Over 50’s Life Cover.

Over 50’s life insurance works in a slightly different way to normal life assurance as there is usually no underwriting or medical checks before cover is put in place.

As a result of this, an over 50’s plan could be more beneficial and suitable for someone with a poor medical history.

Over 50’s plans are usually paid for the rest of your lifetime and pay out a lump sum in the event of death.

There can be an initial qualifying period of 2 years during which the death benefit will not be payable and in some cases the premiums will be returned.

As the premiums are payable for the rest of your life and because this period is unknown, it will sometimes mean that you are paying more for the cover than you would receive as a benefit.

If you are over 50 then you can still purchase a standard life insurance policy and we can advise you on the cost.

CFM Financial Planning can advise you of which route to take after speaking with you regarding your medical history.

In some instances a Whole of Life Policy is better suited as the sum assured are usually capped higher.

We always recommend advice to make sure your family has the maximum amount of cover possible within budget.

CFM Financial Planning can explain the benefits of placing policies into trust.

There are several benefits to trusts that will assist your family at this traumatic time.

The main benefits are as follows:

• The lump sum will not form part of your estate for inheritance tax purposes on death.
• Avoids the probate process and ensures a speedy payment to your beneficiaries, the people who need it most.
• Allows you to nominate the beneficiaries.

Trusts are flexible and you always remain in control.