What is Over 50 Life Insurance? | Cover Direct
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Am I Too Old for Life Insurance? What is Over 50 Life Insurance?

Becky Simmonds, author

Becky Simmonds,
16 December 2020

Reading time: 5 minutes

If you are in your 50s, 60s or 70s, you have probably left it too late to take up solo freefall skydiving. You have certainly left it too late for Olympic sprinting. You haven't left it too late to find romance, take an online university degree ... or for life insurance.

What is Over 50 Life Insurance?
Over 50 Life Insurance is designed for people aged from 50 to 80 or 85 (depending on insurers). An Over 50 Life Insurance policy will pay out a lump sum when you die. This money can be put towards the cost of your funeral, outstanding debts or mortgage payments, or left to your loved ones to spend as they wish.

What separates Over 50 Life Insurance from Term Life Insurance?
  1. No medical information - guaranteed acceptance: with Over 50 Life Insurance there is no need to answer questions on your health or family history. So as long as you fit the age criteria and are a UK resident you will be accepted despite any medical conditions.
  2. Cover will last you a lifetime: Over 50 Life Insurance covers you however long you live, provided you make the monthly payments, unlike Term Life Insurance which runs out after a set time.
  3. You are limited on the amount of cover: Term Life Insurance often offers a higher amount of cover than Over 50 Life Insurance.
  4. You have to wait to be fully covered: Over 50 Life Insurance only provides full cover after a specified waiting period, usually 12 or 24 months.

Now you know that being older still means there could be a life insurance policy for you, get your Free Over 50 Life Insurance quote here