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theidol.com are an online broker providing Over Fifties Life Insurance through a panel of insurance providers.
Over 50s plans have a qualifying period which applies to the first 12 or 24 months of the plan, depending on the chosen insurer. During this qualifying period, the plan will not normally pay out the sum assured if you die of natural causes. Instead, the plan will only return the total premiums paid.
Some insurers will pay out the full sum assured in certain situations, and you should check the insurer documentation for details of when the plan may pay out during the qualifying period.
Get a Quote »If you die as the result of an accident, the qualifying period does not apply and you will receive the sum assured as per the insurer's documentation.
Over 50s Guaranteed Acceptance
- Your cover will remain in force for the rest of your life, as long as you continue to pay your premiums when due.
- The amount of cover you receive is dependent on the monthly premium you pay (any amount between £10 and £50 per month).
- The premium is fixed for the duration of the payment period and cannot be changed once the plan has been started.
- The cover amount is also fixed for the duration of the plan.
- It is important to note that inflation will reduce what can be bought in the future with the cover amount.
For How Many Years Will my Policy Run?
Generally you will pay your premiums until your 90th birthday, however some Over 50s plans have alternative payment terms. You should check the insurer documentation for exactly how long you are required to pay your monthly premium. If you stop paying your premiums when they are due, your plan may be cancelled and you will not receive any premiums back.
Once your payment period has ended you will no longer be required to pay a premium, but your cover will continue and a claim can still be made for the full cover amount when you die. It is important to note that depending on how long you live, the total premiums paid could be greater than the plan will pay out when you die. The point at which your premium payments match your cover amount is displayed with your quote.
You may hold more than one Over 50s plan, but the insurer will limit the total premium amount that can be paid per month. This is usually between £50 and £100.
Summary of Cover
This is a general overview of the cover available, please read the insurance company's product key features for the specific cover and terms and conditions that apply.
- You decide a premium to pay from the outset.
- The premium and sum assured remains constant throughout the term of the plan.
- Guaranteed acceptance for UK residents aged 50 to 80.
- Over 50s plans have a qualifying period of normally 12 or 24 months during which, if the policy holder dies of natural causes and not as the result of an accident, the policy will only return the premiums, and not the 'benefit' amount.
- The insurer's policy wording contains a detailed explanation of any circumstances in which the plan may pay out during the qualifying period, and should be viewed before purchasing a policy.
- The sum assured is fixed, so inflation will reduce what can be bought in the future with the amounts shown.
- Premiums stop after the payment term detailed in your quote, but your cover will continue for the rest of your life. If you stop paying your premiums when due, your plan will be cancelled and you will not receive anything back.
- This is not a savings or investment plan and has no cash value unless a valid claim is made.
- Depending on how long you live, the total premiums paid may be greater than the cash sum payable on death.
For More Information
For impartial information regarding this product please visit the Association of British Insurers Website.