Can you get over 50s life insurance with no medical questions?

The older we get, the more we start to consider our loved one’s financial security and how they’ll cope when we’re no longer around. And, one popular solution many people consider that can financially support those you care about is over 50s life insurance.

But can you get over 50s life insurance with no medical questions?

In this article, we will delve into the specifics of over 50s life insurance, discuss whether it’s possible to find policies that don’t require medical questions, explore the benefits and potential downsides to a policy like this, and help you determine if this type of coverage is the right fit for your needs.

Continue reading or click on the links below to jump to a relevant section:

• What is over 50s life insurance?
• Can you get over 50s life insurance with no medical questions?
• What are the benefits of over 50s life insurance?
• What are the potential drawbacks?
• Where can I buy a policy?

What is over 50s life insurance?

It might seem self-explanatory, but to explain this policy in simple terms, over 50s life insurance is a type of life cover that is only available to those aged over 50.

This type of policy is designed to offer financial security to specified beneficiaries once the owner of the policy has passed away. Some insurers might also offer an option to take an early payout should you receive a terminal diagnosis.

As well as providing financial support to your loved ones, over 50s cover can provide vital peace of mind as you age, allowing you to focus on making memories instead of worrying about your finances.

When claimed, over 50s life insurance provides a cash lump sum, which can be used to cover funeral costs, pay off debts or provide an inheritance to loved ones.

Can you get over 50s life insurance with no medical questions?

Yes, one of the key benefits of this type of insurance is that (providing you fall into the age parameters), you are guaranteed acceptance.

That means you won’t have to answer any personal questions about your health, fill out any lengthy medical forms or undergo a medical examination.

However, some insurers will offer you the opportunity to answer some basic questions (such as your smoker status) if you wish, which could reduce your monthly premiums. And, while this isn’t a requirement for acceptance, it is something to consider if you want the chance to save some money.

What are the benefits of over 50s life insurance?

As we previously mentioned, two of the key benefits of over 50s life insurance include peace of mind and guaranteed acceptance without answering medical questions.

However, there are some additional benefits, such as:

• Fixed premiums: Costs remain stable throughout the duration of your policy.
• Guaranteed payout: A fixed lump sum is paid upon death.
• Simple and easy: These policies have clear terms without complex conditions.
• Affordable: Typically, over 50s life cover has low and manageable premiums.
• Covers funeral costs: The guaranteed payout can help with funeral expenses to reduce additional worry.
• Flexible beneficiaries: You choose who receives the payout.
• No premium increases: Payments typically stay the same, even as you age.
• Tax-free payout: Your beneficiaries will receive the payout tax-free.
• Potential extras: Options like accidental death coverage are often available.

What are the potential drawbacks?

Like with any insurance policy, over 50s life insurance isn’t for everybody and there are some drawbacks and limitations to this type of policy.

These include:

• Potential low payout: The lump sum may be lower than other types of life insurance.
• Waiting period: Full benefits are often not available during the initial 1-2 years.
• Premiums can exceed payout: If you live a long time, total premiums paid may surpass the payout amount.
• No cash value: These policies don’t build cash value, unlike some other life insurance types.
• Limited coverage: Your policy may not cover all financial needs, especially if you have significant debts or dependents.
• Age restrictions: Usually this coverage is only available to those aged 50-85, with coverage potentially ending at a certain age.
• No flexibility: There are limited options to adjust coverage or premiums over time.

Where can I buy a policy?

You’ll be pleased to know that securing a life insurance policy for those over 50 is quite straightforward, with numerous providers available online.

However, it’s crucial to carefully review the terms and conditions of each option before making a decision. This will help you determine which policy best suits your needs, as cover can vary significantly depending on the provider.

However, if you’re unsure where to begin and want to start looking into over 50s cover, consider exploring the Save More Money Over 50s Life Insurance policy, starting at just £20 per month.

See also: Is over 50s life insurance worth it? – In this article, we explore what over 50s life insurance is, what it includes and excludes, its costs, and whether it might be the right choice for you.