Over 50s Insurance
World Class Over 50s Insurance
Planning for the future is a thoughtful step, and at Goodniss, we understand that as you get older, your priorities shift. That's why we've designed our Over 50s Life Insurance to offer straightforward peace of mind for you and your loved ones.
With Goodniss Over 50s Life Insurance, you can help ensure there's a lump sum available for your family when the time comes. Whether it's to contribute towards funeral costs, help settle outstanding bills, or simply leave a thoughtful gift, our policies are designed to provide financial support and ease any potential burden.
One of the key benefits of Goodniss Over 50s Life Insurance is our guaranteed acceptance. If you're a UK resident aged 50 to 80, you can be confident of being accepted, without the need for any complicated medical questions or health checks. This means a quick and easy application process, so you can focus on what truly matters.
Choose a monthly premium that suits your budget, and you'll have the assurance that your payments are fixed – they'll never go up. While the full cover becomes available after an initial period (typically 12 months, with accidental death often covered immediately), you'll have lifelong coverage, ensuring your loved ones are protected.
Secure your future with Goodniss Over 50s Life Insurance and enjoy the confidence that comes with knowing you've planned ahead.
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If you are interested in becoming a client or you would like to learn more about our services, then we would be delighted to hear from you.
What is Over 50s Life Insurance?
When you hit 50, it’s likely your priorities will have changed. If you have children it’s likely they are older and are starting to flee the nest to lead their own lives. Therefore, the life insurance you require will probably be different to those that are turning 30 with young children and a new mortgage.
Over 50s life insurance is usually taken out between the ages of 50 and 80 and much like general life insurance cover, you will pay monthly installments and in the event of your death, your family will receive a lump sum payout. The lump sum can be used at your family’s discretion, perhaps it will be put towards funeral costs, or it may be used to keep on top of the household bills.
What are the benefits of Over 50s Insurance?
From what you’ve read so far, over 50s life insurance may not seem any different to standard life insurance cover but there are some distinct differences that make this policy stand out.
Guaranteed acceptance – with over 50s life insurance, you can have piece of mind that you will be accepted, regardless of your current health and lifestyle as unlike some life insurance policies, you do not have to undergo a health questionnaire.
Guaranteed payout – the payout you receive if the worst was to happen is guaranteed so long as you have paid into the policy for a certain period of time (usually around two years).
Fixed premiums – when you take out over 50s life insurance you do not have to worry about increasing or varying monthly premiums. Usually, the premiums are fixed so you know exactly what you will be paying each month.
How much does Over 50s Insurance cost?
Like most forms of insurance, your personal cost will depend on the type of cover you go for. With over 50s life insurance, the amount you pay in each month determines the amount your family will receive via the lump sum payment. So the more you pay in initially, the better your family will come off.
It’s important to note that if you miss any payments, your policy ends immediately and you will no longer be covered. It’s also likely that you will not get any of the money back that you paid in before your policy ended, so it’s important to keep on top of your payments. It’s also really important that you can afford the financial commitment before you sign on the dotted line as if you fail to keep the payments up, you will essentially be throwing money down the drain.
What is the qualification period?
As mentioned previously, insurers will expect you to have paid into the policy for a minimum of two years until your family can receive the full lump sum payments. This means that if you die during the first few years of the policy, your family may only receive a sum equivalent to what you have paid up to that point.
Is Over 50s Life Insurance for you?
Deciding whether over 50s life insurance fits your needs is something that is down to you, but if you are over the age of 50 and are struggling to get accepted for traditional life cover or, you are keen for your lump sum payment to be guaranteed, then it may be a good route to go down.
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IMPORTANT INFORMATION
It's crucial for anyone considering over 50s insurance products to understand that these policies are always subject to specific terms and exclusions. While they can offer valuable peace of mind, it's vital not to assume blanket coverage.
Before committing to any policy, you must carefully read the Product Disclosure Statement (PDS) or policy document. This will detail exactly what is covered, and just as importantly, what is not. Common exclusions can include pre-existing medical conditions, certain causes of death, or a waiting period before full coverage begins. Failing to understand these limitations could mean that in your time of need, the policy doesn't pay out as you expect. Always ask questions if anything is unclear and ensure the policy truly meets your individual needs and circumstances.