Top 5 Benefits of the Over-50 Life Insurance Policy

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The over-50 life insurance policy gives you an opportunity to safeguard the lifestyle of your family in the event of an untimely death. The policy helps to cater for medical and funeral costs, which can add up to thousands of dollars. Furthermore, the benefits can be used to cater for other expenses including mortgage and college fees. The policy offers many benefits including:

  • Guaranteed acceptance

This policy offers guaranteed acceptance for persons above the age of 50 years. All you will need to do is to respond to basic questions including your age, weight, height and state of residence. No medical question or check-ups are needed. Therefore, you can expect not to be asked medical questions now or any time throughout the cover.

  • Immediate cover

You can expect to receive the cover immediately after you have signed and returned your acceptance form. This gives you the opportunity to make the first payment. With some policies the payments of premium cease when you have attained the age of 80, while the life cover continues until the death of the policyholder. The complete benefits are paid to the named beneficiaries upon the death of the policyholders.

  • Unchanging premiums

The level of the life coverage and premiums remain consistent. Therefore, it is advisable to choose the right policy because the monthly premiums do not change throughout the life of the insurance plan. To help you make the right decision you will need to determine how much benefits you would like to gather 30 years down the lane. Also, determine how much benefits you would like to pass on to the beneficiaries.

  • Offers peace of mind

The right policy offers security for the loved ones in addition to a peace of mind. In case you die before the policy expires, the cash benefits can be paid to the family. This can help ease worry and uncertainty over the financial security. In case you are involved in an accident and you die, the beneficiaries will be able to receive the cash benefits as soon as possible.

  • Cancel the policy any time

In case you are no longer interested in holding the policy, you can choose to cancel the policy any time. You may need to cancel the policy in case you find a better policy. However, you will need to forfeit all the premiums submitted prior to cancelling the policy. Therefore, to avoid losing your premiums it is important to shop around for the best over 50 life insurance policy.

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