Over 55s' Life Insurance
- Do you want to leave your loved ones a lump sum of money on your passing to pay off a mortgage, pay for a funeral, living expenses etc?
- Does your estate have an Inheritance tax issue and you do not want it to be paid from your estate?
We all know it’s important to protect our valuable assets, and the most important asset we have is ourselves!
There are a number of options available for anyone aged over 55 who want to provide a lump sum payment on their passing maybe to repay a mortgage, pay for a funeral, provide a lump sum for loved ones etc. One of them is an over 55’s life insurance plan. These have become popular due to the fact they do not require any medicals to be accepted for them, but they are not for everyone!
One of the warnings you will see on them, is you may pay in more than you receive out mainly due to non-medical requirements and the resultant low level of cover. If you are of reasonable health, you may be better served by looking at other options to provide a lump sum on your passing.
These could be the traditional term insurance which can go to age 90 or one that provides a guarantee pay out regardless of the age you pass and that’s called whole of life, the more expensive option, but often is the best return for your money.
Talk to us and we can discuss all the ones available to you, to help you decide what is best for you.