Whole of Life vs Over 50s – which is best?

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The right plan for you will depend on your individual circumstances and preferences.

There are a number of different kinds of life insurance. The most common type is term assurance, where you're covered for a fixed period. You can however select whole of life insurance, which means the insurer would pay out whenever you died. Of course, that can mean that you're paying premiums late into life, and it's pricier than term insurance, too.

A whole of Life plan guarantees a lump sum payment at whatever age you die, provided premiums have been paid continuously from the start of your policy. The proceeds of the policy will usually go to your family or beneficiaries of your estate.Over-50s Plans are a popular way to provide a cash lump sum to help with funeral costs, cover unpaid bills or leave an inheritance for grandchildren or loved ones. There are no medical questions or assessments of the applicant's medical health or history. Everyone aged 50-80 is guaranteed to be accepted.

Over 50s plans have a qualifying period - usually 12 or 24 months - during which, if the policyholder dies, only the premiums will be returned and not the benefit amount.

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