Life beyond fifty can be made into a relaxing time by choosing the correct life insurance policy. An over 50s policy is fondly known as a pensioner’s policy. It is a whole-of-life policy that gives a lump sum amount to your dependents in case of your death. As per the rules, there is no medical history required and your policy would be accepted straight away. You will have to pay a pre decided monthly premium till you reach 90 years of age or until your death.
There are a wide range of benefits and quite a lot of reasons to insure your life after you cross the 50 year mark. Insurance companies will offer you the best of policies after considering your age, your smoking status and the premium amount. To get the various benefits, you should insure your remaining life.
Why to choose over 50s life insurance cover?
For the dependants: You may have a life partner that relies on your income. Your children might be in their teenage years and an accidental death may put them under a financial burden. To support your partner and children that are staying with you, a life insurance policy is a must.
Financial aid: If you are the sole breadwinner in the family then a life insurance policy is the right step to ensure that your partner gets complete financial support. After your death, he/she may not depend on children or relatives for financial support. Finances provided by the government may not be enough for sustaining a good life. So, leave behind a personal fund for your loved ones.
Mortgage: Even if there is little mortgage amount, you can still leave behind a good amount of money to pay debts of all kinds. The money could be utilised to pay the funeral cost and other expenses the family has to incur after your death. So, a life insurance policy is highly beneficial.
For all these reasons, over 50s life insurance will be a really good idea. Whatever amount of money the family may get, it will still be a support from your side. So, if you have not got yourself insured till now then just do it as soon as possible.
How do I apply for the over 50s life insurance policy?
Regardless of which life insurance policy you go with, standard or the over 50s, be sure to compare all your options.
You should also evaluate your financial circumstances; such as if the mortgage has been paid off and if there are any dependants. If the level of debt you have is low and there are no dependants, then the level of cover you require shouldn’t be very high too.
Check with the insurance provider and insure yourself immediately! FreePriceCompare.com can help you get the cheapest insurance policy. For this, contact us on 02034757476 or hit the ‘Get Quotes Now’ button below.