Over 50′ Life Insurance - Red Sky Insurance

Over 50' Life Insurance

Over 50' Life Insurance

Over 50s cover is a type of life insurance you can take out between the ages of 50 and 80

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.

  • Guaranteed acceptance. No medical exam or medical questions if you see a deal you like, you can take it
  • One policy for life. Unlike term life insurance, your over 50s cover will last you forever, as long as you keep making payments

Things To Consider

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    You may want to consider life insurance if you have a mortgage and you want to leave a debt free estate, or if there are people who rely on you financially, like your partner or children. Life insurance can also help cover the cost of funerals, or even if you want to leave your children something when you pass away.
    Life insurance can be set up to cover a specific length of time or even for the whole of your life. Various factors will determine the cost, such as age, health and level of cover. You can control who the money will be paid to and for how long you want the policy to be in place.
    Under current tax rules, pay-outs for critical illness, terminal illness and death claims are usually free of personal liability to pay income tax and capital gains tax. However, in some circumstances your pay-out may be subject to inheritance tax. You can normally help avoid this by putting your plan in trust. Bear in mind that the law relating to tax may change in the future. (For tax planning, we act as introducers only)
    When you choose to take out a life insurance policy with one of our providers, they pay us a commission. Our service is always fee-free.
    <p>This depends on your individual circumstances as the amount of cover required is often different<br />for each family. If you are married, have a large mortgage and four children then you are likely to<br />need more cover than a single parent living in a rented flat with one child.</p>
    Yes, you can have more than one life insurance policy.
    Many couples take out joint life insurance policies, due to the convenience and in order to save money, as it is cheaper than taking out policies on an individual basis. However, joint life insurance usually only pays out once, on the first death, leaving the surviving partner without cover.

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