Over 50s Life Cover – Some Questions Answered
There are many questions that can arise when you are shopping for over 50s life cover and at Engage Mutual, we’ve put together a simple guide that we hope will answer some of the queries people in the market for this might have. However, you should always read the product Policy Summary and other relevant documents.
First of all, if you are a little unsure about how an over 50s life cover plan works, it is basically a policy that provides life assurance if you are aged 50 or over. Engage Mutual guarantee to accept you without a medical as long as you are between the age of 50 and 80, and are a UK resident.
If you are worried about having to answer endless questions about your lifestyle or health, you needn’t. To make your application, you’ll initially be asked for just a few personal details including your age and whether or not you are a smoker.
You may have wondered what your cover will cost – and the answer really depends on what level of cover you think you need and what you want to pay in premiums. We have premiums available for between £8 and £50 per month and our online over 50s life insurance calculator will allow you to see how much cover you could get.
Once set up, the premiums remain fixed and will never increase, regardless of your age or if you have become ill. These are paid by Direct Debit, so you have an easy and convenient way to pay that – provided the money is available in your account – you don’t have to worry about and potentially forgetting to pay.
In some cases, if you apply online or over the phone for over 50s life insurance you could find that you are covered straight away, but it will take a little longer to complete your policy by post. As long as you keep up payments on your premiums, this cover remains guaranteed for the rest of your life. You should note there is a possibility you could pay more in premiums than it would pay out on death, depending on how long premiums are paid for.
The plan has no cash in value and it is important to remember that over 50s life cover is not a savings plan and will only pay out when you die. Any benefits are paid out free of income and capital gains tax. However, unless your policy is written in trust, these may be subject to inheritance tax.
