October 22, 2020

Guaranteed Acceptance Over 50s Plan

Guaranteed acceptance over 50’s Plan

  • A guaranteed over 50 plan is a whole of life insurance plan that pays out a cash sum when you die
  • Acceptance is guaranteed with no medicals or health questionnaires to complete; quite simply you will be covered regardless of any health issues you may have, as long as you are between the ages of 50 and 85*
  • The over 50 guaranteed life insurance plan is an affordable way to leave money to those you care about, giving them the flexibility to use it in a way that suits them:
  • Help with funeral costs
  • Pay off outstanding debts or bills
  • Use as a treat or to buy something to remember you by
  • Leave as a gift for grandchildren

What are the benefits?

  • Guaranteed acceptance – you will be covered regardless of any health issues
  • No medical or health questions to answer – just a straightforward simple application
  • Affordable monthly payments – starting from £10
  • Guaranteed cash sum when you die – that can be used to help your family financially
  • Fixed monthly payments – can help with budgeting
  • Full life cover after an initial period of 1 or 2 years* – if you die within this period the money paid in will be refunded
  • Available to anyone in the UK between the ages of 50 – 85*
  • You choose how much you want to pay on a monthly basis or how much cover you need

Funeral Benefit Option

  • Most over 50 life insurance plans now offer a funeral benefit option.  They vary slightly but typically, instead of having the money paid to your estate when you die, you can agree for it to be paid directly to a specified funeral director to help pay towards the cost of the funeral.  The option is usually free and in return, you get additional life insurance cover
  • If you are thinking about taking one of these plans out to help with funeral costs, it is worth looking at this option but keep in mind that you have to use that particular funeral provider in order to obtain the additional life cover

What are the negatives?

  • These types of plans are normally more expensive than a medically underwritten Whole of Life plan.
  • If you were to die during the initial 1 or 2 year period*, you would not be covered for the full cash sum however your monthly premiums would be refunded
  • Premiums are payable for life or until your 90th birthday*
  • Depending on how long you live, there is a chance you could pay in more than the plan pays out
  • The amount of money paid out when you die is fixed so inflation will reduce its value over time
  • If you cancel or stop paying your premiums, you won’t get any money back
  • The money usually gets paid to your estate so may be subject to inheritance tax

These plans are a good alternative for those who do not meet the required criteria for a whole of life policy.

Only if whole of life is not a possibility, should an over 50s plan be considered. Owing to higher premiums and the negative factors mentioned above. It is always best to talk through your situation with an experienced adviser in the first instance.

  • * Plans vary depending on the life insurance provider

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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endorsement of its provider, products or services by us or St. James’s Place.