When it comes to providing financial security for loved ones, many people over the age of 50 look for affordable life insurance options. Legal & General Over 50 Insurance is a popular choice for those seeking peace of mind. Whether you’re looking to cover funeral expenses, debts, or leave a gift to family members, this insurance plan ensures that you can make the most of your later years without worry. In this article, we will explore everything you need to know about Legal & General Over 50 Insurance, including its benefits, application process, and key features.
What is Legal and General Over 50 Insurance?
Legal & General Over 50 Insurance is a life insurance policy specifically designed for people aged 50 and above. It’s an easy-to-understand product that offers a lump sum payout to your loved ones in the event of your passing, providing a financial safety net during a difficult time. One of the main selling points of this insurance plan is that it offers guaranteed acceptance without the need for a medical exam, making it an accessible choice for people who may have pre-existing health conditions.
Key Features of Legal and General Over 50 Insurance
When choosing the right insurance policy, it’s essential to understand the features that differentiate one provider from another. Below are some of the standout features of Legal & General’s Over 50s life insurance.
1. Guaranteed Acceptance
Legal & General’s Over 50 Life Insurance guarantees acceptance for applicants aged between 50 and 80. There’s no need for a medical or health questionnaire to get approved. Whether you’re healthy or dealing with a medical condition, you can rest assured that you’ll be eligible for this coverage.
2. Fixed Monthly Premiums
Once you set up your Legal & General Over 50 Insurance policy, you’ll pay a fixed monthly premium. Your payments will not change, no matter what. This can help with budgeting, as you’ll know exactly what to expect each month.
3. Full Coverage After One Year
It’s important to note that your loved ones won’t receive a payout until your policy is active for one year. This means that if you pass away within the first 12 months, the payout will not be made, though your family will receive the premiums you’ve paid. After one year, however, full cover is provided.
4. Flexible Sum Assured
The sum assured – the amount paid out upon death – is flexible. You can choose the amount to be paid to your loved ones based on your specific needs. This ensures that you have the right level of cover, whether you’re seeking to pay for funeral expenses, debts, or leave behind a gift.
5. Financial Protection for Loved Ones
With Legal & General Over 50 Insurance, your family won’t have to worry about the cost of your funeral or any outstanding financial obligations you may leave behind. This peace of mind can go a long way in helping family members manage financially after your death.
Why Choose Legal and General Over 50 Insurance?
Legal & General is one of the UK’s largest and most trusted insurance providers, offering a wide range of insurance and investment products. Here are the reasons why choosing their Over 50 Life Insurance may be a good option:
1. Trustworthy Provider
As a reputable and well-established company, Legal & General is a trusted name in the UK insurance industry. Their financial strength and excellent customer service give policyholders confidence in their coverage.
2. Easy Application Process
Applying for Legal & General Over 50 Insurance is straightforward. You can apply online by simply providing basic details. The approval process is quick, and once approved, your insurance policy can go into effect immediately.
3. 100% Claims Paid
Legal & General has an impressive claims record. They have a high claim acceptance rate, ensuring that the payout goes to your chosen beneficiaries without hassle. Their promise of paying 100% of claims on time makes them a reliable option for life insurance.
4. Affordability
This plan starts from just £5 per month, making it an affordable option for people over 50. You can select the sum assured and premium that fits your budget while still leaving a meaningful amount for your family.
Benefits of Legal and General Over 50 Insurance
Funeral Coverage
One of the most common uses for an Over 50s Life Insurance policy is to cover funeral expenses, which can be expensive. Legal & General Over 50 Insurance helps alleviate the financial burden of a funeral, allowing your family to focus on grieving rather than worrying about the costs.
Protection Against Debts
In the event that you pass away, this life insurance policy can help settle any outstanding debts, such as personal loans or credit card balances, ensuring that your loved ones aren’t left dealing with financial stress.
Leaving a Gift
Another benefit of Legal & General Over 50 Insurance is the ability to leave a financial gift to your loved ones. This could help cover living costs, house maintenance, or simply serve as a lasting reminder of your love and affection.
The Application Process
The Legal & General Over 50 Insurance application process is designed to be quick and simple, with several easy steps.
- Fill Out an Online Form – Start by applying online and providing the necessary details about your age, lifestyle, and any preferences you have for coverage.
- Choose Your Sum Assured – Decide on the amount of coverage you would like based on your needs.
- Submit Your Application – After reviewing your details, submit the application for approval.
- Receive Your Policy – Once approved, your policy will be active immediately, and you can start paying the monthly premiums.
Things to Consider
Before purchasing Legal & General Over 50 Insurance, there are a few things to keep in mind:
- Premiums Are Non-Refundable: If you cancel your policy after it has been in place for over 12 months, you won’t receive a refund on premiums already paid.
- Policy Expires at 90: Although you can purchase a policy as late as 80 years old, it expires once you reach 90.
- Limited Benefit in First Year: Coverage in the first year is limited, meaning no payout will be made if you pass away during this time.
Conclusion
Legal & General Over 50 Insurance is an excellent option for individuals over 50 who want to ensure their family’s financial security. With affordable premiums, no medical checks, and guaranteed acceptance, this policy provides financial protection and peace of mind in your later years. Whether you’re looking to cover funeral costs or leave behind a legacy for loved ones, Legal & General Over 50 Life Insurance is worth considering as part of your financial plan.
FAQs
What age group is eligible for Legal and General Over 50 Insurance?
You can apply for this insurance if you are aged between 50 and 80 years old.
How long does it take for a claim to be paid out?
Legal & General prides itself on its fast claims process, with most claims being paid out within 24 hours.
Can I increase my coverage in the future?
Once your Over 50s policy is active, you cannot change the coverage amount. However, you can apply for a new policy if additional coverage is needed later.
Does Legal & General Over 50 Insurance cover terminal illness?
Yes, your policy provides a payout if you’re diagnosed with a terminal illness during the policy term.