Life Insurance for the Over 50s

No, one of the benefits of Over 50 Life Insurance is that you typically don’t need to undergo a medical examination to secure a policy. Most providers will offer guaranteed acceptance to those aged 50 and over, regardless of their health conditions.

Many Over 50 Life Insurance policies come with an initial waiting period, often 12 to 24 months from the policy’s start date. If the policyholder passes away during this period, the insurance might not pay out the full sum assured, but instead return the premiums paid to date. However, this can vary among providers. It’s always crucial to read the policy terms and conditions to understand any exclusions or waiting periods.

Yes, you can cancel your Over 50 Life Insurance policy. Most insurers offer a cooling-off period, typically 30 days from the policy’s start date, during which you can cancel and receive a full refund of any premiums paid. If you choose to cancel after this period, you won’t receive a refund on your premiums, and the cover will cease.

While both Over 50 Life Insurance and funeral insurance can provide funds upon the policyholder’s death, they serve different purposes. Over 50 Life Insurance offers a fixed cash sum to your loved ones upon your passing, which they can use however they see fit. Funeral insurance, on the other hand, is specifically designed to cover funeral expenses. However, many people choose Over 50 Life Insurance to help cover funeral costs amongst other expenses.