A quick guide to over 50's life insurance

If you haven’t heard of over 50’s life insurance before, you’ve probably seen the TV adverts of famous people offering a free gift if you choose to get their over 50’s cover.

But before jumping into getting this type of life insurance, consider how much you actually know about it? In this blog, we will give you a quick round up of the key information you need to know if you are considering getting over 50’s life insurance!

What is over 50’s cover?

Over 50’s Life Insurance is a standalone, whole of life, insurance policy which pays out a lump sum upon death - however, one of our Busy Bee protection specialists will talk you through any exclusion period which may be on the policy.

Each month, you pay a set premium to keep your policy active and as a result, your policy will pay out a predetermined amount if the worst were to happen. Depending on how long you have your policy, you could pay more in premiums than your policy pays out.

Do you have to have a medical to get over 50’s cover?

When applying for more common types of life insurance, you will likely be asked to provide information about your health and lifestyle and may even be asked to have a medical.

An over 50’s policy will usually ask for no information in relation to your health and lifestyle.

How much does over 50’s cover cost?

The price of this type of policy can vary and is based on factors such as:

• Your age
• The amount of cover you choose
• If you’re a smoker or non-smoker
• The type of policy you choose
  
  

However, you should bear in mind that the older you are and the larger the amount of cover you choose, the higher your monthly premium will be.

At Busy Bee, we work with National Friendly, a life insurance provider that specialises in over 50’s cover. National Friendly also offers the chance to get a discount on your premiums by answering two medical questions.

What happens if I don’t pay my premium?

Sadly, as is common with all types of life insurance, if you do not pay the premiums for your over 50’s policy then your plan will end and you will no longer be covered.

What can the pay-out from this policy be used for?

The pay-out from an over 50’s policy can have several uses and is there to protect your loved ones in the event of the worst happening. The lump sum from this policy can provide you with peace of mind, knowing the pay-out can be used by your loved ones to;

• Contribute to funeral costs
• Leave a nest egg for your loved ones
• Help pay off any debts you may leave behind
  
  

Am I eligible for over 50’s cover?

To be eligible for this type of cover, you usually need to be between the age of 50 to 80.

At Busy Bee, we offer tailored advice on over 50’s cover so that you can make the right choice about your life insurance with ease and without stress. Don’t delay - click the button below to get your free quote today!