreover, most insurance providers guarantee that the premiums will stay the same and differently from other insurance types they do not increase as the person gets older or his health condition becomes worse. Some of the insurance companies offer an option that allows the person to waive his premiums after 90th birthday and stay insured for the rest of the remaining life.

Furthermore, usually it is also easy to apply for this kind of insurance as most of the people who want to be insured and apply for the insurance policy are accepted. Moreover, the lump sum that is paid in case of death is tax-free, so the dependents do not have to worry about any tax deductions and can be sure that they will get the full amount indicated in the insurance policy contract.

Disadvantages of over 50s life insurance

However, it also must be mentioned that this kind of policy has some disadvantages. First of all, only people of certain age are accepted. The acceptance limits depend on the provider. Some enable people with age from 50 to 85 to apply for this kind of insurance whereas other set the bottom limit at 70 or 80 years.

Moreover, in the policy contract it is written whether the policy will pay out in the first twelve months from the beginning of the insurance or will not. Thus, it is always important to check under what conditions the insurance is provided for the client, as long deferred periods are risky for older people. Most over 50s life insurance providers usually agree to pay the lump sum of money if a person dies during the first twelve months after the commencement of the contract but do not accept claims of death cause by illnesses or natural causes.

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