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Over 50s Life Insurance

Getting a life insurance plan is a very important step in assuring that an unexpected death won't ruin the family members you've left behind. But the older you get the harder it is to find a good life insurance plan because as the body ages it becomes weaker and is more vulnerable to diseases which means companies will see you as a big a risk to insure. That's why the over 50s life insurance package is such a great deal. Everybody is accepted when they apply for a plan and the premiums are a very good value. When signing up for a plan you can choose the premium that best fits your finical needs. The minimum amount starts around £5 and can get as high as £75 with the more expensive ones guaranteeing a higher coverage in case of death.

Advantages of over 50s life insurance

There are many advantages in over 50s life insurance. The best one is that everyone gets accepted no matter what. Once you have filled out a form you are accepted. It's also very helpful that your medical history will not be taken into account when you sign up. Too many companies look at your past health and use it to determine if you are a risk for them to take on. But with the over 50s plan you don't need to go for a checkup because your past is your past. Another great advantage is that your premium will stay the same no matter how old you get or if your health starts to worsen as you age. You will pay the same premium that you signed up for.

Even better is that the lump sum that your family receives after an unexpected death will be tax free, meaning the amount that they are said to get is what they will get. There is nothing worse than a family relying on the money that they think they are going to receive only to realize that they will only see half of it after all the deductions are taken out.

Disadvantages of over 50s life insurance

For all the good aspects of this plan, there are some disadvantages of this life insurance plan such as only people over 50 can apply for it and are accepted. More than that, many providers only hand out the policy to people within the age bracket of 70 and 85 making it harder to get. You also need to find out about if the company will pay out in the first twelve months of the insurance policy or not. Someprovidedeferred money which can be risky for an older person to take instead of getting it all at once.

It's important to make sure your family is set up when you are not around anymore. The older you get the harder it is to attain a quality life insurance plan. But over 50s life insurance has made it easier to protect yourself and your family from an unexpected death. With premiums that stay the same price as well as preexisting medical conditions not mattering, you get a great value with this plan.

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