At Life Insurance Cover we are often asked if Over 50s Life Cover is the same as Funeral Insurance. Because both protection products do not require any medical questions. It is very easy to confuse the benefits of each kind of policy. Many people make a common mistake when they choose to compare Over 50s Life Cover and a Funeral Plan. It is extremely important to remember that each policy type has a very different purpose to the other.
In Today’s Guide We Take A Look Into:
What is Over 50s Life Cover and What Is A Funeral Policy?
In its simplest form, an Over 50s Life Cover policy is a whole of life protection policy. Specifically for those aged 50 or over which will pay out a cash lump sum in the event of the policy holder’s death. Provided that the policyholder has held the policy for two years or more. This type of policy is popular with individuals who may have ongoing medical conditions. Because an insurer will not ask any medical questions.
A Funeral Insurance policy will provide your loved ones with a lump sum specifically to cover the costs relating to your funeral in the event that you pass away. A Funeral Cover policy is available to anyone over the age of 18.
Funeral policies also vary in the levels of the cover that they provide. Some will only cover the funeral director’s costs, whilst other policies will pay for the burial plot and wake too. It is also widely understood that costs not usually associated with a funeral director. These additional items include flowers, refreshments or other potential costs will not be covered by a funeral plan.
Why Does An Over 50s Policy Do More Than A Funeral Policy?
An Over 50s Life Insurance policy are solely available to anyone aged between 50 and the maximum age limit. Many Life Cover providers offer protection policies to up to the age of 80. A handful of insurers offer above 80. By using an FCA regulated broker, like Life Insurance Cover who can compare all of the insurers for you. Helping you to find the best protection policies for you and your family. One of the main benefits of an Over 50s protection policy is that there is no requirement for a medical report or history to worry about. It is also worth noting that most funeral policies do not require any medical information. Which makes both policy types suitable for anyone in later life who may be having trouble leaving a cash legacy for their loved ones, due to their medical history.
Many Funeral protection polices do offer a lot of flexibility on what you may choose. However by choosing an Over 50s policy which does not have to be used solely for funeral costs. Many people decide to take out an Over 50s policy instead of dedicated Funeral Insurance Cover. This is because an Over 50s policy will be able to pay for all kinds of bills and not just those related to their cremation or burial alone. Which gives peace of mind to the policyholder, knowing that they have provided a legacy for their loved ones.
It is also worth noting that an Over 50s life insurance policy will also give you the opportunity to provide for loved ones not covered in your will. A claim payment can be used to help your family pay off outstanding debts or other costs.
Am I Limited To A Single Policy?
Many people choose to take out multiple funeral plans for the future, helping their loved ones with the rising costs. The benefit of Life Insurance is that you are not restricted on the amount of policies that you have. This means that, you can choose to put more than one Over 50s Life Insurance policy in place for your family and loved ones.
For many people, it can be a way of making sure that the costs associated with their passing will be paid for. Other people find that a policy can be a useful way of passing money on to family members or loved ones. This could be because other assets could be destined for another beneficiary named in a will.
Compare Over 50s Protection With Life Insurance Cover
At Life Insurance Cover we search all of the UK Life protection insurers, this enables to do a complete search and compare the market for you. Our experienced team will find the best policy for you, within your budget. Take advantage of our free no obligation quote service and protect the future for you and your family.