Is Over 50s Life Insurance Worth it?

Now that you've reached that time in life when the kids have left home and the mortgage is under control, you’re probably looking at things a little differently.


Maybe you’re turning your attention to 'putting your affairs in order' and getting a plan in place to address any significant costs that could be incurred if you or your partner died.


Would your savings be enough to cover the cost of your funeral? Would your family be able to meet any outstanding debts or expenses? These are the questions that play on our minds in later life. We start to lose close friends and family over the years, which brings things into sharper focus – anyone who has said goodbye to a loved one knows how expensive it can be.


If these are the concerns on your mind, it might be time to look into Over 50s Life Insurance.


Why it could be worth getting Over 50s life insurance


Some of us don't get around to thinking about life insurance, while others don't believe it will be enough. But by putting away just a few pounds a month, you can contribute to the cost of your funeral.


With over 50s life insurance, your family will receive a lump sum benefit when you die. That could be the difference between settling a funeral bill comfortably and struggling to find the money. It could be the difference between your family saying goodbye on their terms and being tied up in debt. Life insurance can help give you financial peace of mind.


How our Over 50s Life Insurance Policy works


With an Over 50s Life Insurance policy, you pay a fixed premium each month towards your policy, and your legal beneficiaries (whether it's your spouse, partner or family members) receive a lump sum benefit when you die.


The maximum benefit available to you depends on your age at the start of the policy. So, if you take out your policy aged 50-69, you can choose a benefit amount from £1,000 - £10,000. Aged 70-74, you can get up to £9,000. If you take out a policy aged 75-80, your maximum benefit will be £6,000 - that still could be enough to make a difference when it comes to helping cover the cost of your funeral.


Once you take out the policy, you are immediately covered for accidental death, however, there is a 12-month waiting period before you’re covered for death due to any cause. Once the waiting period is up, you can rest assured that you’re fully covered.


How Accidental Death Cover can help protect your loved ones


As we mentioned, you’re covered immediately for accidental death with British Seniors. If you died as a result of an accident, your family would receive two times your benefit amount - for example, if you took out a policy worth £10,000, your family would receive £20,000.


What's the price of peace of mind?


You might think that it’s a complicated process but that couldn’t be further from the truth. With British Seniors, you don’t even have to do a medical examination. We won’t even ask you any health or medical questions. Once you’re a UK resident aged 50-80, you’re guaranteed acceptance.


It’s easy to set up your policy over the phone or online, then once you keep up with your monthly payments, you can enjoy peace of mind knowing your family will receive a benefit when you die.


We care about our customers


We always want to be open and honest about our policies, that’s why we always remind customers to consider inflation when choosing a benefit amount. Inflation may reduce the buying power of your benefit amount over time. That’s why we offer an Increasing Benefit Option that may help you protect your benefit amount from the effects of inflation.


You still have plenty of time to weigh up your options when it comes to an Over 50s Life Insurance policy, but you shouldn’t take that for granted. We could fall victim to a serious illness or accident at any time. If that were to happen, wouldn’t it be nice knowing you’ve left something behind for the ones you love?

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