As we age, it’s natural to start thinking about our final expenses and how we can ensure that our loved ones are taken care of after we’re gone. One option to consider is over 50s life insurance, and Legal, and General is one of the leading providers in this field. In this blog, we’ll take a closer look at Legal and General over 50s life insurance, what it offers, and how it compares to other providers.
What is Legal and General Over 50s Life Insurance?
Legal and General over 50s life insurance is a type of life insurance designed specifically for people aged 50 and over. Unlike traditional life insurance policies, over 50s life insurance is guaranteed to pay out a lump sum to your beneficiaries when you die, regardless of when that may be. This can be used to cover your final expenses, such as funeral costs or outstanding debts, or to leave a financial legacy for your loved ones.
How does Legal and General over 50s life insurance work?
To take out a legal and general over 50 life insurance policy, you’ll need to be aged between 50 and 80 (or 85 for some policies). Also, you must reside in the UK and have a UK bank account. The amount of coverage you can get will depend on your age and health, with most policies offering cover from £1,000 up to a maximum of £25,000.
One of the key benefits of legal & general over 50 is that there are no medical questions or exams required. This means that you can get coverage even if you have pre-existing health conditions or a history of smoking.
When you take out a policy, you’ll need to pay a monthly premium for the rest of your life or until you reach a certain age (usually 90). The amount you’ll pay will depend on your age and the level of coverage you choose, with higher premiums offering greater benefits.
What are the Benefits of Legal and General Over 50s Life Insurance?
There are several benefits to choosing legal and general over 50 life insurance, including:
- Guaranteed acceptance: Unlike traditional life insurance policies, legal & general over 50 are guaranteed to be accepted, regardless of your health or medical history.
- No medical exams required: You won’t need to undergo any medical exams or answer any health questions to take out a policy, making it a simple and hassle-free process.
- Fixed premiums: Your monthly premiums will be fixed for the rest of your life or until you reach a certain age, giving you peace of mind that your premiums won’t increase over time.
- Guaranteed payout: legal and general over 50 life insurance is guaranteed to pay out a lump sum to your beneficiaries when you die, providing financial security for your loved ones.
- Flexible cover: You can choose the level of cover that best suits your needs, with most policies offering cover from £1,000 up to a maximum of £25,000.
How does Legal and General Over 50s Life Insurance Compare to Other Providers?
Legal and General is one of the leading providers of over 50s life insurance in the UK, but it’s important to compare policies from different providers to find the best deal. Some other providers of over 50s life insurance include SunLife, Royal London, and LV=.
When comparing policies, it’s important to consider factors such as the level of coverage, the monthly premiums, and any additional benefits or features. You should also check the terms and conditions of each policy carefully to ensure that it meets your needs and requirements.
Conclusion
Legal and General Over 50s Life Insurance can provide valuable coverage for those who are over 50 and looking to protect their loved ones financially. While it may not be the right option for everyone, it offers guaranteed acceptance and fixed premiums, making it a convenient choice. With a guaranteed payout, policyholders can feel confident that their loved ones will have financial security after they are gone. However, it’s important to carefully consider the terms and conditions of the policy and compare it with other options to ensure that it meets your specific needs and budget. Overall, Legal and General 50s life insurance is a reliable and straightforward option for those who want to ensure their family’s financial security.