What is over 50s life insurance and how much does it cost?
If 2020 has taught us anything, it is that life can be unpredictable, uncertain and at times, completely out of our control.
However, when it comes to your financial future, there are ways to plan ahead and to be prepared with products designed to offer much-needed peace of mind, such as an over 50s life insurance plan.
Over 50s life insurance gives you the reassurance, comfort and peace of mind that whatever life has in store, you can go on caring for your nearest and dearest when you are no longer around.
Here we take a look at over 50s life insurance, its features, benefits and how you can give your family a helping hand when they need it most.
What is over 50s life insurance?
Over 50s life insurance is a policy designed specifically for those aged 50 and over. It can be an easy and affordable way to give your family a helping hand when you’re no longer there in person by providing them with a cash lump sum.
Why buy over 50s life insurance?
Investing in over 50s life insurance gives you peace of mind that your loved ones will receive a cash lump sum after you’ve gone which could:
- Help to cover the cost of your funeral
- Help to pay off any outstanding bills or financial commitments
- Be a gift to remember you by
Providers vary, but 50+ Life Cover from Foresters Friendly Society offers features and benefits, including:
- UK residents aged 50-80 can apply
- A guaranteed cash pay-out after two years, or from day one for accidental death
- Fixed premiums that never increase, starting from just 33p a day
- Guaranteed acceptance with no medical required
- Potential for the cover you provide for your family to grow through the addition of bonuses and without your premium increasing
Your premiums must be paid until you reach age 85. After this, you will stop paying premiums but your life cover will continue. Bonuses are not guaranteed.
Discover more about over 50s life insurance with Foresters Friendly Society here.
How much will life insurance for an over-50-year-old cost?
When you take out 50+ Life Cover with Foresters Friendly Society you choose the monthly premium that you pay for the rest of your life, or until you reach the age of 85, with the peace of mind that your premium will never increase. Cover starts from £10 per month – that’s just 33p a day, and at 85 you automatically stop paying premiums but your life cover continues.
Is over 50s life insurance the best cover for me?
Over 50s life insurance offers an affordable and easy way to give you peace of mind that your loved ones are secure, protected and looked after in the event of your death.
In contrast to a funeral plan, life insurance unlocks the flexibility for your family to use the cash lump sum any way they choose. This could be to help towards the cost of your funeral, to settle any outstanding bills or even to have as a gift after you pass away.
The other great benefit to this type of life insurance is that your acceptance for a policy is guaranteed. Even if you have pre-existing medical conditions. No pre-existing conditions need to be disclosed, and we don’t need you to be on the phone for hours or referred to an underwriting team to see if we can accept you. You can open a policy in a matter of minutes without stress or complication – even better for you and your loved ones.
Independent reviewers like Fairer Finance, who awarded a 5-star rating to Foresters Friendly Society’s Over 50s Life Insurance, can also help you to identify the products which have a set of features most customers will need and expect.
What is the difference between a funeral plan and life insurance?
The main difference between a funeral plan and life insurance is related to planning in advance. A funeral plan will enable you to make decisions regarding the type of funeral you want and be able to make arrangements for this in advance. In contrast, over 50s life insurance will pay out a cash lump sum to your loved ones in the event of your death.
A funeral plan covers the cost of your funeral only, and funds which are paid into your funeral plan are paid directly to the funeral director when you pass away.
How to choose if I need a funeral plan or life insurance
While over 50s life insurance will provide a lump sum in the event of your death which could be used to help towards the cost of a funeral, it is important to explain the difference between this and a funeral plan:
|Funeral Plan||Over 50s Life Insurance|
|A funeral plan allows you to organise, arrange and pay for your funeral in advance to ease worry for your family in the future.||Life insurance will pay out a cash lump sum in the event of your death which can be used as your family see fit.|
|Funds are paid directly to the funeral director when you pass away.||A lump sum is paid to your loved ones in the event of your death.|
|Funeral prices are fixed at today’s prices for added peace of mind.||The funds can help to pay towards your funeral costs, however they don’t safeguard your family from potential increases in funeral costs.|
|Helps your family with funeral arrangements.||Does not help your family with funeral arrangements.|
|They can be paid in full or in instalments depending on the provider. There are several funeral plans to choose, from a wealth of providers.||With Foresters Friendly Society, cover starts from £10 a month/33p a day. You choose a monthly premium that you pay for the rest of your life, or until age 85. Other providers’ terms may vary.|
|No health restrictions and no medical questions to answer.||No medical required and no health-related questions to answer.|
Find out more today
If you would like to find out more about our 50+ Life Cover Policy and all its many benefits, contact us today.
Our friendly, expert team are on hand and ready to advise you on our over 50s life cover and all its features. Find out how you can start saving to give your family a helping hand today.
Foresters Friendly Society’s 50+ Life Cover policy is not a savings or funeral plan – there is no guarantee that the amount received would cover the costs of a funeral. Depending on how long you live, the total amount you pay in may be more than the amount payable on your death. Please also bear in mind that if you should die during the first two years of the policy, payouts are limited to the return of premiums – other than in the case of accidental death when your dependants will receive your full lump sum.
Bonuses are not guaranteed and depend on the performance of our Order Insurance Fund and how we decide to distribute any profits. The lump sum your loved ones eventually receive may be subject to inheritance tax.
The content of this article is for information purposes only and does not constitute financial advice. We do not offer financial advice. If you’re unsure as to the suitability of a product you should seek advice from a Financial Adviser. You may have to pay for this advice.