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Over 50’s Life Insurance – How it Works

Life Insurance for Over 50’s is a policy that where your acceptance is guaranteed if you’re aged between 50 and 80 and it’s a non medical plan. If is a life insurance that suits older people with conditions as well as life insurance for elderly people. That is to say if you take out this policy, you are guaranteed to be accepted and you will not have to submit a doctor’s report or require any medical examinations before you can get the policy. It’s therefore suitable for people in the 50 to 80 age bracket who may not be able to apply for life insurance cover elsewhere.

This life insurance plan is normally taken out for those wanting to rest easy knowing that their funeral expenses are covered and any excess will go to loved ones.

Should I choose Over 50’s Life Insurance?

If you struggle to get life insurance due to a medical condition, then an Over 50’s life insurance plan is an alternative option for you. The reason for this is that Over 50’s plans do not require any medical examination of background information on medical cover to be approved. In fact the setup process is usually very speedy.

Over 50’s life insurance is a form of Whole of Life cover and so there is no expiration date on the policy, it’ll pay out whenever you pass away as long as you’ve not missed premium payments. The other thing to note is that if and when you reach age 90 you’ll have free cover for the rest of your days, your premiums stop at this point but your cover remains.

The benefits of Over 50’s cover

With an Over 50’s policy, you will be guaranteed to be accepted by insurance providers, since there is no medical examination requirement, it makes it particularly effective life insurance for elderly customers which is why it’s called “non medical life insurance”. This can be suited to those with medical conditions that, who have found obtaining life insurance challenging. You will be covered despite any health conditions, and lifestyle factors you may have, as long as you fit the 50 to 80 age bracket.

Things to consider with a Over 50’s Non-Medical policy

Over 50’s Non-Medical Life Insurance covers can be more expensive than other options. So if you’re in decent health it might work out cheaper to obtain a Whole of Life plan.

There’s also generally a 1 or 2 year period in moratorium, where the insurer will not pay out your policy if you pass away within the 1 or 2 years of starting the policy. Though there is a caveat to this in that the insurer would pay out if your death is ruled to be accidental.

It may be worth considering a level term policy or a mortgage protection policy if you do not have any health problems and are only interested in obtaining cover for a set period of time.

Protection plans do not have a cash-in value and cover ceases at the end of the agreed term, or if you do not maintain your premium payments.

Factors affecting the cost of an over 50’s Policy

An Over 50s policy won’t take into account your medical history, however this does mean that you’ll pay more for the premiums because you are seen as a riskier client to insurers.

Would you like Over 50’s Non Medical Life Insurance?

We’re here to help with this. Use the quote comparison service on our site to find an Over 50’s policy that is right for you. Then our diligent insurance brokers will give you a ring to discuss your options, and get you set up and covered same day (in most instances) to give you quick and easy peace of mind.

Alternatively, you can call us directly. We will provide you all the facts to any of the questions you have, go through the quotes with you, and get you the best insurance cover for your budget.