What is Over 50s Life Insurance?

With so many policies available to give you life cover – it can be difficult to know which to choose. However – what many don’t know is that with a lot of policies, you can take out more than one if you choose to. If you’re in your highlight years, you might have started to consider Over 50s Life Insurance*/Life Cover – here’s the entire breakdown on what to expect when you take out Over 50s Life Insurance with Unity Mutual…

What is Over 50s Life Insurance?

Our Over 50s Life Insurance is a whole of life Policy taken out by people aged 50-80 that want to leave a fixed lump sum to their loved ones either as a gift or to help to pay toward their funeral expenses.


How does Over 50s Life Cover work?

 You choose a cover amount that suits you, with a monthly premium you can afford. The cost of your life cover is based on your age at the time of applying, whether you smoke, how much you want to pay or how much cover you need. You won’t need to answer any health questions or have a medical exam. Applying for your quote takes around 5 minutes out of your day. Then, all you have to do is make sure you continue to pay your monthly premiums and you will be covered for the whole of your life. Simple!


How much does it cost?

With Unity Mutual Over 50s Life Insurance, premiums start from as little as £5 per month up to £100 per month. Once you’ve chosen the amount you want to pay, this premium will never increase. Premiums are dependent on the cover amount limits, the maximum cover amount per Policy is £10,000 and the minimum is £1,000. If the premium amount selected takes you over or under these limits, we will give you the closet one that is available. As with most Over 50s plans, depending on how many years you pay into the plan, the total premiums you have paid may be greater than the amount payable on death.


Am I eligible for Over 50s Life Insurance?

 At Unity Mutual, we provide Guaranteed Life Insurance. You don’t need to answer any medical questions or take a medical examination. Cover is available to any UK resident between the age of 50 and 80 years old.


Do I need a medical exam to take out Over 50s Life Cover?

 No. You are guaranteed to be accepted on the Policy as long as you’re aged between 50 and 80 years. The only question we’ll ask about your lifestyle is whether or not you smoke.


What is difference between Over 50s Life Insurance and term life assurance?

 The main difference of Over 50s plans compared to typical life assurance plans is that it’s a whole of life policy. Unlike term life insurance that is taken out for a specific length of time i.e. to cover a mortgage, whole of life insurance means provided you pay your premiums you are covered for the rest of your life.


Will I be covered from day one?

 Unlike many other providers, our qualifying period is just 12 months (rather than 24 months). This means, for the first 12 months, we will pay your full premium for anything that comes under accidental death. If you pass away from something other than an accident, your pay-out will only cover the premiums you have paid to date. After the first 12 month, we will pay out your full life cover amount, regardless of the cause of death (provided you pay your premiums).


Do I pay my premiums for life?

 You’ll only pay your premiums until you turn 90, but you’re still covered for the rest of your life.


Will I pay in more than the plan will pay-out?

There is always a chance that you could pay in more than the plan will pay-out.  To calculate how much you could pay in premiums, multiply monthly premiums by 12 and then multiply the answer by the number of years and part years between now and your 90th birthday.

For example, a 70 year old paying £10 per month would pay

£10 x 12 months x 20 years = £2,400


What happens if I can no longer afford my premiums?

When selecting a premium you should choose a monthly premium, you can afford. However, we understand that we do not always know what is around the corner. If you think you can no longer afford your life cover, please call us to discuss how we can help. You may be able to reduce your monthly premium or even make your Policy paid-up and still receive a pay-out on death (T&Cs apply).


Can I increase my cover?

You can increase your cover by taking out additional Policies with us. The total life cover amount of all your Over 50s Life Insurance policies combined cannot exceed £10,000 and the total amount of monthly premiums you pay cannot exceed £100 per month. If you take out an additional Policy, you must meet the eligibility requirements of the Over 50s Life Insurance at the time of application.


How much is a funeral?

The price of a funeral can vary enormously. It all depends on the options that you choose and your location. The cost for a basic funeral £4,383 (for a burial) and £3,290 for a cremation, on average, according to Money Helper. You might also want to factor in ‘extras’, such as a headstone, flowers, and catering options for the wake. 



To get your free, no obligation quote, click here.


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