Getting life insurance when you’re over 50 is an affordable way to leave money behind for your loved ones after you die. It can be used to settle debts, to pay for the funeral or as a gift to your family. Different insurers have great plans that can help get you the right cover and can lead to bigger pay outs, fixed premiums, guaranteed acceptance and much more. Some even give you benefits while you’re still alive! Here, we’ve pulled together some of the benefits that you and your family can take advantage of when taking out over 50’s life insurance.
You Can Put Money Towards Funeral Costs
The average cost of a funeral in 2019 was about £3,785 which is increasing year after year. By taking out life insurance for over 50’s, you could help pay off this cost. Contributions to this type of cover do tend to be smaller than others as the pay-out is lower, however if you’re on a budget and want to feel reassured that your family doesn’t have to worry about the expense of your funeral then this type of cover would be sufficient.
You Can Contribute to Paying Off Outstanding Debts
If you die when you have outstanding debts in your name (and only your name) then this debt will usually be settled using money from the estate of the deceased person or written off if there are insufficient assets to pay it off. If you’re married, your spouse or any beneficiaries won’t inherit the debt.
You Can Leave Inheritance for Loved Ones
If you were to buy an over 50’s life insurance policy that covered the tax bill when you die, you can leave everything you intended to leave for your beneficiaries. The lump sum pay out can be used to towards funeral costs, home improvements, holidays or anything else. It’s used to help out family members financially for the reasons that they desire. Different plans, like pre-paid funeral plans, can cover your funeral costs and safeguards the send-off you want.
What You Should Take Away
Life insurance for over 50’s is a way to leave money behind for your family and loved ones when you’re no longer here. Your plan should help to cover your funeral costs or leave money behind for your family to use on their house, holidays or anything else they desire. The lifetime cover means that you will be covered right up to the point that you die. You need to be aged 50 to 80 for this kind of cover and although benefits your family when you die, it can also benefit you whilst you’re still alive too with each policy giving you certain benefits.
The amount of cover you can get depends on factors like ages, smoker status, gender, weight, career, medical history and much more. However, it’s important to be honest as any issues with your plan could result in your insurance being void which is the last thing you need after you die.