Over 50’s Whole Life Insurance FAQs

Approaching older age may seem daunting for some and for others it is just another year. However, as your age creeps up, it is important to take into consideration the potential health risks associated with getting older. Whether you are fit for your age or have some health issues, it is important to be prepared for what may or may not come in the future. Ensuring that you are protected with over 50’s whole life insurance means that you can rest assured knowing that in a case of death, your family will be taken care of financially and any other debt related expenses will be covered. Get in touch with the friendly team at Hello.ie today to find the most competitive over 50’s life insurance quotes on the market.

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What is Over 50’s Whole Life Insurance?

Over 50’s Whole of Life cover brings you a guaranteed lump sum when you die. This lump sum can be used to pay for necessary expenses, any financial strains or simply to leave something behind for your loved ones. The lump sum is guaranteed as long as you continue to make payments up to the date of your death. When you reach age 90 you are no longer required to pay, yet your cover continues until the time of death. For the first 2 years of the policy coverage only applies to accidental death upon which the premiums will be refunded. After 2 years, you are fully covered for the amount of life cover shown in your schedule.

What does Over 50’s Whole Life Insurance Cover?

Over 50’s whole life insurance will only cover you in the event of your death. In this case, the lump sum payment is paid to your family or whoever your chosen beneficiaries may be. When they receive the payment, it can be used to cover the cost of funeral expenses, unpaid loans or debts such as credit cards or medical bills and any other related costs. It can also be used to simply leave behind inheritance for your loved ones or to ensure they are not burdened with financial stress after you are gone. As long as you are aged between 50 and 80 and live in the Republic of Ireland you qualify for this product. No medical details or medical examinations are required and signing up with Hello.ie is as simple as answering a few questions and completing an application form.

What does Over 50’s Whole Life Insurance Not Cover?

Over 50’s whole life cover does not act as critical illness cover. If you are diagnosed with an illness that is financially straining, you will not be protected by your over 50’s life insurance. If you are over the age of 50, still working and are unable to work due to illness or injury, your over 50’s life insurance will not act as income protection. It is advised that you take out separate policies to cover illness and income protection.

Am I required to Take Out Over 50’s Whole Life Insurance?

The answer is no, you are not required to take out over 50’s whole life cover. However, it is strongly advised especially for those who are concerned about what will happen to their family financially after they die. It also gives you peace of mind knowing that your loved ones will not have to face any stresses to do with death related expenses.

Why do I Need Over 50’s Whole Life Insurance?

Over 50s life coverage is important especially for those who have families and those who want to ensure there are no financial difficulties left behind after they are gone. Benefits of having over 50s life cover are that a medical is not required which is often the case when applying for other life insurance policies and you are likely to be accepted regardless of your health status. One of the most appealing factors of an over 50s plan is that some require you to pay just a few euros a month. If you wish to pay more than this to receive a larger pay out then, of course, you can do so. Although a traditional life insurance policy typically pays out a larger lump sum, the monthly payments are usually higher. Therefore, for some older people who are retired, an over 50s life insurance plan is convenient and affordable. Taking out an over 50s life insurance policy is a great way to protect your loved ones from any financial hardships you may leave behind after you die or simply acts as a way for you to leave them something once you are gone Contact the friendly team at Hello.ie today for help in getting the most competitive over 50s life insurance quotes in the market and they will find you a policy that you will be more than happy with.

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