Many people have mortgages well into their 50s and beyond. Partners and family who depend on them financially is commonplace. Taking this into account, over 50s life assurance cover is a very popular financial protection policy. This offers peace of mind as a cash lump sum is paid should the policyholder pass away. This then assists any dependants who might have to face outstanding mortgages, funeral expenses or debts.
Why buy over 50s life cover?
This enables those left behind after you pass away the opportunity to pay off debts or provide gifts to grandchildren. It is possible to purchase over 50s life cover purely to cover funeral expenses – which might be a more affordable option if this is all that is required.
Things to note about over 50s life assurance cover include:
- that over 50s life policies usually don’t necessitate disclosure of any health information and are widely available with no medical;
- that over 50s life cover may be more costly than other types of life policy and claims in the first two years are often excluded;
- Cover is normally granted to the age of 75, 80 and with some providers, 85;
How to find cheap over 50s life assurance cover
Try to obtain numerous quotes you buy. There are many reputable insurance companies in the over 50s life market, with major insurers such as Aviva, Legal & General, Mutual and Engage all vying for your business. As a result, affordable over 50s cover can be purchased for as little as £5 per month. Our free comparison service enables us to compare the best quotes for your circumstances.
Fixed or increasing over 50s life cover?
Cheaper over 50s life cover is available by choosing a fixed plan. This is designed to pay out a cash lump sum which is fixed at the start of the cover and will not grow, which in turn means fixed premiums throughout the duration of the policy. The result of this is that the value of the cash lump sum will diminish with inflation. A policy that pays a cash lump sum which increases in line with inflation will require that premiums may rise periodically. Whilst increasing over 50s cover it costs more, the cash lump sum will be greater when the policy pays out. As no medical is required, this is advantageous if you are not in perfect health.
Compare over 50s life insurance quotes and buy cover online
When getting the most competitive policy it is vital to compare as many companies and policies as you can. Whether it is only a funeral plan or a cash lump sum plan, our free comparison service can help you find the right deal. We offer a whole of market over 50s life assurance comparison service that can save you time and money. Simply take the hard work out of comparing over 50s life assurance and fill in the form to the right.