It’s paid out as a lump sum and can be used to help with financial commitments when you pass away, such as funeral costs, outstanding bills or even as a gift to your loved ones. As long as you keep up with your premiums, your loved ones will receive the cash lump sum when you’re no longer around. One of the reasons that over 50s life cover is popular is that you’re guaranteed to be accepted.
As with every financial decision, it’s important to carefully weigh up the best deal for yourself and your circumstances before deciding to take out over 50s life insurance. There are advantages to over 50s life insurance.