An over 50s insurance that provides a decent death benefit without having to undergo any pre-medical examination or answering uncomfortable questions. This life insurance is particularly tailored for people close to retirement or has already crossed that milestone.
How does it work?
One of the best things about over 50s life insurance is that you will surely get the payout when you die, the insurance company can find a premium without digging deep into your medial status.
Why do you need over 50s Insurance Policy
When you are over 50 and trying to get life insurance, it can be stressful because many are facing the reality of their nearing funeral and begin to panic about the final expenses associated with it. They think that they are too unhealthy to qualify but realize they need coverage for themselves and their family. It is important for you to research over-50 insurance policies.
What is Over 50s Life Insurance
Policies designed for customers over the age of 50 are essentially whole life policies, but minus the medical history and the awkward questions, and you are guaranteed to be admitted to the policy.
A whole life insurance policy, such as this one, is defined as a policy that is guaranteed to payout when you die. Because there are no term limits the insurer does not need any medical history to decide premiums, only your age.
Pros and Cons: Noted below are the Pros and Cons of availing an after 50 insurance policy:
- Acceptance guarantee rule : As long as you are over fifty you have nothing to worry about, all we will need is your proof of age and you are good to go.
- Simple and exclusive : 50+ insurance is simple to understand and comes with a decent death benefit. You are only required to pay the premium up to the cut-off point typically to 80 or 85 years of age, but the insurance cover remains active and also gives a sufficient death after your passing.
- Affordable : Since the final payout is relatively lower as compared to other policy money cover, the monthly premium amount is also pretty low and affordable.
- The deferment period : Usually set to one to two years, the policy does not pay-out the full death benefit immediately after your passing but instead pays out the sum of the premium paid by you to date. The total amount promised in case of your death is paid after the expiration of this period.
- The proportion of insurance : The premium value is particularly kept low to be easy on post-retirement pockets, hence the benefit received on your passing is sufficient only to cover funeral expenses and final medical bills.
- All premium has to be paid on time : Similar to any other life insurance policies, failure to pay the monthly premium results in termination of the policy. Therefore, care must be taken to allow smooth payments of the monthly installments.
The post fifty life insurance has both notable advantages and disadvantages. The suitability of the insurance is largely dependent on the client’s capacity to smoothly pay the premiums.