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Over 50s Life Insurance

Protect your family with life insurance

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What is over 50's life insurance?

Similar to life insurance, over 50’s insurance helps you leave a guaranteed amount of money for your loved ones when you die. This cover pays out a tax-free amount of money upon your death. That money can then be used however you or your family wants. You can state beforehand if you want it to cover your funeral costs, pay off loans, go to charity or be gifted to your spouse or any of your loved ones. The average policy is around £4,000 of cover compared to an average £250,000 with life insurance.

You will have the option of putting the over 50’s plan into a trust. A trust is a way of keeping something of value (i.e. the policy) for the benefit of others (i.e. your loved ones), without giving them full access to it right now.

You’ll give your policy to a Trustee, who then legally owns it. They’ll effectively hold onto it before giving it to the beneficiaries when you pass.

This guide will give you a detailed overview of over 50’s life insurance and whether it’s a fit for you and your family.

Working with an Independent Qualified Advisor

Although the agreement is between you and the insurance underwriter, it's often common and beneficial to work with an Independent Qualified Advisor, who will act on your behalf to find the best deal on the market for your circumstance. The advisor will act as a bridge between you and the underwriters, so they will ask you the questions required by the underwriter to generate a quote. The advisor will be rewarded by getting a pay-out from the underwriter, often there would be no cost to you for the use of their service and you get the benefit of their access to the whole market, which won’t be accessible to you without them.

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Who should consider over 50s life insurance?

The best thing about this insurance is that it has a 100% acceptance rate. If you’re aged between 50 and 80 then you can easily get this insurance. You also don’t need to answer any medical questions to be accepted.

You may consider taking out over 50’s life insurance if;

• You want to leave money to cover your funeral costs once you die.
• You have family members (children, grandchildren, or spouse) financially dependent on you.
• You have joint debts that you want paid after you’re gone, so as not to pass the burden on to loved ones

Further reading: What Is An Underwriter?

Why might you want to take out life insurance?

Fill in a web application

Speak to an IFA about your requirements

Answer the underwriters questions regarding your health, lifestyle and personal information

Receive quotes and agree one you like

Complete paperwork required for life insurance policy

Start paying your premium and ensure peace of mind that your family are protected

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How does over 50’s life insurance work?

Paying a fixed premium

You pay a fixed premium every month which ranges from £5 to around £75 per month, depending on your age. In nearly all policies of this type, the price is fixed, so your monthly payments won’t change.

Lifetime cover

If you keep paying the fixed premium then this cover will last your entire life. Major insurance providers won’t ask you to pay this fixed premium after your 90th birthday, you’ll still be covered your whole life but payments stop at age 90.

Receive a fixed lump sum amount

Upon your death, your beneficiaries will receive the lump sum coverage amount you bought. However, if you pass within the first 2 years of taking out the policy then the cover is void. The insurance provider will therefore return your premiums paid to your family, in full. It’s also worth noting that you can have multiple over 50’s plans although rules from providers vary so it’s worth checking their T’s + C’s.

Benefits of over 50's life insurance

As you near the age of 50, life changes. You may not need to worry about the day-to-day costs of children but you will be looking ahead at retirement and the legacy you leave behind. Planning for your death early sounds morbid but it will leave your family members with less burden at a difficult time. Here are some of the benefits that will help decide if over 50's life insurance is right for you;

Capital to settle your outstanding bills

Dying is inevitable and when you die, you don’t only leave memories and personal belongings behind. You also leave unpaid debts, bills, and loans behind. You don’t want your family going through all the trouble of arranging money and paying your bills. This insurance policy provides your family with enough money to pay your bills after you die.

Flexible insurance

We’ve all heard that purchasing insurance is hard and that it can be pretty confusing. That isn’t the case with an over 50’s life insurance policy. . The criteria is very clear, you need to be aged 50-80. There are no additional fees or taxes, everything is declared when you buy the policy and the only amount you need to pay is the monthly premium.

Fast payout

What is the point of cover when it is not available to your loved ones in their time of need? To start the ball rolling your named beneficiaries simply contact your insurance provider and they will help get your money paid out quickly.

Things to consider before buying over 50s insurance

As the purpose of this guide is to provide you with a framework of the insurance policy, you might want to consider a few things before taking out a plan. • This insurance has no cash value which means that payout is possible only after your death • If you stop making the monthly payments then you risk losing your policy completely. • This insurance doesn’t provide joint options, so this policy is just for one person. • Depending on your age and when you pass, you may end up being paid less out than you’ve paid in monthly premiums • The cash sum is fixed, so inflation will reduce its buying power in the future • Over 50s Fixed Life Insurance is not designed to meet the full costs of a funeral and does not guarantee to do so • You may be able to change your monthly premiums, however, this will affect the cash sum payout you receive

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Because we play by the book we want to tell you that...

1. We understand equity release isn’t for everyone, and we’ll never say it’s the right option for you, that’s why we pass you onto an Expert.

2. A lifetime mortgage is a loan secured against your property. With a lifetime mortgage there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. Usually, that’s when you, or the last remaining applicant, either passes away or moves into long-term care.

3. With a lifetime mortgage you’ll still retain full ownership of your home.

4. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.

5. Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers.

6. Unless you decide to go ahead, Mortgage Advice Bureau Later Life’s service is completely free of charge as their fixed advice fee of £1,295 would only be payable in completion of a plan.

7. ClearKey is an independent marketing website which only acts as an introducer to companies who offer advice on various financial plans, products and services.

8. Our partners are authorised and regulated by the Financial Conduct Authority.

9. ClearKey.co.uk are not authorised to give any advice and we are not liable for any financial advice provided by or obtained through a third party.

10. Life insurance products attract terms and conditions. Price information contained within this website are for illustration purposes only. You will receive a full policy document upon application which will set out the terms, conditions and limitations of cover provided under the plan.

11. Your home may be at risk if you do not keep up repayments. Think carefully about securing debt against your home. When consolidating existing borrowing be aware that extending the term could increase the amount repaid.