I’m Over 50, so what are my Life Insurance options?
Life Insurance is designed to provide financial support to your loved ones when you pass away. This can be used to clear off a mortgage or debt, cover funeral expenses or Inheritance taxes, replace lost income or simply to provide your loved ones with financial security from a lump sum.
Once we are over 50, we get bombarded with postal, email and TV advertising about Over 50’s Life Insurance. It is important to know you may have a lot more options than just the ones put on the table from big-name advertising.
The type of cover you need and the options you have come down to 3 key areas. Your age, your general health and the reason why you want Life Insurance. It’s no secret the older we get the harder it is to get well priced Life Insurance, and of course the older we get the more likely we are to have some health concerns. If you’re considering Life Insurance, it’s a good idea to plan ahead as early as you can as this will increase your options to achieve quality cover at the lowest price.
If you are looking for Life Insurance to pay out a fairly large lump sum to cover a mortgage or other debts for example, then you will probably need fully underwritten Life Insurance. With this policy, you would typically have no serious health concerns as you are required to answer a series of medical and lifestyle questions before the provider would accept you and offer a final underwritten quote.
Until recently you would need to run through each provider’s specific medical questions to get a decision from that specific provider. If they could not offer you cover, or if they increased your premium significantly above the pre-underwritten quote, the only way to find out if another provider could offer better terms would be to start this long process all over again.
The good news now is that technology in this area has improved dramatically in recent years meaning you can effectively run multiple applications with entirely different providers at the same time, answering only one set of medical questions. They will then all come back with their decisions based on the answers you have given, so you may have some providers needing more information before they can decide on your final premium and others offering you immediate terms and giving you a “buy now” option. This smart way to get an underwritten quote is a huge time and money saver and is a service offered by leading brokers who simultaneously compare big reputable providers such as LV=, Scottish Widows, HSBC, AIG Life and AEGON. You can now get a smart quote through Silversurfers Insurance who will help you through this time and money saving process.
If you require a smaller lump sum from your life insurance, for example, to cover some funeral expenses, then an Over 50’s Life Insurance policy could be the answer. These plans do not ask any medical questions, so acceptance is guaranteed for all UK residents up to age 80, and for non-smokers up until age 85. They typically pay out up to £10,000 dependent upon your age and smoking status and once you reach age 90 or 95 you won’t need to make any more premiums while your cover remains in force. Silversurfers Insurance through Saveonlife.co.uk allow you to quickly and easily compare quotes from leading providers.
Whether you are looking for Life Insurance for a mortgage, family protection or funeral expenses, Silversurfers Insurance through Saveonlife.co.uk can help you easily get you and your loved ones the right cover at the right price.
Get a smart underwritten quote through Silversurfers by clicking here.
Get a guaranteed acceptance Over 50’s Life Insurance quote through Silversurfers by clicking here.
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