Over 50 Life Insurance - Essential Investors Guide


  • Author Mark Oral
  • Published July 27, 2011
  • Word count 441

This is a form of insurance that assures guaranteed coverage for people over the age of 50. This is a simple and inexpensive method for individuals to plan for their future. Instead of worrying about something happen, this type of plan allows policy holders to enjoy themselves.

Benefits of an over 50 life cover plan include an easy sign up form with no extensive health history questions and no medical examination. In the event of a policy holder passing, a lump sum of cash is guaranteed to be paid.

Coverage Term:

Policy holders will continue to be covered for their entire life, as long as the monthly premiums remain paid. Full coverage will start after a 2 year probationary period. Individuals that die of natural causes during those 2 years will have the premiums paid returned, while those who accidentally pass away will have their full coverage amounts paid.

Another benefit of this type of policy is that all individuals that reach the age of 85 no longer have to pay a premium to remain covered. It is important to note that depending upon each person's life span and time covered, it is possible that the total amount paid in may be more than what is paid out. Individuals that stop paying their premiums before the age of 85 will have their coverage terminated.

General Costs Associated With Coverage:

There are many types of coverage amounts and prices being offered. Costs may be higher or lower for different individuals, depending upon their health and habits. Most policies are extremely affordable and are usually much less than £30 per month. Most policies allow for holders to pay in more than their premium requires. When this occurs, the money is saved for the event of a pay-out. All extra money is returned to the holders loved one after their death.

Life insurance cover for over 50's pay-out amounts and prices will be determined by 3 simple factors. Age, sex and whether or not a person has smoked or smokes will influence overall rates. Smoking and being a male usually retains the least amount of pay-out, while non-smoking females generally receive the highest pay-outs for the same monthly premiums paid in.

Extra Benefits of Certain Policies:

Some life insurance for over 50s also offers the advantage of funeral benefits. Since the cost of funerals is continuing to rise, it is essential to make sure your loved ones have enough money to cover the expenses. Most policies allow for a great deal of funeral coverage being added to a person's plan, for a nominal cost. Usually, these extra plans are offered at set rates, that won't change due to health, age or gender.

If you are interested in reading more information about over 50 life insurance and investment plans then please visit the following links:

Scottish Friendly - mutual societies such as Scottish Friendly supply financial services products.

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