Life insurance for over 50s is a special policy which will pay out a fixed cash amount if you die while under the age of fifty. Term-life insurance for seniors is better suited for people aged between 50 and 70. There are various types of policies available and you can choose any of them as per your requirements. Insurance companies offer different coverage options for these groups depending on their age and health conditions. Most of these life insurance policies are available online.
Life insurance for over 50s UK residents is normally known as full cover amount or permanent coverage. The cover amount, however, may vary from one insurance company to another. The premiums of these policies are higher than the regular life insurances. In order to attract more applicants, insurance companies have ensured quick and guaranteed acceptance.
In the UK, life insurances for over 50s are treated as life assurance. Thus they offer guaranteed cover and instant payout. With these policies, there is no need to wait for the policy premiums to be paid out. The quick payout ensures that the funeral costs and other expenses can be met with the premiums. Therefore, if you are nearing the retirement age and if you are facing the funeral costs, then opting for these policies would be a good choice.
When a policy holder reaches the legal age of retirement, then he or she has the right to choose one of the two options cash sum or the funeral benefit option. With the cash sum option, the insurance company makes a regular payment to the beneficiary. The cash sum is equal to the face value of the policy. With the funeral benefit option, the same amount of cash sum is paid to the beneficiary.
There are various ways in which you can get the right type of policy at the right price. A good way to search for the best deals in terms of the premium and the death benefits offered is to search over the internet. With the use of various tools, you will be able to analyze the options that are available to you. These tools will help you know what options you have and how much cover you need. Once you know the amount of cover you require, then you can easily compare the premiums of different life insurance companies and choose the one that suits your needs.
Another advantage with the cash-sum assured policy is that it offers a guaranteed payout. With the lump sum assured policy, you get to get back the whole face value of the policy. In this option, the lump sum is not tax-free. However, the premiums paid are tax-deductible. Thus, the beneficiary gets a tax-free payout on the total amount of money.
The policies offer the much needed peace of mind to your loved ones after you die. The lump sum ensures that the expenses like funeral costs and mortgage are paid. If you have any doubts about the policies or the benefits, then you can always refer to the policies and their benefits to get an insight.
One policy that offers you a solution to all your worries is the whole life insurance plan. This plan covers your entire family for as long as you live. At the end of your life, the payout that you will receive from this policy will fully pay off the mortgage, funeral costs and other expenses. Thus, the peace of mind provided by this life cover allows you to sleep better knowing that your loved ones are covered in case of any illness or any unforeseen emergency.