Should the worst happen, over 50s life insurance is a low-cost way to help your family with funeral costs
Have you considered how your family might cope financially if you were no longer around?
If you are healthy and active it might not be something you’ve spent much time thinking about. But without you, your family might struggle to make ends meet – and a little extra cash might help them at a difficult time. Buying a life insurance policy ensures that your loved ones will have some financial assistance should the worst happen.
Extra protection for those you love
That’s why over 50s life insurance could provide financial support for your loved ones. If you have children, elderly relatives or other dependants, then buying Over 50s life insurance could give you the peace of mind that they will have a financial cushion after the shock of your loss. The policy could provide a bit of extra money when your family needs it most. It could be a welcome gift for your children or grandchildren or help family members pay for your funeral. It could also help with household bills or pay off outstanding loans or debts.
How it works
Over 50s life insurance is an affordable product that pays out money to your family on your death. You decide how much you would like them to receive in a lump sum if you were no longer around. When calculating how much cover you might need, it is important to think about what expenses your family would face.
Over 50s life insurance is very simple: it pays out on your death. There’s no savings or investment element to it, so the payments you make each month tend to be low-cost.
The plan doesn’t have a cash value until your family makes a claim in the event of your death. If a claim is made, the policy ends.
You pay a monthly premium that is based on how much of a payout you would like the policy to provide in the event of your death. The more you pay each month, the bigger the payout your family will receive.
You can take out an over 50s life insurance plan from the age of 50 up to 80. Unlike traditional life insurance policies, you won’t need to provide any medical details when you apply.
Over 50s Life Insurance cover is guaranteed, based on your age and not your health, and lasts as long as you live.
Cover is guaranteed as long as you continue to pay your premiums. If you have been paying into the plan for more than a year, the policy will pay out.
Take action now
Planning ahead will give you and your family peace of mind. You know they will be protected at what might be a difficult time.
It’s simple and inexpensive to buy financial protection for your family. Find out more about Over 50s life insurance here: