How life insurance for over 50s can help your family
They say that 50 is the new 40, and it turns out that life insurance can still provide financial assistance to your family well beyond your half-century. But what do we mean by an over 50s life insurance policy, and what are the benefits for policyholders and their families? In this article we’ll explore some of the ways that over 50s life insurance can provide financial help to loved ones at a difficult time.
It’s easy to get confused between a standard ‘term life insurance’ policy and a dedicated over 50s life insurance policy, particularly as you can take out either of these policies in later life. An ‘over 50s life insurance’ policy generally provides cover for those aged 50 to 80, and although not the same as funeral insurance for the over 50s, the cash sum could be used to help towards to cost of a funeral. In this guide, we refer specifically to Legal & General's Over 50s Life Insurance.
Read more about the difference between Over 50s Life Insurance and pre-paid funeral plans.
Legal & General’s Over 50s Life Insurance is a type of life insurance policy that ensures you can leave a little extra cash behind for your family when you pass away. In exchange for a fixed premium – from £5 to £75 a month – you can leave your loved ones a cash sum following your death, which could be left as a small gift or to help settle unpaid bills. Although this is not specifically ‘funeral insurance’, the cash sum could also be used for at least some of the funeral costs. You just need to keep in mind that it’s not designed to meet the full costs of a funeral and isn’t guaranteed to do so.
With Over 50s Life Insurance, 100% of claims are paid in full, and if you're a UK resident aged between 50 and 80, acceptance is guaranteed with no medical required.
Please also note:
- Full cover is payable after one year
- Premiums need to be paid when due, or your cover will end
- The plan has no cash value unless a valid claim is made
- Miniumum premium depends on your age when you apply.
- Paying towards the cost of a funeral – Having provision in place to help pay towards a funeral means your family won’t have to worry about the costs of your burial or cremation. This can include expenses such as funeral director fees, the wake, and extra costs such as floral tributes.
- Funeral Benefit Option - For no extra charge, you can add Funeral Benefit Option to your Over 50s Fixed Life Insurance if applying over the phone. With this option, the cash sum from your plan is paid directly to an agreed Dignity Funeral Director, rather than to your estate. Your chosen Dignity Funeral Director will take care of the funeral arrangements.
The Funeral Benefit Option will provide £250 on top of your cash sum amount when your plan is used to help contribute towards your funeral costs with a Dignity Funeral Director. It can also be added to plans taken out by post or online; however, it can't be done at the time of application. Terms and conditions apply. With average UK funerals costing more than £4,000, it's important to set aside funds so that your family don't have to worry.
- Paying debts – The cash sum from your Legal & General Over 50s Life Insurance could help towards unpaid debts.
- Leaving money behind – In leaving a fixed cash sum as a small gift, you can help to provide your family with a cash sum to help them in the future.
- Emotional support - We want to help look after your wellbeing throughout the lifetime of your policy. That's why we've partnered with RedArc Assured Limited, whose registered nurses can provide you with wide range of wellbeing services.
Putting an Over 50s Life Insurance policy in trust
Placing your Legal & General Over 50s Fixed Life Insurance policy in trust is one way of helping make sure that in the event of a claim the cash sum goes to your beneficiaries without any unnecessary delays. As the settlor you choose trustees who as the legal owners of your policy can then distribute the cash sum in the event of a claim to your beneficiaries.
Read more about putting your Over 50s Life Insurance in trust.
If you’re aged between 50 and 80 – the answer is no. Even if you’ve retired from work and have paid off the mortgage, our Over 50s Fixed Life Insurance comes with guaranteed acceptance and no medical. Full cover is payable after just one year. When it comes to getting the cover you need, and giving your family some peace of mind, there is no time like the present.
Getting a Legal & General Over 50s Fixed Life Insurance quote is straightforward and stress-free and your can be covered in minutes.
Find out more about Over 50s Life Insurance and get a free quote online or call our friendly team and ask them anything you like about our Over 50s policy.
Need more information?
Our dedicated claims team will be there to help your family with a straight forward claims process. Read more about the positive experiences our customers have had when dealing with our experienced Samaritans trained claims staff.