What is senior life insurance?
Senior life insurance is an over 50s life insurance plan that pays out a pre-determined lump sum upon death, which is based upon the amount you decide to pay each month.
When you get a quote for senior life insurance, you select how much you want to pay (starting from £10 a month) and when you see your quote, it will tell you how much the lump sum will be (as long as you keep up your payments of course).
What could senior life insurance be used to cover?
There's an array of different things the lump sum could be used towards, things like;
- You could request that it's donated to a charity you have a passion for
- It could help towards funeral costs
- You could leave it as a gift to your loved ones
- Towards the cost of education for any grandchildren or great-grandchildren
Whatever you decide you would like the money left towards, make sure your intentions are known so that your wishes can be carried out. If you do want to leave it to a charity, or in trust for education expenses it could be worth speaking to a solicitor to put it in your will, or have the policy held in trust.
Why do I need it?
Taking out life insurance is a very personal decision. If you're between 50 and 80 senior life insurance could be worth considering if you don't currently have any life insurance in place, or if you don't want the hassle of trying to amend an existing policy, which could result in a change of premium.
With an ageing population people are living longer and longer. Which is why it's all the more important to ensure you're happy with the protection you have in place, whether that's a long existing life insurance policy, or a senior life insurance plan to give you some peace of mind for when you're no longer around.