We will stop collecting payments after a maximum of 30 years, or on the policy anniversary date after you reach age 90 or when you die, whichever is sooner. We can tell you about our cover but cannot advise if it is right for you. If you are not sure if it is right for you, please ask your financial advisor, or visit unbiased. If you apply for cover, you will also receive them with your policy documents. RedArc Ltd is an independent care advisory service and is not regulated by the Financial Conduct Authority.
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Branch and Banking Services. There's no way of sugar-coating the fact that the calculation of whether or not you'll benefit from taking out an overs policy will come down to a bet on how long you're going to live. As usual with a bet, though, you may find that the odds are not stacked in your favour.
The fact that there's no medical check may make these policies seem appealing to those with existing health issues, but it's important to remember the initial period - should the policyholder die within this period the insurer will only return the premiums that have been paid.
To make the main calculation you need to consider, check the monthly premiums you have to pay and the guaranteed payout, then divide the payout by the monthly premium. If you were to live longer than 50 months you'd then be guaranteed to be spending more in premiums than the payout could possibly be worth to your estate.
Over 50s Life Insurance
To add context to this somewhat morbid calculation, you may want to consider the mortality stats produced by the Office of National Statistics. Remember that these are the sort of figures insurers will have considered, using life tables to work out the deal they want to offer you. Read more in our article on how the life insurance industry works. Even if you've made the calculation above and you feel that the odds are in your favour, remember that there are other factors that may weight the deal in favour of the insurer.
As noted, of course, if you pass away in the initial period you'll only get the premiums back. What's more, you need to remember that inflation will be eating into the value of the guaranteed payout. The value of the premiums you pay in will not be growing whereas if, instead, you'd made payments into savings and investments you'd have had the chance to counter the effects of inflation, benefiting from interest and compound interest.
Remember also that if you decide you no longer want the overs policy you can't get back any of the money you've paid. What's more, if you miss even one premium payment - perhaps because your circumstances change and you can no longer afford them - the policy is likely to lapse and you risk losing everything you've paid to date. Looking for over 50s life insurance? Over 50s Life Insurance Over 50 and thinking about the future? Guaranteed Acceptance Life cover for the over 50s has slightly different benefits to a standard life insurance policy. How much cover do you need? Pay for your funeral With life cover for the over 50s you can ensure that your funeral is paid for after you're gone, whether you want a lavish affair or a simple send off.
Get your quote. Leave money for your loved ones Having a lump sum paid out on your death doesn't mean that it all has to go on a funeral. Guarantee you'll be covered As long as you're between the ages of and a UK resident, you'll be accepted for a policy giving you peace of mind that you'll be protected for the rest of your life.
Over 50s Life Insurance UK | Post Office
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