What is Over 50 Life Insurance?

Deciding to get Over 50 Life Insurance can be a proactive step forward. You are trying to help your loved ones when you pass away. What you don’t want to do is spend ages deciding and having to read through complicated forms. At Zestylife, we understand this and want to make the process as clear as possible. If you’re feeling a little confused when it comes to Over 50 Life Insurance here are the answers to some of the most common questions around it.  

What is Over 50 Life Insurance?

Over 50 Life Insurance is a type of insurance that is designed for people who are aged between 50-80. Life insurance at its core is a financial product that pays out a lump sum if you were to pass away. The over 50 version of that is designed with the type of considerations that you would have when you are in that age bracket. 

How does Over 50 Life Insurance work?

If you’ve ever had life insurance before, the process for getting Over 50 Life Insurance will be pretty familiar. The main difference is that with Over 50 Life Insurance it is what’s known as a whole of life policy. With other types of life insurance, you might choose how long you would like to be covered for. This type of life insurance is known as term life. Whole-of-life insurance does exactly what it says on the tin. As long as you continue to pay your monthly premiums you will be covered for the rest of your life. 

With Zestylife the application process is straightforward. All you need to do to get covered is give us a couple of details. We'll ask for things like your address and contact info along with a few short health and lifestyle questions to see if you're eligible for cover. Don’t worry though, you won’t need to supply us with a medical when applying. Once you give us these details, you choose the amount you would like to be insured for. The amounts you have access to will depend on your age. Here’s an overview of those specific amounts:

  • £1,000 up to £22,000 (aged 50-69 at start date)
  • £1,000 up to £20,000 (aged 70-74 at start date)
  • £1,000 up to £13,000 (aged 75-80 at start date)

The amount you choose is ultimately up to you and is personal to your own situation. If you're unsure of how to calculate how much cover you need, our guide can help. 

Taking Inflation into account

Inflation can impact the value of the payout amount of your Over 50 Life Insurance policy. While the cost of a funeral might be at a certain point now, it’s likely that in the future the cost will increase. This is why you should consider the benefit amount you choose, as inflation may reduce its buying power over time. If you choose the Increasing Benefit Option, it can help to protect your policy from the effects of inflation. This is where your benefit amount will increase by 3% of your original benefit amount each year. Your monthly premiums also increase at a rate of 4.5% of your original premium amount per year. It’s especially important to consider your ability to pay your premiums now and in the future with this policy type.

After everything is finalised and you’re happy to proceed, you’re covered. That’s right, unlike other Over 50 Life Insurance providers you won’t have to endure any waiting period for your cover. Within the first 12 months, you are covered for up to £5,000 of your benefit amount and for the full amount if you pass away as a result of an accident. 

Do you need a medical for Over 50 Life Insurance?

When you’re applying for Over 50 Life Insurance with Zestylife, you won’t have to provide us with a medical or blood test. What we do instead is ask you a few simple health and lifestyle questions to help us find you the right cover for you. It’s a straightforward process to help make sure your needs are being met. 

Will your payments ever change?

Once you have agreed your payments, they will remain the same for the rest of the policy. There are certain circumstances where they could change though. We provide you with flexible policies, so if for any reason you might need to make a change you can apply for one. If you decide to go with the increasing benefit option, your monthly premiums will increase by 4.5% of your original monthly premium. It’s important to remember that if you stop your monthly payments you won’t get anything back from your policy.

How long does cover last?

Zestylife Over 50 Life Insurance is a whole-of-life policy. This means that as long as you continue to pay your monthly premiums you will be covered. It’s possible that depending on how long you live, you could pay in more than we pay out. Once you have your life insurance sorted, you can get back to doing what you really enjoy in the knowledge that you’ve got protection in place for when it’s needed most. Now that is a relief! 

How much does Over 50 Life Insurance cost?

The cost of your Over 50 Life Insurance policy will be affected by your age, smoker status and whether you want a single or joint policy. As well as that, how much of a payout you are looking for could affect the cost. Here are the amounts that you have access to depending on your age:

  • £1,000 up to £22,000 (aged 50-69 at start date)
  • £1,000 up to £20,000 (aged 70-74 at start date)
  • £1,000 up to £13,000 (aged 75-80 at start date)

Once you have selected the amount you would like to be insured for, your monthly premium will be calculated. While it’s important to get value for money, it’s just as important to choose a premium amount that reflects your needs. 

When deciding on the amount you want to be insured for, consider your ability to pay a premium further down the line. This is especially true if you are considering going with the increasing benefit option. You should be aware that if you stop your monthly payments, you will get nothing back.You want to be confident that further down the line the amount of money will help your loved ones.

Why get Over 50 Life Insurance with Zestylife?

While Over 50 Life Insurance might not be for everyone, it’s definitely worth considering. At the moment you might be lucky enough to be in a situation where you might not have a lot of financial commitments. The mortgage could be paid or close to paid off, the kids have left the family home or retirement is about to kick in. Contemplating death is never easy, but making certain considerations sooner rather than later can make it a lot easier for your loved ones. Unfortunately, funeral costs in the UK are steadily increasing. It’s a grim thought but passing away could end up putting pressure on your loved ones. That’s why it can make sense to look at getting Over 50 Life Insurance with Zestylife.

At Zestylife, we want to help you find the right cover for your needs. You're covered from day one up to £5,000 for the first 12 months of your policy, so once you've completed the application you can relax. You'll have peace of mind that when you pass away there's something there to help out your loved ones. It also means you can get on with what's important to you with one less thing to worry about. 

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