What this covers

Over 50’s life insurance from some provides can pay out a lump sum upon the policy holders’ death.

This type of life insurance policy is often used to cover expenses such as funeral costs or outstanding debts but can also be used to leave behind a small amount of cash for dependants or a legacy for relatives.

There are normally no medical questions, and acceptance is often guaranteed and instant. There are usually no extra or hidden charges for smokers and you can sometimes control the cost of the premiums; it is your choice how much you want to pay.

Who needs this the most

This type of life insurance allows peace of mind to anyone who wants a relatively small sum guaranteed to pay out when they die.

There are no restrictions other than your own budget as to what you wish to leave as a guaranteed legacy.

Many people may have not taken out life insurance, or think that they would be excluded because of health reasons or by being a long term smoker; the over 50’s plan from some insurers ignores all the usual hassles of underwriting and guarantees your policy value and acceptance immediately.

The plans are normally available to UK residents aged between 50 and 80 years old. Once you have taken out cover you will often be covered up until the age of 90 or on death.