The majority of people consider life insurance as a necessity of the younger times, but still, tens of thousands of people wait until the age of 50 before they buy life insurance. Such people are usually thinking that the later is more important than the sooner when it comes to life insurance. At such a juncture, various priorities like retirement planning, family & funeral security grow into the most important things in life. Over 50s life insurance gives a guarantee payout for your relatives, in case it is you who dies, with no medical examinations or difficult paperwork, hence providing a great sense of relief.
What Is Over 50s Life Insurance?
Over 50s life insurance is a combined life insurance policy for 50 plus which does not require any medical examinations or health questionnaires. It is the insurance that is assured to be accepted within the age bracket, normally 50–85, if not for medical reasons. Just take a fixed monthly premium, and when you are no more, it is a cash lump sum that is handed over to your family.
Benefits of Over 50s Life Insurance
- Guaranteed Acceptance – As there are no health questions or examinations, the procedure is quite simple and easy.
- Affordable Premiums – If your budget allows, you can come along with them and choose the plan that best suits you.
- Fixed Payments – Monthly premiums will be your responsibility just like the other bills you are used to and you will always know the exact amount.
- Lifetime Cover – A policy of yours is for life and not just for a specific term of years.
- Love Support – The money received can be used to pay for the funeral, should there be any debt left, or it can simply be a donation.
Why It Is Popular Among People Over 50
The main reason why the majority of the people over 50, are so fond of this type of cover is that it provides comfort and a feeling of financial security at a very low cost in terms of time quantity and quality. It is generally decided by the following groups:
- Parents or grandparents who would like to be remembered.
- People who might be anxious because of the price increase of funeral services.
- Those who are not in good health and probably won’t be able to get life insurance in a standard way.
Things to Consider Before Buying
Over 50s life insurance may be a great idea, but it is very necessary to think about the restrictions first:
- The amount of money that you get is usually small compared to regular life insurance.
- In case you live for a very long time, then you may end up paying more than the policy total payout.
- Only if you regularly make payments can the cover be extended.
Is Over 50s Life Insurance Right for You?
The policy is best suited to you if you mainly want to go out of your way and untie the family from any financial issues after your death. It is a way of preparing for the future that is cheap and easy to get, but it is not capable of providing large financial protections such as income replacement.