Over 50 Life Insurance help and frequently asked questions - Your guide to Life Insurance for Over 50s

Over 50 Life Insurance
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    Help / FAQ’s

    Here is a brief summary of the most frequently asked questions.

    Over 50 Life Insurance FAQ’s

    Will I have to take a medical before I am accepted?
    With most UK Insurance providers, your application will be passed on to what is called a medical underwriter who will use complicated calculations and experience to determine how much of a risk each application is.
    The insurance company will then use his recommendation to either accept your application immediately or to request a medical report from your GP.
    The insurance company will cover the cost of this and request to view the report before it is sent off.
    Please be careful of sites promising a guaranteed acceptance for over 50 life insurance without the need of a medical as you will often find that the level of your cover is extremely compromised and you may not be covered for as many situations as you would normally expect to be.

    How much life insurance do I need?
    If we’re not the first site you’ve visited then you will already have read some conflicting advice regarding this matter.
    Whilst some sites will recommend 7 times your annual salary other sites will recommend as much as 15 times your annual salary it really depends on your own personal circumstances.
    One of the most important factors is how much financial debt and ongoing concerns you will leave behind such as your mortgage, loans, credit cards etc.
    You also have to consider the quality of lifestyle your loved ones will wish to remain with after your gone.

    What is the difference between over 50 Life Insurance and Life Assurance?
    Life insurance is a policy which is taken out over a certain length of time (term).
    If you do not make a claim during the policies lifetime it simply expires and you no longer continue to pay any premiums. The policy will have no monetary value at the end of its term.
    Life Assurance is an investment based insurance policy in that a guaranteed sum of money is invested by the insurance provider. When you make a claim, this policy will pay out the guaranteed sum plus any bonuses and investment profits in may have made.
    This policy is taken out for the eventuality of death where as a life insurance policy is taken out incase of death.

    Are you independent or just tied to one insurance provider?
    We are an independent marketing website that works closely with carefully chosen independent insurance intermediaries who can compare quotes from many of the UK’s insurance companies to find you the most suitable policy. This is sometimes referred to a ‘Whole of market’ or independent. After filling in our over 50 life insurance quote form, our selected partner will search the market for you and will be able to advise which policies are most suitable for your requirements.

    Will I pay tax if I make a claim?
    No, at the moment of writing, here in the UK there is no tax deductible from a life insurance policy

    Should I get a joint life insurance policy or two single policies?
    This is entirely up to you of course but please bear in mind that with a joint over 50 life insurance policy it will pay out on the first death and then the policy will be terminated.
    This will result in the remaining partner no longer being insured and if they are then quite old they mind find it very difficult or even impossible to reinsure themselves again.


    Critical Illness Insurance FAQ’s

    What is Critical Illness Insurance?
    This is an insurance policy which pays out should you be diagnosed with what is called a critical illness. What critical illnesses are covered is detailed here but they are generally regarded as curable. Over 50 Critical illness insurance is different from terminal illness insurance.

    How much Critical Illness Insurance do I need?
    This is a very commonly asked question and what you need to think about is what financial burdens you will be left with when you are critically ill and cannot pay them.
    Things like your mortgage, loans, credit agreements etc. It’s amazing how much better you feel being debt free and can even boost your recovery.

    Exactly what critical illnesses are covered?
    This really does vary between the different insurance providers so please make sure you read your policy notes (Key Notes) carefully and fully understand what you will be covered for.
    However, the FCA states that all UK insurance providers are obliged to cover certain illnesses referred to as the ‘Association of British Insurers’ or ABI for short which are Alzheimers, Blindness, Major Organ Transplant, Coronary Artery Bypass Grafts, Loss of Hands or Feet, Advanced Cancers, Third Degree Burns, Stroke, Loss of Speech, Kidney Failure, Aorta Graft Surgery, Multiple Sclerosis, Heart Attack, Parkinsons, Benign Brain Tumour, traumatic Head Injury, Coma, Deafness, Paralysis of Limbs, Heart Valve Replacement and Traumatic Head Injury.
    But again we must stipulate how important it is to check your key policy documents to see exactly which critical illnesses you will be covered for.

    Can I claim if I use alternative medicines?
    This is a bit of a risk to be honest.
    If you don’t currently use alternative medicines and become critically ill and receive your pay out then you can pretty much spend that money on whatever medicines / therapy / care you like.
    If, for example you are currently using alternative medicines and was instructed to take a course of medicine by your GP but refused and used alternative medicines instead then because you have ‘Failed to follow professional medical advice’ the insurance provider may have grounds for a refusal of pay out.
    It is very important you check your policy documents to ensure this doesn’t happen.

    Am I still covered if I become pregnant?
    Yes we know that not many of you over 50s out there will become pregnant but will still get asked this question quite a lot so have decided to include it here.
    The answer is yes, you are still covered for over 50 critical illness insurance should you become pregnant. Being pregnant is a natural human process and is not deemed as a self inflicted condition or injury. Having Critical illness whilst pregnant is quite important as it will cover you should something happen to your during the birth such as an infected blood transfusion or heart attack.


    Over 50 Income Protection Insurance /  Accident, Sickness & Unemployment Insurance FAQ’s

    What is Income Protection Insurance Insurance?
    This is an insurance policy which pays you a monthly tax free income should you be unable to work due to an illness or disability.


    How soon will my Over 50 Income Protection Insurance start paying out?
    It will usually start to pay out at your agreed deferred payment duration. The longer your deferred date the cheaper your premiums will be (think of it in terms of your excess with a car insurance policy).
    What you need to take into account is how long your employer will pay you sick pay for and then you will have your deferred date.
    You can not receive both sick pay and income protection insurance at the same time.

    When taking out an over 50 income protection insurance policy you have to select your age you would like the policy to run until. This will be dependent upon your own circumstances such as your retirement age etc.



    Mortgage Payment Protection Insurance FAQ’s

    Do I need mortgage payment protection insurance?
    Considering that your home will most likely be the largest and most important financial investment you will make, it makes sense to protect that investment.
    Most mortgages are taken out over a long period of time and your financial circumstances could change dramatically over this period of time.

    What type of mortgages does mortgage payment protection insurance cover?
    It is a fairly simple insurance policy in that you decided how much it pays you should you no longer be able to work.
    What you have to ensure is that the policy will cover the whole monthly costs of your insurance.

    How much over 50 Mortgage Payment Protection Insurance do I need?
    Again, MPPI is a fairly straight forward insurance policy.
    It is recommended that you cover at least the whole monthly cost of your mortgage repayments, this could include both capital and insurance payments.
    It is usually worked out per £100 so make sure you round up the amount of your cover to the nearest £100 which is above your monthly payments. For example, if you pay £765 per month for your mortgage then you should insure yourself for £800

    How soon will my over 50 Mortgage Payment Protection Insurance start paying out?
    Your insurance policy will pay out if you are off work for at least 30 consecutive days after the incident. This will also be backdated to ensure you will not defer on your monthly mortgage repayment.

    How long should my over 50 Mortgage Payment Protection Insurance policy run for?
    Well the most obvious answer to this is for however long you have left on your mortgage.
    Just remember that if you remortgage and extend the length or if you pay off some of your mortgage and shorten its length to re asses the length of your policy.

     

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