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Main Features and Benefits of over 50 Insurance

By Simons Subscribe to RSS | April 9th 2012 | Views:

Insurance for people over 50, commonly known as over 50 insurance is a cover for senior citizens between 50 to 80 years of age that provides them an assurance to be taken care of well by their relations as the major beneficiaries of such life insurance are the close relations. Over 50s insurance is normally a life insurance that pays out a lump sum when the insured person dies, irrespective of the age at which he or she dies.

Features and Benefits

Although the insured person is not the direct beneficiary of the insurance as the benefit goes to the immediate surviving relative after the death of the insured person, he or she gets the indirect benefit such as those who expect to gain from insurance claim will take care of him or her well during his or her life. The lump sum paid out at the death of the insured person can be used for many purposes, for example, to cover the cost of funeral, to gift to a relative, to pay off the debts, or to provide financial support to the spouse during the traumatic period.

The ease of the process of taking over 50s insurance makes it very easy and quick to arrange. The insurance proposal form is very simple to fill as it only requires your full name, date of birth, address, gender, and the amount you can pay each month or the amount of life cover you want to be paid out at death, whether you are a smoker or not, your bank account details, the date of commencement of policy, and the dates when you wish premium to be debited to your bank account.

The major advantage of such scheme is that if you have medical as part of the insurance, you may get the benefit for the pre-existing medical conditions too, which often prevent you from taking any other type of insurance. The premium can be as low as £4, depending upon the value that you can maintain. The insurance premium is payable from the date of start of the insurance plan until the maximum age of 90 years or until you die, whichever comes earlier. So, even if you have stopped paying the premium at 90 and died at 95, the lump sum will still be paid out to surviving immediate relation.

In case of natural death during first 12 or 24 months (depending upon the policy of the company the insurance plan is taken from), the premium will be refunded only, but in case of unnatural death, such as due to an accident, the sum assured will be paid off at the time of death even if it occurs within 12 to 24 months. After 12 to 24 months, in case of natural death, sum assured will be paid and in case of accidental death, twice of the sum assured will be paid. However, if you stop paying the premiums, and the policy is cancelled, the paid amount will be confiscated. In the event of death of policy holder of a cancelled policy, the company may pay the amount less than the total premium paid.

A life insurance for over 50 is a different undertaking than that for those in their 20s and 30s. It is generally considered to be more expensive than that taken in earlier age due to increase risk of being paid out earlier, the monthly premium varies from company to company. Hence, if you are planning to take an over 50s insurance, do obtain quotes from more than just a few companies and opt for the best in terms of low premium and higher returns, plus easy terms and conditions.

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Simon reviews about over 50s insurance and says that for best over 50s insurance policy visit

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