Accepting we’re getting older is something which we all try not to think about, especially when we’re taking into account the fact we may be leaving loved ones behind. Which is why taking out an Over 50s Insurance plan will be extremely beneficial not just to you, but also your loved ones.
If you’re considering signing up for an Over 50s Life Insurance plan, or would like to know more, the team at Shepherds Friendly have put together five facts you need to know!
- You don’t need a medical evaluation.
This is the biggest question often asked when taking out Over 50s Insurance. Many ask questions like “will I be accepted if I have pre-existing conditions” and “what if I’m a smoker” etc. In short, NO you don’t need a medical evaluation, everybody is accepted regardless of their current or future health conditions.
2. If you take out a plan you can claim a Love2shop voucher worth up to £50
One of the best things about a Shepherds Friendly Over 50s Life Insurance plan is after paying your sixth premium, you will be eligible for a Love2Shop voucher worth £100. You can use this at a large range of your favourite retailers including Amazon, Marks & Spencer, Debenhams, John Lewis and iTunes.
3. The cost is up to you.
One of the biggest questions many people ask when investing is “how much does it cost?”. The way this plan works is: you can choose to invest from £10-£50 a month with the higher the premium you choose, the greater the level of cover and greater lump sum your loved ones will receive once you’ve passed away.
4. Coverage is guaranteed.
Absolutely anyone aged 50-80 can open this plan, as long as you’re a resident of the UK or the Isle of Man. Also, once you have agreed your monthly premium, we guarantee this will never increase. However, if you are a smoker or have used tobacco products or nicotine replacement therapy within the last 12 months, you must tell us on your application form.
5. The lump sum you receive can be used towards any funeral and outstanding costs.
Once you’ve passed away and your family receive the lump sum from your plan, this money can be used to cover your funeral costs and/or any outstanding bills you may have. Furthermore, if you choose the funeral benefit option which is available with your plan, you can nominate your sum assured to be received by Co-op Funeralcare. This gives up to £250 discount from your funeral on top of your Over 50s Life Insurance cover when you choose Co-op Funeralcare, a UK based funeral care provider. Please note, the £250 funeral payment will only apply to ‘Tailored’ funerals. If your estate opts for an ‘Essential funeral then the benefit will be £100, and if they opt for direct cremation or burial then the benefit will be £50. The Funeral Benefit Option is available to UK residents only, excluding Northern Ireland. If you are based in the Isle of Man, Co-op Funeralcare will refer you to an authorised local funeral director that will carry out the funeral to the same standards.
For more information check out our Over 50s Life Insurance Jargon Buster, Over 50s Life Insurance Explained and Should I Get Over 50s Life Insurance?
