Over 50 Life Insurance
Level Term Insurance
The policy is paid on death and the payout will remain the same throughout the term of the policy. At the end of the specified term, the policy simply expires and has no value.
Increasing Term Insurance
Such policies usually increase by 5% a year or in line with inflation. This type of policy can be beneficial if you intend to insure for a long period, helping to prevent rising prices from eating away at your cover.
Decreasing Term Insurance
The opposite of an Increasing Term policy a Decreasing Term results in the level of cover falling each year until the policy reaches zero. This type of cover is mainly used to assist in the repayment of loans.
Convertible Term Insurance
Allows you to convert your existing term insurance policy into a 'whole of life' or endowment policy. The beauty of such a policy is you cannot be refused a new policy based on the state of your health. However, you will incur higher premiums - usually 10% higher than basic policies.
Renewable Term Insurance
A renewable term insurance policy allows you to renew your existing policy at its expiration. Much like convertible term insurance you will be able to renew your policy irrespective of your state of health. However, some policies may not be renewal if you're over a certain age at time of renewal, for example over 65 years.
The policy is paid on death and the payout will remain the same throughout the term of the policy. At the end of the specified term, the policy simply expires and has no value.
Increasing Term Insurance
Such policies usually increase by 5% a year or in line with inflation. This type of policy can be beneficial if you intend to insure for a long period, helping to prevent rising prices from eating away at your cover.
Decreasing Term Insurance
The opposite of an Increasing Term policy a Decreasing Term results in the level of cover falling each year until the policy reaches zero. This type of cover is mainly used to assist in the repayment of loans.
Convertible Term Insurance
Allows you to convert your existing term insurance policy into a 'whole of life' or endowment policy. The beauty of such a policy is you cannot be refused a new policy based on the state of your health. However, you will incur higher premiums - usually 10% higher than basic policies.
Renewable Term Insurance
A renewable term insurance policy allows you to renew your existing policy at its expiration. Much like convertible term insurance you will be able to renew your policy irrespective of your state of health. However, some policies may not be renewal if you're over a certain age at time of renewal, for example over 65 years.
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