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Over 50 Life Insurance
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Over 50 Life Insurance

One thing is certain in life - I am going to die sometime and as I am now 55 years of age that "sometime" is getting nearer. Aren't I the cheerful one-what a way to introduce an article about Over 50 Life Insurance.

What are the financial implications when I die - i.e. how will my mortgage be cleared if it is not paid off before I die, will my wife manage financially and how will my funeral be paid for? Well I have life insurance in place to cover the first 2 things but had no savings to pay for my funeral. I felt the solution for me was to take out further life cover to cover the cost of a funeral but a complication was that I had some pre existing medical conditions which made it difficult to take out the usual types of life cover and who knows how long I will live for.

However, after doing some research, I discovered that some life insurance companies offer Over 50 Life Insurance plans which do not require you to answer any health questions so it does not matter if you have any pre existing medical conditions- they guarantee to provide life cover.

I obtained online quotes from a number of providers of Over 50 Life Insurance and read the Key Features document for each of their Over 50 Life plans as their features and benefits do differ slightly.

To get an Over 50 Life Insurance quote all I had to provide was my date of birth, male, non smoker and that I wanted to pay £10 per month.

I was able to complete the proposal form for the Over 50 Life Cover online and the policy started immediately giving me peace of mind that, in the event of my death, the Over 50 Life Insurance policy would pay out and be used towards the cost of my funeral.

Another benefit of this type of policy is that it will pay out when ever I die even if I live to 100. If I die in the first 2 years of taking out the life cover from natural causes it will just pay out the amount of the premiums I have paid in but if I die as a result of a fatal accident in the first 2 years it will pay out the full sum assured. After 2 years the full sum assured will pay out if I die from natural causes but twice the sum assured will pay out if I die as a result of a fatal accident.

Furthermore the premiums for the Over 50 Life Insurance plan are only payable until I am 80 or if I die sooner so, if I die at age 95, the Over 50 Life Cover will pay out but I would have stopped paying the premiums 15 years earlier.

If I ever want to increase the level of life cover in the future, as long as it is before age 80, I can apply to take out a further Over 50 Life Insurance plan with whoever I so wish but would still keep my existing policy running.

I found it so quick and easy to obtain an online quote and then complete the proposal form.


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