Over 50 Life Insurance made simple: your need-to-know guide
When it comes to sorting your finances, taking out life insurance is probably high on your to-do list. Yet given it can be quite a complex subject, you just *might* be putting it off…
While it can feel confusing getting to grips with life insurance, it’s an important part of your financial planning.
Here’s the top 5 things you need to know about Over 50 Life Insurance … and we promise there’s no financial jargon in sight!
1. What is Over 50 Life Insurance?
Over 50 life insurance pays out a lump sum of money when you die to a person of your choice.
2. Who can take out Over 50 Life Insurance?
Co-op Over 50 Life Insurance is available to UK residents aged between 50 and 80. Our insurance offers guaranteed acceptance meaning you don’t have to answer any medical questions.
3. How much does Co-op Over 50 Life Insurance cost?
Less than you might think! Co-op Over 50 Life Insurance starts from £3.95 a month.
You get to choose a fixed monthly payment starting from £3.95 and?you can leave behind up to £10,000. The size of your monthly payment affects the amount that is paid out on death.
4. What do I need to know?
You will pay your monthly premium until the anniversary date of your policy after you turn 95, or your death, whichever comes first.
If you need to stop paying, we promise that your family can still get half of the payout when you die, as long as you’re at least halfway through paying for your policy. That’s halfway from the start of the policy until the policy anniversary date after you turn 95. You stop paying at that policy anniversary or when you die, whichever comes first.
You could pay in more than you receive.
Your monthly payments could add up to more than your payout depending on how long you live.
Over time inflation will reduce the value of the payout amount.
You are fully covered after two years.
If you die within the first two years as the result of an accident we will pay in full, if your death is not as the result of an accident, we will refund the amount you have paid so far.
You can have multiple policies with Co-op, taken out at different times. The maximum amount of cover across all of your policies is £10,000.
5. Can I take money out of my Co-op Over 50 Life Insurance policy?
Also, if you cancel your Co-op Over 50 Life Insurance payments before you are halfway through your policy, your policy will end, and you won’t get any money back.
Over 50 life insurance is offered through Co-op Insurance Services and is provided, underwritten and administered by The Royal London Group.