What is Over 50s Life Cover?
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Over 50s Life Cover is a life insurance policy available to people aged 50 to 80 years old.
It can be used to help with some of the costs that your family may face when you die, such as paying for your funeral and outstanding debts, or as a gift to your loved ones. It also comes with Funeral Funding*, which is paid directly to the funeral director to cover some of the cost of your funeral.
Funeral Funding is included and allows the proceeds of your policy to be paid directly to the funeral provider, who will add an additional £300 towards the cost of your funeral. *This is based on a One Family Over 50s Policy
Am I eligible for Over 50s Life Cover?
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Acceptance for Over 50s Life Cover is guaranteed with OneFamily, without medical questions or the need for a medical examination. Cover is available to any UK resident between the age of 50 and 80 years old (subject to sum assured and premium limits).
Do I need a medical exam to take out Over 50s Life Cover?
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No. You are guaranteed to be accepted on the policy as long as you’re aged between 50 and 80 years, subject to premium and sum assured limits. The only question we’ll ask about your lifestyle is whether or not you smoke.
Things to consider when taking out a policy...
Advantages of over 50 life insurance
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It offers guaranteed acceptance – you’ll qualify for cover regardless of your health or lifestyle.
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It guarantees a lump-sum pay-out when you die (once you’re past the required minimum period).
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Your monthly premiums are fixed.
Disadvantages of over 50 life insurance
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You can’t cash in your policy. It only pays out after you die.
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It tends to offer smaller pay-outs than other types of life insurance.
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If you live a long time, you risk paying in more than the policy pays out. It’s also possible that inflation will reduce the buying power of the pay-out.
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There’s a deferred period. If you die within this time, your policy won’t pay out.