Although it’s common for couples and young families owning mortgaged homes to take out a life assurance policy, even the 50s up to the 90s can still have the same policy. Like any policy, you agree to pay premiums monthly. Upon your death, the insurer pays a lump sum to the policy beneficiary, the one named in your plan. The sum of money can help your loved ones cover funeral costs, debts you might have left, etc.
Finding the right over-5Os life assurance
With the latest technology, it shouldn’t be challenging and time-consuming to apply for a life assurance policy. You can compare life assurance quotes at the click of a button. You’ll need to provide your preferred insurance broker or agent with age and health details, including your circumstances, work, and income.
Comparing your options
According to the answers you supplied, such as how much cover you want and any add-ons you requested, you’ll receive a wide range of options to choose from.
Buying Online
Now that you’re aware of the right insurance package you want, you can buy the policy online.
Essential life Assurance Issues for the over-50s to Remember
Following are the key issues to keep in mind when considering life assurance when you’re older.
1.Guaranteed Acceptance
Processing and accepting your application are fast because you don’t have to answer a ton of questions or pass any test. Also, insurers pay little attention to your health issues and financial position.
2.Fixed Premiums
Another advantage is that you can pay the same amount of premiums throughout the policy duration. It remains constant.
3. Fixed payments
Many of the policies pay out the sum assured that you agreed upon when you took out the policy regardless of when you’ll die, even after two years.
4.Write the policy in trust
You can protect your beneficiaries from a hefty inheritance tax by writing your policy in trust. Ask your financial advisor or insurance agent to help you with this process. Meilleur Prix Assurance Vie can assist you with writing your policy in trust.
5.Free Cover
Because of the age factor, insurers waive premiums once you’ve reached a certain age. For example, the 90s may enjoy the free cover.
Despite the positive things about the 50s life assurance policy, there’s a downside. Here are the issues to consider.
1. No cash-value
The policy becomes worthless if you stop paying your premiums.
2.Minimum payments
Before you qualify for a full-payment, some insurers may request you to make payments for your plan for a year or two years.
3.The sum assured could be less
Taking out an insurance policy at 50 has its downside; the sum assured may be less than what you paid into the scheme
4.Inflationary pressures
Inflation- the persistent rise of prices over time- decreases the value of money, and so a fixed payout may do you little during an inflationary period.
5.Funeral Benefits
Prices don’t always remain the same, and so are funeral costs. It’d be advisable to put money aside to cushion your loved ones against increased funeral expenses.
