If you are living in the United Kingdom and are age fifty to eighty-five, then you are eligible for Over 50’s life insurance. You do not need to pass a health exam or answer a long list of intrusive questions about your lifestyle to qualify for an Over 50’s life insurance policy. You automatically qualify because of your age.
Many people in the UK don’t understand that they automatically qualify for Over 50’s life insurance. It’s a shame, really, as signing up for this life insurance proves to be a lifesaver for those who are left behind after you die. The money generated from the right policy can truly make a huge difference to your loved ones who need help making ends meet due to the loss of your salary, or who need help covering funeral costs, and more.
So if you are fifty to eighty-five, read on to find out exactly why you should check on getting the right Over 50’s Life Insurance for you and your loved ones today.
To get the right Over 50’s life insurance cover, we need to do an Over 50’s life insurance comparison. An Over 50’s life insurance comparison simply means that we analyse what each Over 50’s life cover offers.
For example, sometimes you can get coverage starting for the low amount up to about £75 per month. That is an amazing variance range, so it pays to research the benefits of each Over 50’s life insurance option.
Some of the benefits of Over 50’s life insurance include the following:
- A cash sum if you die of natural causes two year after signing up for the plan
- Coverage of funeral costs, enhanced accidental death within the first 2 years of the policy
- Designation for the payment of outstanding debts, some companies offer a reduced serious illness benefit
- Monies set up to cover university fees for your children
- and more.
There are several financial matters to keep in mind when purchasing Over 50’s life insurance. You want to play close attention to these matters so your family is fully provided for upon your death.
First, you could be paying out for this monthly fee for a long time. You want to feel comfortable with the monthly fee you choose. Do not sign-up for something you cannot pay the premiums on, because otherwise your coverage will lapse and your family will get nothing if you die while the coverage is lapsed.
Second, Over 50’s life insurance policies usually pay your loved ones a fixed amount. So if you opt for a £20,000 policy pay out right now, it might seem like a wonderful option given your current finances and the state of the world. But don’t forget to factor in the possibility that you could live along time, and when you finally do pass on £20,000 might not be much of a help to your family. You may have the option to increase your pay out as time goes on. Again, make sure that you can meet the premiums of these larger pay out fees. If you can’t pay the premium, the coverage will lapse and your family will be left with nothing.
Putting your over 50’s life insurance in a trust is one option that can help you save money while alive, and that can also help your family after you die.
It works like this:
An over 50’s life insurance trust functions as a discretionary trust. It gives you more control, meaning you have more control over your insurance policies as well as over the payout. In regards to estate taxes, a trust permits you to reduce or get rid of estate taxes altogether. This means that when you pass on, your loved ones will receive more of your estate and be better taken of in the face of their shocking loss.
Death is not an easy subject to talk about, but as you age it only makes sense to arrange for the care of your family after you’re gone. Don’t wait too long to make arrangement to procure over 50’s life insurance cover for those who mean the most to you. It will at least provide some peace of mind to know they won’t suffer any more than necessary, and that your death won’t devastate them financially as well as emotionally.