Over 50's insurance - what is it?
If you’re over the age of 50 and looking for life insurance then over 50’s insurance could be the right cover for you. Keep reading to find out about the basics of over 50’s life insurance.
What is over 50’s cover?
Over 50’s life insurance is simply a standalone, whole of life type of policy and in order to be eligible for over 50’s cover, you typically need to be within the age range of 50 to 80.
What’s the deal with the free gifts?
When looking for over 50’s life insurance, you’re probably going to see a lot of offers for free gifts or gift cards when you sign up with them. However, don’t be swayed by the freebies - there is so much more to life insurance than that.
Choosing which life insurance policy you want based on a free gift could leave you under protected and your loved ones without a financial safety net. At Caspian, we simply get to know you and your circumstances. This way we tailor a policy to your specific needs.
No medical information?
When applying for other types of life insurance, you will typically be asked for your medical history and other information surrounding your health and lifestyle.
However, this is not the case with over 50’s life insurance. Generally, you will not be asked for medical information when applying for this type of cover which is why this policy could be recommended to you if you have a complex medical history.
What can the pay-out be used for?
If a valid claim were to be made on your over 50’s cover, there’s several ways your loved ones could use the pay-out from your policy.
The lump sum could be used to:
- Contribute towards funeral costs
- Ensure your loved ones are left with a financial safety net
- Pay off any remaining debts you may have
Not paying your premium
Sadly, like most life insurance policies, if you don’t pay your life insurance premiums then you risk your policy being cancelled. This would result in you no longer being covered by your policy.
Our Caspian customer care team is always on hand to help and offer advice if you ever were to find yourself struggling to pay your monthly premiums. 
The important bits
When it comes to over 50’s life insurance, there’s a few bits of information we think you should be clued up on.
With most over 50’s policies, you cannot index-link your policy. This means that you will always pay the same monthly premium for your over 50’s cover which may result in your policy not being in line with inflation in the future.
Another important thing to note is that depending on how long you live, you may pay more in premiums than the value of the cash lump sum.
Over 50’s cover through Caspian
At Caspian Insurance, we primarily work with life insurance provider National Friendly to provide over 50’s cover to our customers. They are one of the top over 50’s providers in the UK so by choosing Caspian to help you with applying for over 50’s cover then your provider will likely be National Friendly.
At Caspian we look at your individual circumstances to ensure that your over 50’s policy is always tailored to your needs and circumstances. Click below to start your life insurance journey today!
