Do you want to protect your family from financial burdens, including funeral costs, in the event of your death?
As you age or if you have health issues, obtaining life insurance may seem challenging or even out of reach. However, there are specifically designed policies that can provide peace of mind for you and your family.
These policies typically do not require medical checks, making them accessible for individuals with existing health conditions or medical histories. If this sounds good to you, then an over-50s life insurance policy might be a suitable option for you.
Let us explain what this policy is and how it can help you.
What is Over-50s Life Insurance?
One of the key features of an over-50s policy is that it’s available to almost everyone after the age of 50. Most don’t require a medical questionnaire, meaning you don’t need to disclose your health status, regardless of any past illnesses such as heart attack, stroke, or cancer.
Additionally, anyone within the specified age range can expect immediate policy approval. The policy guarantees a cash sum, known as a ‘payout,’ which will be paid after death as long as the monthly payments, called ‘premiums,’ are up to date.
You can choose a payment plan that fits your budget or decide the amount you’d like to leave behind. It’s also important to remember that these policies have different ‘qualifying periods.’ This means the insurer will pay out the full amount if the policy lasts longer than, for instance, 2 years.
Why Do People Buy This Insurance?
The most common reason people purchase an over-50s insurance policy is to help their family cover funeral costs. Some also use it to pay off any outstanding debts or bills, ensuring their family isn’t financially burdened after their passing.
Additionally, some people may choose to leave the cash sum as a gift for a loved one.
“When I talk to clients about over-50s life insurance, I often remind them that it’s not just a policy—it’s a way to show love and care for their family. It’s comforting to know that your loved ones won’t have to stress about money during such a tough time.” —
Martin Clements, Over 50s Life Insurance Expert at Zenco
National Friendly offers over 50s life insurance policies on good terms, without having to pay extra for benefits:
Pros:
- You can access GP services easily with virtual consultations and 24/7 telephone support.
- The insurance offers double the payout if you pass away due to an accident.
- You can enjoy a better payout and full coverage after just six months, as long as you answer two medical questions.
- You can receive half of your payout if you’re diagnosed with a terminal illness, with the remaining half paid after your death.
- Fixed premiums are guaranteed, so you’ll have peace of mind knowing they won’t increase.
Cons:
- The plan pays out upon your death or if you’re diagnosed with a terminal illness, but it has no cash value otherwise.
- There’s a waiting period before you have full coverage; during this time, the insurer will only pay out if you die because of an accident.
- If you miss a payment, the insurer will notify you. However, if you miss three payments in a row, your plan will be cancelled, and you won’t receive any refund.
- It’s possible that you could pay more than the total amount the policy will pay out.
To Plan for Your and Your Family’s Future, Contact Zenco
If you’re wondering whether an over-50s life insurance policy is worth it, our legal experts can help you understand it better. We’ll explain the benefits and drawbacks, so you can make an informed choice.
At Zenco Legal, we aim to make legal services easily accessible to everyone. For more information on our services, check out our guides or book an appointment now.
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