One of the more important things you can do as an over 50s adult is to make sure you have life cover. Life insurance is one of the most important financial products people can purchase and the sooner they do it the better off they are. Unlike young people, old people often do not think about life assurance when they are young but life is very unpredictable and something has to give. The earlier you have life cover the better as it means you are less likely to find yourself out of work because of a lack of cover.
As with standard life cover, over 50s life cover will payout out a regular lump sum in the event of your untimely death. Unlike standard policies though, over 50s life cover does not require any medical underwriting either. It is really a matter of finding the right policy at the right price for you and your family. Of course, if you have two years or less to go on, you should consider the premium you would have to pay if you were young. You will also need to take into account that you may only have years of life left which will affect the amount you pay out.
You will find that all funeral expenses will be met by the policy when you die and this is the main reason why so many over-50s take out this type of cover. They do not want to leave behind any money for their family or friends. Another benefit of this type of policy is that funeral expenses do not need to be met by the family directly. Instead, the funeral home will cover the costs of the funeral, including embalming and any funeral equipment. The family can then pay back the policy over the years.
When looking for over 50s plans, it is also very important to read the small print. This means that you need to check what is not covered in the policy. For instance, you will find that the policy may only pay out in the case of accidental death, but it does not mention that you will not get any funeral benefits. If you read the small print well enough, you can make sure that you understand exactly what you are covered for.
The other option is to choose a totally free cover. However, this means that the amount you pay out depends on how long you are able to make payments. Many people choose to take this route as they know that they will still be able to afford the funeral arrangements and the final cost of the cremation. There is a cap to how much cash can be paid out so this is another way that you can reduce the amount you pay when it comes to the final expense of your loved ones passing away. Another bonus is that there is a fixed lump sum pay-out. This means that when it comes to your loved ones’ futures, you get a payout based on what their current net worth is at the time of their death, less any existing life cover.
So how can you get yourself a no obligation, fully free quotes for over 50s life cover? One of the best ways is to use an insurance comparison website. All you do is fill in a questionnaire that takes about 2 minutes. Once you have filled in the questionnaire, you will get back several quotes from several different companies in seconds. You can then go through and pick the ones that best suit your individual requirements.
Another way to save money and ensure that you are able to cover all aspects of the funeral and payouts is to ask for a lump sum payout. Many insurance companies will only offer this on a one off basis. In addition, there will be a limit to the amount paid out. This might be a fixed amount paid out at the time of your death or it could be a certain percentage of your total estate. Some insurance companies will allow you to pay more in cash and others will allow you to take out a loan with a lender’s name to pay the remaining amount paid out.
Some people also choose to take out term life insurance to cover their loved ones after they pass away. If you choose this option then you will need to find an insurer who will accept this type of policy. Once you have found one then you need to read the terms and conditions of the policy very carefully. This will include any limitations on the payout that you might have to face. If you are unsure about anything then speak to a broker or consult a financial advisor before you take out this type of policy.