Over 50 Life Insurance Guaranteed Acceptance With No Medical Underwriting

Over 50 Life Insurance – Guaranteed Acceptance With No Medical Underwriting

by

Edith Hancock

For those that find themselves over age 50 and in poor health looking for life insurance to protect their loved ones could look into the over 50 life insurance plans that have guaranteed acceptance, with no medical underwriting.

These over 50 life insurance plans start as low as five or six pounds per month and give very valuable life cover for those medically impaired in some way. If there is no medical impairment then it makes sense to apply for standard life cover which will provide a much higher sum assured for the same premium.

Using an independent financial adviser will help you assess whether you might qualify for standard terms on life insurance. There are even specialist providers that offer better terms to those with poor health than the usual insurance companies.

If you do find yourself unable to get standard cover then the guaranteed over 50s life insurance plans will give you a reasonable sum assured for the premium. There is a drawback to these plans, which given that there is no medical underwriting is acceptable. The drawback is that with all providers there is an interim period where you only get back the premiums you have paid. Some over 50 life insurance providers have a 12 month interim period and some have a 24 month interim period, so this is an important consideration when choosing a provider.

It is no shock that the biggest selling point of these 50 plus life insurance plans is the guaranteed acceptance, therefore it is understandable that providers of these plans will have an interim period to protect themselves.

As with any life insurance policy you should read the policy document very carefully to ensure you understand the terms and conditions that you are accepted under. Under the Financial Services legislation there will be right to cancel the policy within 30 days, so make sure you read it carefully.

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