Are you in your 50s, 60s, or 70s and thinking about securing your family’s financial future? Legal & General’s Over 50 Life Insurance could be the answer you’ve been searching for. In this comprehensive guide, we’ll delve into the details of this insurance product, uncover its benefits, and help you make an informed decision. Let’s explore why choosing Legal & General’s Over 50 Life Insurance is a smart move.
What Is Over 50 Life Insurance?
If you’re new to the concept of Over 50 Life Insurance, don’t worry; we’ve got you covered. It’s a type of life insurance designed specifically for individuals aged 50 to 80. The key feature here is that it offers guaranteed acceptance, without any medical questions.
Who Needs Over 50 Life Insurance?
Now, you might be wondering if this insurance is right for you. Well, if you’re in your 50s or beyond and want to leave a financial cushion for your loved ones after you’re gone, then Over 50 Life Insurance is worth considering. It can be used to settle unpaid bills, provide a gift, or contribute to funeral expenses.
No Medical Questions, Guaranteed Acceptance
One of the standout features of Legal & General’s Over 50 Life Insurance is that it offers guaranteed acceptance for UK residents aged 50-80. You won’t need to answer any intrusive medical questions, making the application process hassle-free.
Fixed Premiums and Full Cover
With this insurance, your premiums are locked in at a fixed rate, ensuring they won’t increase as you get older. Plus, after just one year, you’ll have full cover, providing peace of mind for you and your loved ones.
Wellbeing Support for Your Peace of Mind
Legal & General goes the extra mile by partnering with RedArc Assured Limited. Their registered nurses can provide you with various wellbeing services, ensuring your overall health and happiness throughout the policy’s lifetime.
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Flexibility and Multiple Plans
Legal & General understands that life can change, so they offer flexibility. After having your plan for a year, you can reduce your premiums if your circumstances change. Additionally, you can have more than one Over 50s Life Insurance plan, as long as the total cash sum doesn’t exceed £10,000.
Things to Keep in Mind
While Over 50 Life Insurance offers numerous benefits, there are some essential considerations to bear in mind:
Total Premiums vs. Cash Sum
Depending on your longevity, you may end up paying more in premiums than the cash sum payable on your death.
Not a Savings or Investment Product
It’s crucial to understand that this insurance isn’t a savings or investment product and holds no cash value unless a valid claim is made.
If you stop paying your premiums, your plan will be canceled, and you won’t receive any benefits.
Inflation and Buying Power
The cash sum provided is fixed, so its buying power can diminish over time due to inflation.
While it can help with some expenses, Over 50s Fixed Life Insurance isn’t designed to cover the full cost of a funeral.
How Much Coverage Can You Get?
The amount of coverage you can get with Over 50s Fixed Life Insurance depends on the premium you choose to pay each month. Legal & General offers premiums ranging from £5 to £75, based on your age and smoker status.
To give you a better idea of what to expect, here are some real-life examples of how much coverage you can get for £20 a month:
- 50-year-old: £6,044
- 60-year-old: £4,766
- 70-year-old: £2,948
- 80-year-old: £1,508
These figures can vary depending on your specific circumstances, so it’s a good idea to get a personalized quote.
Why Legal & General?
UK’s No.1 Life Insurance Provider
Legal & General proudly holds the title of the UK’s No.1 Life Insurance Provider, with a long history of protecting families for over 180 years.
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Their coverage is 5 Star Defaqto rated, the highest rating possible, ensuring that you’re in good hands.
Legal & General takes your wellbeing seriously, offering a wide range of support services through their partnership with RedArc Assured Limited.
Related Information and Products
Funeral Benefit Option
Legal & General has partnered with Dignity Funerals Limited to offer the Funeral Benefit Option. It can be added to your Over 50s Fixed Life Insurance at no Extra cost, ensuring your funeral expenses are taken care of.
Help Towards Your Funeral Costs
Funeral costs can be significant. Legal & General provides insights into average UK funeral costs, helping you plan accordingly.
Making a Claim
The process of making a claim is simple and stress-free. Legal & General’s experienced claims handlers are trained to provide support during difficult times.
Articles and Guides
Explore Legal & General’s collection of articles and guides on life after 50, covering topics from funeral planning to dating and travel.
In conclusion, Legal & General’s Over 50 Life Insurance offers a reliable and affordable way to protect your loved ones financially. With guaranteed acceptance, fixed premiums, and a range of benefits, it’s a smart choice for those in their 50s and beyond. Plus, their commitment to wellbeing support and additional options like the Funeral Benefit Option make them a top choice in the market.
If you’re looking for peace of mind and financial security for your family, Legal & General’s Over 50 Life Insurance is an option worth considering. Take the next step and explore your coverage options today.
Frequently Asked Questions
1. How does Over 50 Life Insurance work?
Over 50 Life Insurance is a type of insurance designed for individuals aged 50 to 80. It offers guaranteed acceptance without medical questions. You choose a monthly premium, and a cash sum is provided to your loved ones upon your death. It’s a way to provide financial support for your family.
2. Can I reduce my premiums with Over 50 Life Insurance?
Yes, after having your plan for a year, you have the flexibility to reduce your premiums if your circumstances change. Keep in mind that there is a minimum premium requirement.
3. Is Over 50 Life Insurance a savings or investment product?
No, Over 50 Life Insurance is not a savings or investment product. It only provides a cash sum to your beneficiaries upon your death, and it doesn’t accrue cash value unless a valid claim is made.
4. Can I have more than one Over 50 Life Insurance plan?
Yes, you can have multiple Over 50 Life Insurance plans with Legal & General, as long as the total cash sum value across all plans doesn’t exceed £10,000.
5. How can I make a claim with Legal & General?
Making a claim with Legal & General is a straightforward process. Their experienced claims handlers are trained to assist your loved ones during this difficult time. They will guide you through the necessary steps to ensure a smooth claims process.