17 November 2018

What to do if you are declined life insurance

7 min read



There are alternative options available if you wish to provide financial assistance to your family in the event of your death. 

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Life Insurance

Life insurance is a good way of ensuring that your family has a financial lifeline when you are no longer around, but not everyone qualifies for cover.

When applying for life insurance you should always be open and honest, even though this might affect your chances of success.

If, for whatever reason, you can’t get life cover, there are alternative ways to ensure that your family, loved ones or dependants are protected if you were to pass away.

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Over 50s Life Cover

This is a simple way of leaving your loved ones some money when you die, as a gift or to help pay for your funeral.

The more you pay each month, the bigger the payout your family will receive.

There’s no savings or investment element to it, so the payments you make each month will tend to be low-cost.

You can take out the 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.

Cover is guaranteed and lasts as long as you live.

As there is no medical questionnaire, you can buy Over 50s Life Insurance even if you have been turned down for other types of life insurance. You may not be able to get quite as much cover, but you will still be able to provide a financial lifeline for your family in the event of your death.

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Funeral plans

Funerals can be costly. Some people like to plan ahead and organise a prepaid funeral or pre-need funeral plan.

This will give your family a lump sum payment towards the cost of your funeral.

A pre-paid funeral enables you to pay for your funeral in advance. Options usually include a single upfront payment or a choice of monthly instalment options ranging up to 25 years.

Royal London offers

We offer a range of life insurance products and speaking to a financial adviser may help.

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Products that could help you

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Royal London offers a range of life insurance products

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If neither of these options is suitable, you could start saving into a nest egg for your loved ones and add to it regularly.

Instant access accounts

Check whether your bank or building society offers you a preferential rate and compare that to the most competitive deals online.

Regular savings

Another option is a regular savings account into which you make a monthly payment over a 12-month period.

These types of accounts offer the discipline of regular saving and good interest rates, subject to a minimum and a maximum amount you can save each month. If you withdraw the money early, you’ll lose the interest.

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Notice accounts

As this money is being saved for the long term, you could consider an account with a longer notice period. You’ll get a slightly better rate the longer you commit your funds.

Savings bond

This is a savings account that ties up your money for a minimum period and rewards you with a slightly higher rate of interest. It is available from banks and building societies.

Individual Savings Account (ISA)

For longer-term savings you could consider an ISA, into which you can put up to £20,000 in the current tax year in cash or other investments.

Over 50s Life cover

Looking for more information on over 50s Live cover from Royal London?

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