Everything You Need To Know About Life Insurance

Middle aged woman sitting on her sofa whilst smiling at her grandchild who is hugging her

When it comes to buying life insurance, it’s important that you’re making an informed decision. You want make the right choice for you and your loved ones after all. British Seniors offer three different policy types for you to choose from, as well as a range of benefits. Before you make any big decisions, it’s important to know what British Seniors and our life insurance products 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’re here to help every step of the way. 

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 depends on 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. The benefit amount is there for your family to use as they see fit. Life insurance is sometimes used to cover funeral bills but the benefit amount could be used for any number of things. 

With an Over 50 plan, you can get a benefit amount of up to £10,000 depending on your age. This could be used to help cover your funeral or any other expenses your loved ones need a helping hand with. Our 2021 Funeral Report showed that 69% of respondents say funeral costs are rising, and based on the data in this report, they're not wrong. With this in mind, a life insurance policy could be a great way to help with those costs.

With a Seniors Term policy, you could secure up to £100,000 depending on your age. Since you could get a larger sum with this policy type, it could be used for larger expenses such as helping with mortgage payments or leaving a large inheritance behind. 

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 British Seniors to help protect your loved ones.  

Firstly, we have two different policy types to choose from: 

  • Over 50 Life Insurance 
  • Seniors Term Insurance 

Over 50 Life Insurance  

Over 50 Life Insurance is a guaranteed acceptance policy. That means that if you’re a UK resident aged 50 to 80, you can get cover with this policy. You won’t need to submit any medicals or blood tests. You can secure up to £10,000 of cover depending on your age. Read How Does Over 50 Life Insurance Work to find out more about this policy type. 

Seniors Term Insurance 

With a Seniors Term policy, you won’t have to submit any medicals or blood tests. This is not a guaranteed acceptance policy so we will ask you some straightforward health and lifestyle questions to determine your eligibility. You can secure up to £100,000 worth of cover with this policy type depending on your age. You will be covered for a pre-determined period of time. Once this time period is up, your policy will come to an end. 

You will also receive access to Free Healthcare Services including unlimited access to a 24/7 remote GP as well as other health and wellbeing experts. You can read more about our Seniors Term Life Insurance in this handy guide

No matter which policy you choose, getting insured 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 if you’re applying for either of our guaranteed policies such as Over 50 cover. 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.  

How long does cover last?

British Seniors Over 50 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. The only situation that would result in the policy ending such as a failure to keep up with monthly premiums. You will continue to pay a monthly premium until the policy anniversary following your 95th birthday.  After which point, you will no longer have to pay but you will still be fully covered. 

Seniors Term Life Insurance lasts for a set period of time. You could choose to put protection in place until you have paid of a mortgage or a large debt. Maybe you would like cover until your dependents have financial independence. If you pass away during the policy term, your loved ones will receive your benefit amount. Should you outlive your policy term, your cover will eventually come to an end and you won’t get anything back. 

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 50 Life Insurance?

With our guaranteed policies, as long as you’re a UK resident aged 50 to 80, and you can afford the premiums you can get your cover started today. There are no medicals, no blood tests and no health questions required. For this reason, this policy type may be suitable if you suffer from any health issues. This means that even those who are aged 60 and older could use Over 50 Life Insurance to help their family with end of life costs.

Again, we will ask you a series of health and lifestyle questions if you apply for a Seniors Term policy. These questions will be detailed as we must use them to determine your eligibility. 

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. The benefit amount you can secure is based on your age and how much cover you can afford. With our Seniors Term policy, it may depend on other factors such as your health.  

With an Over 50 policy, you can take out a joint policy for you and your partner.  

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

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

The younger you sort life insurance, the better it could be in terms of price 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.  

With Seniors Term Insurance you can apply between the ages of 45 and 80. 

How do 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 Over 50 Life Insurance 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.  

This is not available with a Seniors Term policy. 

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

Does the benefit amount pay out if I am diagnosed with a terminal illness?

Only our Seniors Term policy pays out following a terminal illness diagnosis. You will receive your full benefit amount in advance should you become terminally ill. 

Are there any downsides to Over 50 Life Insurance or Seniors Term 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 50 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 50 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.