Over 50's Life Insurance
Over-50s life insurance with Legal & General
Legal & General's range of life insurance plans for people over the age of 50 have been designed so individuals can match their needs to the one that best suits them. Some over-50s looking for life insurance are mostly concerned with leaving some money behind for their loved ones when they die, some want to take the burden of their funeral costs off their friends or relatives and some just haven't found the right policy, though they might have been thinking about purchasing life cover for some time.
If any of the above rings a bell with you, then below are details of Legal & General's different life insurance plans available to over-50s in the UK:
· The Fixed Plan: This life insurance plan pays out a fixed sum when you die, with the certainty of a fixed monthly premium to pay.
· The Increasing Plan: If you opt for this life insurance plan, you can watch your benefit grow when you increase the premium you pay.
· The Funeral Plan: This option ensures that the cost of a traditional cremation funeral is covered when you increase your premiums. With funeral costs predicted to rise to over £3,500 by 2015, more people are realising the advantages of purchasing a policy like this one. If you would prefer to be buried rather than cremated, the plan covers a contribution towards the costs.
Important information about Legal & General over-50s life insurance
· There is no medical assessment when you apply for a Legal & General plan, and you are guaranteed acceptance if you live in the UK and you are between 50 and 80 years old.
· If you reach your 90th birthday, you stop paying premiums but your policy continues to cover you for the rest of your life. Otherwise, you pay the premiums until you pass away.
· Your plan will be cancelled and you won't receive anything if you stop paying your premiums when they are due.
· Legal & General's plans have no cash-in value at any time.
· The total premiums you pay may be greater than the sum payable after your death, depending on how long you live.
· If you choose the Fixed Plan, inflation may gradually reduce the value of the benefit Legal & General pays out.
· By opting to place your plan in Trust, you can help make sure the benefit reaches the people you would like to protect after your death. A trust is a way of giving away an asset (something of value) for the benefits of others (the beneficiaries), but without giving them full access to and control over it. Life insurance policies, just like property, shares or money, are assets. You choose who you want to look after or control your policy (this person is known as the trustee). It is important to contact a legal or financial adviser before creating a trust if you are in any doubt about whether it is appropriate for your circumstances.
· After two years, Legal & General will pay you the benefit of your plan regardless of how you die. If you pass away within the first two years of your plan, the benefit won't be paid but Legal & General will return all the premiums paid.
· If you die as the result of an accident, the full benefit will be paid.
· It is possible to take out more than one life insurance plan, as long as you are not paying more than £50 per month in premiums altogether. Only one Funeral Plan can be purchased, however.