What is an over 50's Life Insurance Plan?

A life Insurance plan means that by making a regular montly payment should you die while the policy is in force you will be leaving a cash sum for your dependants which can be used how they wish.   Typically these life insurance plan premiums are fixed and won't change even if your health deteriorates. One thing to be aware of on many of the over 50's life insurance policies is that they won't pay out if you die in the first 2 years of the policy although they will normally pay the paid premiums back. This is because a number of the providers do not require a medical or any health questions answered.   These policies unlike say endowments also do not offer any cash in value so if you cancel the premiums your life insurance plan will cease and you won't get the premiums back.

Over 50's Life Insurance Providers

In the UK as of the first quarter of 2009 the most popular over 50's life insurance policy was the Guaranteed over 50 Plan from Sun Life Direct with over 685,000 policies in force. Sun Life is part of AXA as you might have seen the television adverts featuring Michael Parkinson. The Sun Life Direct over 50 Plan allows you to choose premiums of between £6 (20p per day) and £74 per month with the maximum life cover available £20,000. Full details can be found below.

Another popular provider of over 50's life insurance is legal and General. The Legal & General Over 50s Life Insurance Plans offer three options which allow customers to choose the plan that best suits their needs. Everyone’s different, so their Over 50s Plans are different too.  1. The Fixed Plan – gives you the certainty of having the benefit of a fixed cash sum paid out when you die. The premiums are guaranteed to never go up once your plan starts. Inflation may, over time, reduce the value of the benefit of your plan. 2. The Increasing Plan – gives you the benefit of a cash sum paid out when you die, which increases in line with the cost of living as measured by the Retail Prices Index (RPI). Benefits and premiums will be reviewed each year. 3. The Funeral Plan – for those who want to ensure that the costs of their funeral are covered. The benefit of the Funeral Plan is that when you die the costs of a traditional cremation funeral (or a contribution towards the costs of a burial) are paid directly to Dignity, who will arrange the funeral through their network of funeral directors. This plan benefit and premium will also increase in the same way as the Increasing Plan. You will also get a free gift of £50 of M&S vouchers if you take out a legal and general over 50's life insurance policy online

engage Mutual Assurance are a mutual so are owned by their members with policies, not shareholders. They are currently offering 5% off their over fities life insurance for online applications plus a choice of free gifts you can choose either £30 of M&S vouchers or a digital radio or cashback - 3 months' worth of premiums after 6 months' premiums paid.