Over 50s Life Insurance

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What can the insurance be used for?
With people taking out mortgages later in life, you may need insurance to pay off your mortgage in event of your death. You may need to leave a lump some to pay off debts, or to care for your family after your death.

A life insurance policy can protect your loved ones from financial worry - especially by covering funeral expenses and any remaining debts.

Can I cash-in my insurance policy?
Generally, whole of life over 50s life insurance policies have no cash in value at any time - they only pay out in the event of death.

What if I stop paying my premiums?
Your cover lasts for as long as you pay the insurance premiums. If you stop paying premiums, your life insurance plan will stop and your life cover will cease.

Will I have to take a medical exam?
The best over 50s life insurance policies will allow you sign up online or from an information pack and you will not have to take a medical exam. You won't need to visit your doctor for a medical, there will be no personal questions and no need for a doctor's report.

Is acceptance guaranteed?
The best policies will guarantee you acceptance without a medical if you are between the ages of 50 and 80.

Will my loved ones have to pay tax on the life insurance payout?
On death, life insurance for over 50s guarantees to pay out a tax-free cash lump sum to your loved ones. The amount of the lump sum depends on the premium you choose and other factors. But be aware that the lump sum normally counts as part of your estate and may be subject to inheritance tax.

How long does it take for cover to take effect?
If you apply online you can get instant cover.

How do I pay for this cover?
Normally, you'll pay for over 50s life insurance by Direct Debit from your bank account.

Find out more at http://www.pagerank10.co.uk/insurance/over_50s_life_insurance