When you get to your 50s financial priorities are shifted. Perhaps you have already done some work on your home loan, raised your kids, or started the process of retiring. But the necessity of ensuring that your family members will have enough money to live with if you are not there is still there. Over 50s life insurance is the answer.
What are the main reasons for so many people to pick this cover
Guaranteed Acceptance
Generally speaking, the over 50s plans are not medical check-up or health-question based. If you are between the ages of 50 and 85, there is no way you will not be accepted. Hence, such a plan is the right choice for people with health issues that might have caused them some time in the past.
Fixed Monthly Premiums
The amount you pay is determined at the beginning and will never be increased, even as you get older. This feature facilitates planning and there is the certainty that there will be no frightening situations at a later stage in life.
A Guaranteed Payout
If you die in the future, a single payment will be made to your family, provided that you have paid your premiums regularly. This amount of money may take care of the cost of the funeral, the unpaid bills, or just make a financial present to the people you love.
Peace of Mind for Your Family
The grieving process after the death of a close family member is emotionally draining, but financial worries make it even worse. The over 50s life insurance plan allows your family to have and hold during that tough period, knowing that they have one less thing to take care of.
Affordable and Flexible
You can select a level of protection that is suitable for your wallet. It doesn’t matter if you only want to cover the funeral with a small amount or if you prefer a more significant payout, giving you financial freedom, plan flexibility will make it possible to match your needs.
Funeral Contribution Options
For instance, some companies such as Sun Life enable you to connect your death benefit directly with a funeral plan. In that way, the money is kept helping those who need it most.
Leave a Legacy
You know, the over 50s life insurance is a great way to leave a legacy in the future if you are not wealthy with cash or assets. Family members like children, grandchildren, or even other relatives can be given a meaningful gift.