Over 50 Life Insurance
Life insurance is often a difficult matter to handle as it may bring you to think about the practicalities of your own death.
This is not easy for anyone, but for those aged 50 or older the good news is that the process is somewhat easier.
For starters, most of the UK insurance providers for over 50s do not require a medical checkup.
Secondly, in the case of death, there is a lump sum of cash paid out, and this sum is paid out irrespective of the age at which death occurs.
It is also quite easy to set up an insurance policy for a person over 50 years old, with the entire process able to be completed within only a few days.
It is also a comforting thought that the lump sum of cash left behind can clear any debts you may have, left to a grandchild, or cover the expense of a funeral (which can be quite costly these days).
However, there are of course disadvantages to these insurance policies.
The first is that the monthly premium cost of the contract is relatively high compared to that of a standard life insurance policy.
The closer you are to 50 years old, the lower the insurance premium will be.
There is also an initial period, usually of two years, in which the policy will not pay out if you die - instead the premium costs paid over this time are often refunded.
Lastly, unlike a standard life insurance policy, the level of pay out on death is significantly lower and is typically around £8,000.
Having said this, and as stated above, this is a guaranteed sum.
Life insurance for people over 50 in the UK is a strongly growing market with many providers running extensive advertising programs.
Even Marks and Spencer have recently brought out their own life insurance policy specifically for over 50s.
As such, there are many great deals to be found as the competition is high.
Some providers also offer excellent incentives such as Sun Life Direct, who include a high payout travel insurance policy where you can be paid three times the usual lump sum if a travel accident results in your death.
Make sure to compare the benefits of each policy and you will certainly find a scheme appropriate for you.
This is not easy for anyone, but for those aged 50 or older the good news is that the process is somewhat easier.
For starters, most of the UK insurance providers for over 50s do not require a medical checkup.
Secondly, in the case of death, there is a lump sum of cash paid out, and this sum is paid out irrespective of the age at which death occurs.
It is also quite easy to set up an insurance policy for a person over 50 years old, with the entire process able to be completed within only a few days.
It is also a comforting thought that the lump sum of cash left behind can clear any debts you may have, left to a grandchild, or cover the expense of a funeral (which can be quite costly these days).
However, there are of course disadvantages to these insurance policies.
The first is that the monthly premium cost of the contract is relatively high compared to that of a standard life insurance policy.
The closer you are to 50 years old, the lower the insurance premium will be.
There is also an initial period, usually of two years, in which the policy will not pay out if you die - instead the premium costs paid over this time are often refunded.
Lastly, unlike a standard life insurance policy, the level of pay out on death is significantly lower and is typically around £8,000.
Having said this, and as stated above, this is a guaranteed sum.
Life insurance for people over 50 in the UK is a strongly growing market with many providers running extensive advertising programs.
Even Marks and Spencer have recently brought out their own life insurance policy specifically for over 50s.
As such, there are many great deals to be found as the competition is high.
Some providers also offer excellent incentives such as Sun Life Direct, who include a high payout travel insurance policy where you can be paid three times the usual lump sum if a travel accident results in your death.
Make sure to compare the benefits of each policy and you will certainly find a scheme appropriate for you.
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