Quick Guide To Over 50 Life Insurance Solutions With Guaranteed Acceptance

By Author: Ben Care
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Once individuals reach age 50 there is usually some degree of health deterioration and this can affect an application for conventional life insurance which can have quite strict underwriting criteria. There is however a solution in the form of over 50 life insurance with guaranteed acceptance, these plans guarantee acceptance no matter what state of health you may be in, with no medical required.

What are the main features of 50 plus life insurance?

These plans beside offering guaranteed acceptance also start at low premiums, many of these plans start at GBP 5 per month. Some of these plans are advertised as funeral plans because if you die the life insurance benefit that pays out could be used to fund the funeral costs of the deceased. In any case these plans do offer a tax-free benefit payment on the death of the policy holder after a qualifying period. The qualifying period varies between over 50 life insurance providers, some offer a 12 month qualifying period and others a 24 month period.

What is the qualifying period?

Because these plans offer guaranteed acceptance there is a qualifying period ...
... during which your benefit will amount to the premiums that have been paid during that time, an example would be if you had a 24 month qualifying period and died after 18 months then the benefit payable would be the premiums you had paid over that period.

Is the application form complicated?

The over 50 life insurance plans application form could not be simpler, the only information required to be accepted without medical information is your personal details such as name and address, date of birth and your bank details. Because the plans are guaranteed to be accepted there is no medical information required and no delay in processing due to underwriting the application. With most 50 plus life insurance providers you will get accepted the day they receive your application form, giving you peace of mind that you are protected.

Are there are discounts for non-smokers?

With most life assurance plans there is usually a discount for non=smokers are they are generally expected to live slightly longer that those that smoke manufactured cigarettes or tobacco products. There are some life insurance for over 50 providers that do give enhanced rates for non-smokers and this is reflected in the benefit rather than a reduced premium. You should shop around and visit as many providers as you can to ensure that you get the best possible cover for your premium, as with all financial products it makes sense to use the services of a financial adviser.

Retirement Solutions will search the entire market to find you the best possible cover for your over 50 life insurance, we can also find your health insurance quotes