Over 50's Life Insurance

Life insurance is usually one of those things you know is necessary, however just never get round to taking out. It's something you held to cover a mortgage, or protect the family. However, with the children now moved on and the mortgage repaid, you may think life insurance is no longer required.


Life Insurance In Retirement

However, life goes on and so does the need for protection. Being independent, we are able to offer solutions from across the whole of the market. These could be whole of life assurance to cover funeral expenses, through to level term assurance to protect a spouse, or cover a retirement mortgage.


As age increases, the cost of life assurance gets more expensive due to the greater probability of death. Therefore health, both past & present, are important factors in deciding which form of life assurance is best. With good health, conventional life assurance plans are recommended as they offer the greatest amount of cover for a fixed premium. However, if poor health is exhibited, and a simple route to market is required, then a range of guaranteed life insurance plans are available.


Guaranteed Life Assurance Plans

With any history of ill-health, applying for life assurance will usually mean writing to your doctor, or even undergoing a medical examination. For many this may be a deterrent to even taking out life insurance.

Therefore, guaranteed life assurance plans have been designed to provide a 'no fuss' underwriting approach. Effectively these life insurance companies will guarantee every application, regardless of the state of one's health; no doctors report, health questionnaires or medicals.


How Do Guaranteed Life Assurance Plans Work?

As simple to implement as to understand, guaranteed life policies offer life cover based on premium, age and whether a smoker or not. Plans start from age 50 and provide cover for the rest of your life. Premiums do cease at a pre-determined age, usually age 90, but cover continues.


In offering guaranteed cover, life companies have actuarially done their maths. The rates applicable to these guaranteed plans won't be as generous as standard life assurance policies & therefore some caveats are included which need to be acknowledged by the applicants.


The main difference between guaranteed and standard life insurance policies is the date protection starts. With basic life assurance, as soon as the policy is put on risk the cover commences. Therefore, should death occur the day after inception, then a standard life contract would pay the sum assured immediately.

In contrast a guaranteed life insurance plan would effectively have a 'deferred' period, whereby the policy will not pay out until the plan has been in force for a period of years. This can be either 12 or 24 months depending on the insurer.


The Benefits of Guaranteed Life Assurance Policies

In providing a simple, no frills retirement insurance, the following are reasons for their popularity: -


Guaranteed premiums - monthly payments are fixed and will never rise, helping your budget

Range of Insurers - compare the best deals, based on a number of insurance companies quotes

Guaranteed Acceptance - no medical required, or waiting for long awaited doctors reports

Choice of Cover - select your level of protection based on monthly contribution

Peace of Mind - knowing your loved ones have the financial help necessary at a distressing time



Which Companies Offer Life Cover In Retirement?

There are many insurance companies that provide life cover into retirement for various requirements. Let us take the strain of comparing the over 50's life insurance rates for you.


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