Everything You Need To Know About Life Insurance

We know it might seem like the answer to this question is straightforward. You may even have had life insurance policies in the past. Yet, it’s important to know what British Seniors and our over 50s life insurance policy can do for you. 


What is Life Insurance in a nutshell?


Life insurance is a contract between you and a life insurance company. You agree to pay a certain amount of money each month. Then when you pass away, your family will receive a lump-sum payment. 


What this lump sum payment amounts to, is completely up to you. We will make sure to guide you through the process and help you select the best policy for you. 


We understand that it can be an intimidating process, but we are here to help.  


At British Seniors, we aim to be as transparent as possible throughout the whole process. We want to help you get the best possible cover so you can feel proud to protect your family.


Is Life Insurance a good idea?


The answer to this question relates to what you would like to get out of the policy. In a lot of cases, life insurance can be used to replace an income or to help against rising funeral costs.


Over 50’s Life Insurance is mostly used to cover funeral bills. 


Our 2020 Funeral Report showed that 69% of respondents say funerals are more expensive now than five years’ ago and they're not wrong. In the past few years, the cost of a funeral in the UK has risen steadily and figures show there has been just shy of a 5% increase over the last five years.* Unfortunately, this is showing no signs of slowing down. So, a life insurance policy could be a great way to help with those costs. 


How does Life Insurance work?


We know you could be wary of what company you choose to go for. However, there are plenty of great reasons to choose Over 50s Life Insurance with British Seniors. 


A clear reason for this is that you are guaranteed acceptance. There are two simple conditions for this, and they are that you’re a UK resident and aged between 50-80. 


When you’re ready to get yourself insured it couldn’t be simpler. You can simply give us a call at our UK based call centre. From there one of our agents will give you all the information you could need. 


You can also get a policy sorted out online too. So, in a matter of minutes, you can have peace of mind. 


Once you’ve decided what cover you want to buy, the full details of the policy are sent out by post. 


If you want to know more about how Over 50s Life Insurance works, check out our guide.


How long does an Over 50s Life Cover policy last?


British Seniors Over 50’s life insurance is a whole life policy. So that means if you keep paying your life insurance will be valid for the rest of your life. There are some conditions that would result in the policy ending.


So, once you’ve secured your policy you can relax, knowing that you’ve given peace of mind to yourself and to your loved ones. 


Do I need a medical to get Over 50s Life Insurance?


For our British Seniors over 50’s life insurance, no medical is required. As the name might suggest this form of life insurance offers guaranteed acceptance. 


So as long as you can afford the premiums you can get your cover started today. 


Can I have more than one policy?


There aren’t any limits in place as to how many life insurance policies you can have as long as the benefit amount does not exceed the total benefit amount you are eligible for.  Of course, you also need to make sure of the affordability.


It’s important to remember if you miss consecutive payments your policy will be cancelled. 


Is it ever too late to get Over 50s Life Insurance?


As you can probably guess the younger you get life insurance the better it could be for you but there’s no reason to despair if you haven’t got a policy in place yet. As long as you’re between the ages of 50 and 80 and a UK resident you will be eligible to leave something behind for your loved ones. 


How do Over 50s Life Insurance claims work? 


When the time comes to claim we at British Seniors are here for you. It can be a difficult time, so we aim to make it as easy as possible for your loved ones. 


Once we have been notified, we will send out claim forms to your loved ones. Once the claim has been approved, it should take 2-3 working days to reach the nominated bank account.


What is Accidental Death Cover?


You may have seen that one of the benefits of selecting British Seniors is that if you die as a result of an accident your loved ones will get twice your benefit amount.


This cover is provided to you from the day the policy starts. So, if you had selected a benefit amount of £10,000 and pass away as a result of an accident, your loved ones will receive £20,000. 


Our guide to Accidental Death Cover for Over 50s  explains all this in detail. 


Are there any downsides to Over 50s Life Insurance?


While it can be a great help and can be reasonably priced there are a few things you need to be aware of:


Life Insurance is Not a Savings or Investment product


Unfortunately, the policy has no cash value unless a claim is made. If you have selected a policy that isn’t suitable you may end up paying more into the policy than you get out.


Inflation 


It’s important to be aware that inflation may have an effect on how much your policy is worth in the long term. There is always the chance that the buying power of that amount in 10 years could be a lot lower.


Our guide on how inflation may impact your Life Insurance policy goes through this in much more detail.


Affordability


It’s always important to factor in the affordability of what Over 50s Life Cover you want. One option available to you is the Increasing Benefit Option. Essentially this means that each year on the policy anniversary your benefit amount and premium will increase. Some Britons may want this, whilst some may want to pay the same amount each year. So, it’s important to factor this into your considerations.


Over 50s Life Insurance with British Seniors


While getting your life insured might seem complicated, it doesn’t have to be. With British Seniors, we strive to make the process as simple and transparent as possible. You’ll be able to get a quote in a matter of minutes. 


Our award-winning agents in our UK based call centre will take you through every step of the process. So, give us a call today for a no-obligation quote and make sure your loved ones are looked after.