The most common reasons why people want Life Insurance is to provide financial security to their loved ones, as well as cover funeral costs. It’s also the same for over 50s life insurance; it is designed to act as a financial safety net in the event of the policyholder passing away.
So, why get life insurance over the 50s?
Acceptance is almost always guaranteed
One of the biggest advantages of over 50’s life insurance is that this type of cover has a high acceptance rate. It covers people between ages 50 to 80 and sometimes up to 85 depending on the specific policy. It generally requires no health background checks and no questionnaires to fill out.
Pay-outs are Tax-Free
When the policy holder dies, beneficiaries of over 50’s life insurance will receive a tax free lump sum from the policy. This can be used to help cover any outstanding medical expenses, funeral costs, and other bills they may have. On top of the cash benefit, some over 50’s life insurance policies can also be exempt from taxation. This can help avoid your loved ones being liable to pay inheritance tax.
Terms are flexible
Normally, over 50’s life insurance policies can be adjusted to suit the needs of the policyholder. Depending on the insurance company, premiums can also be adjusted to increase or decrease to match your current financial situation.
An over 50’s life insurance policy can act as a tool to help you plan your finances and for the future of your loved ones. You can plan ahead and adjust your premium according to what you can currently afford, and the payout will adjust accordingly.
Simple and Affordable
With no medical background checks normally required and flexibility in premiums, over 50’s life insurance is easily the most simple and affordable type of policy to provide financial security for you and your loved ones.
The insurance company will normally consider your age, check if you are a smoker, and the amount you’re currently capable of paying. Most applicants will still be accepted regardless of these factors.
One more advantage of over 50’s life insurance is that if you manage to live a long life, say for example 90 years; depending on your policy, you may not have to continue paying premiums and yet still be covered by your policy.
Finally, Yoy have known why life insurance over the 50s is important, if you are over 50 and currently do not have life insurance, it’s still not too late to get cover, and thereby provide yourself and your family with peace of mind and also give your loved ones financial security.