Over 50 Life Insurance Vital To Read The Small Print

Over 50 life insurance is great for those that require life cover without having to declare any medical evidence. So whether it be for family protection or to help with funeral costs these plans are a godsend for those with poor health. There is however a sting in the tail with these type of plans that can bite you if you do not read the small print.

These over 50s life insurance plans have a qualifying period that does not pay out the full sum assured benefit. So you could find yourself no being covered when you thought you were. The qualifying period varies with each of the providers that offer 50 plus life insurance and this is why it is vital to read the small print.

Qualifying periods range from twelve months usually to a maximum of twenty four months and during this period you are only likely to get back what you have paid into the plan or a multiple of what you have paid into the plan. An example would be an over 50 life insurance plan from a major UK life assurance company that has a benefit sum assured of ten thousand pounds and a qualifying period of twelve months, if death occurred at eleven months of the 50 plus plan then all that would be paid out would be eleven premiums paid into the plan.

The learning point on these over 50s life insurance plans then really is that they are great for those with poor health who cannot get life insurance cover elsewhere but they do have to be carefully examined to ensure that you understand the small print and in particular the section about when and how the benefit sum assured is paid out during the qualifying period.

Obviously the reason that the life insurance providers put this clause into the contract is because they are insuring the life fully after the qualifying period and those with poorer than average health are likely to die sooner therefore the benefit will be paid out quicker.