Over 55 life insurance plans work a little different to normal life insurance policies, the difference between these type of special policies is that if you are over 50 and you pass away/die after the first 12 months from the date you take out your policy, your loved ones will be paid out the full settlement figure that you were promised, normally a life insurance plan will only pay you so much back depending on the number of years you pay into the account so it is rather important to get the correct policy for you, it does make a difference for the whole family.
Getting yourself an over 55 life insurance policy couldn’t be easier, there are no need for medical or health checks, you just fill out an online quote and pick the policy that suits your needs and make payment, you’re all set and you know that your family will be taken care of if the worse was to happen.
Life insurance for the elderly is so flexible it’s really beneficial to make use of this product, you can decide and control the monthly payments you want to pay into the pot, depending on the sum of money you want to pay each month, you are able to select the optimum final pay out sum that your family will receive on your behalf once you die, for example if you pay in £10 per month we’re able to offer up to a £25,000 payment upon death, using our quoting form online will give you a much better indicator of how much you could receive so make sure you get a quote before you leave.
The insurance providers we work with offer GUARANTEED ACCEPTANCE with no need for any medical tests or blood tests, just a few simple life style questions, this is such a time saver and at least you are in control of your future, if you want a life insurance over 50 policy, you know you’ll be able to get one right away so it is also important to shop around for the best deals you can get, try not to be in such a rush when deciding.
We point you in the right direction when deciding you want a life insurance plan, we have a panel of insurers that are able to help you find the best over 55 to 80 years old life insurance plans that are so easy to set up, you can do it over the phone too, but filling out an online quote form beforehand would be the better solution so you can see for yourself what is currently available.
The insurers on our panel that specialise in this can be companies like, SunLife, Family Insurance Services and Legal and General, there are many other options, make sure you obtain a quote.
Another great loop-hole within the life insurance industry is being able to set a “Trust” which is typically a type of “Next of Kin” that you choose upon the death of you or the policy holder, setting this “In Trust” option with your insurer means that there is NO TAX to be paid on the settlement figure, normally there is a 40% inheritance tax accountable for anything or estate that is passed onto a family relative when someone dies, this is a great way of making sure your loved ones have enough funds to cover funeral costs or maybe any debts left behind and you should definitely talk about this with your chosen insurer and they will be able to set this up for you over the phone.
Be aware, over 55 life insurance plans are not normally “cash in value” plans, so if you decide that you want to take out a life insurance for seniors type plan, then it’s like a monthly contract, cover rolling over 30 days from the payment date, so if you stop paying your monthly payments (being deceased doesn’t count as “stop paying”) you will not be liable for any further cover or pay out upon death, so this type of insurance cover is more so of a financial commitment so make sure you can afford the monthly payments easily so you don’t need to worry about the affordability.
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