Over 50s Plans vs. Whole of Life Policies

Is an Over 50 Plan your best option?

If you’re in good shape or only have minor health issues you could double your cover with a ‘Whole of Life’ policy.

This popular alternative to an Over 50 Plan could give you twice as much cover or cost you less.

We compare an Over 50’s Plan with a Whole of Life Policy and send you a comparison quote.

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Pros & Cons of Over 50 Plans:

An over 50 plan is:

  • a simple life insurance policy
  • with regular monthly payments
  • which pays a lump sum when you die.

It’s good for some people because there are no medical questions so cover is virtually guaranteed.

Downsides:

You may have no cover in the first 2 years – unless death is accidental

If death isn’t accidental, it may only give back what you’ve paid.

No medical questions are asked so, the insurer takes an unknown risk and charges more.

What is a Whole of Life policy?

A Whole of Life policy is also:

  • a simple life insurance policy
  • with regular monthly payments
  • which pays a lump sum when you die

A Whole of Life policy covers you from day one.

Whole of Life policies have been around for a long time and are available from many well known insurance companies like Aviva, Zurich & LV.

They can cost a lot less because the insurer takes less risk (by asking medical questions).

The result = more cover for your loved ones.

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Optional Questions:

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Comparing the price:

Example based on male or female, aged 59, non-smoker, in good health. (quoted: 19/12/16)

Over 50’s Plan:

Insurer:

Aviva

Monthly Premium:

£20

Amount of Cover:

£4603

Whole of Life:

Insurer:

Old Mutual

Monthly Premium:

£20

Amount of Cover:

£10503

In this example a Whole of Life policy can provide more than double the cover.

Far better value for money.

get a quote

Receive a free comparison quote and see how much you could save.

Comparing the features:

Over 50’s Plan:

Lump Sum on Death

tick

Fixed Payment

tick

Cover for Life

 tick

Full Cover Immediately

 

Covers Critical Illness

 cross

Medical Underwriting

 cross

Whole of Life Policy:

Lump Sum on Death

 tick

Fixed Payment

 tick

Cover for Life

 tick

Full Cover Immediately

 

Covers Critical Illness

 

Medical Underwriting

 

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Receive a free comparison quote and see how much you could save.

More benefits of Whole Of Life policies:

A Whole of Life policy can be linked to inflation so your cover goes up each year to keep pace with rising prices.

Your policy can be placed in ‘Trust’ (which is free to set up) and means the money is paid directly to the people you choose – your beneficiaries.

Putting a policy in Trust also means it can be used to protect an Inheritance Tax liability.

Whole of Life insurance can also include Critical Illness Cover, for an extra cost which, pays a lump sum if you’re diagnosed with a range of serious illnesses.

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Submit an enquiry < to receive a free comparison quote and see how much you could save.

What medical conditions are acceptable?

A wide range of minor illnesses are acceptable and may have no effect on the price of cover.

For example, high cholesterol or high blood pressure which, is well controlled with medication, is not likely to cause any difficulty getting cover.

Many other conditions which are well controlled and not life threatening can also be considered.

It’s best to speak to an adviser to find out if your medical condition could have any affect on your cover.

More serious conditions such as cancer, heart disease and diabetes could mean an Over 50’s Plan is more suitable.

Fill in our enquiry form < to receive your quote. There are NO set-up costs.