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Summary
This article looks at the over fifties life insurance plans that do not ask any medical questions but are they financially worth it? Read on for more information.

The over fifties life insurance plans are selling like hot cakes. 

 and are often advertised by well known stars like Jerry Hall and Michael Parkinson. Consumers who take out these life insurance policies may be paying a lot more in than their recipients will get out.

Guaranteeing a pay out on the insurance holders death, payments commence at around 7 pounds escalating to around sixty pounds. Sold to consumers between 51 and 79 the payout depends on the payments paid, gender and age when the policy begins.

Significantly, no enquiries about their health are made.  Some payment plans stop after a specified amount of time, but are valid until the insurance policyholder passes away. In other insurance plans the payment is made until the holder passes away, in spite of this policyholders could pay more in than they get paid out depending upon when they pass away.

Referring to promotions for 50 plus from LV, Karl Simms of independent financial advisers Investmentbox says ‘I can’t understand Nigel Havers sanctioning this sort of life insurance plan. He is an outstanding act, but it’s impossible to say the same for this insurance policy.’

A director at The Post office’s over 50’s Life Cover, Mark Combs defends Douglas’s role, saying he is just making consumers mindful of the insurance plans existence , for which there is a terrific demand .He says, ‘The attraction is their affordability because of their guaranteed acceptance process and the low premiums.’

Still, you could get a better deal elsewhere purchasing regular cover on the same terms ‘People could get 3 or 4 times as much for their money from a regular life policy, in return for answering a few questions.’ Says Gerald Parkins of Clarence financial services.

Not asking any medical history forces much dearer payments as these policies tempt clients with pre-existing illnesses who may die before the insurer has covered its cost. Insurance companies also restrict any payouts for the first two or three years to  protect themselves. A reimbursement of the payments made is normally reimbursed if a policyholder departs this life from natural causes during this time.

Director of financial services at Direct Line, Peter Yale, states that the cost could be less for regular life cover but usually by the time you get into your fifties, many have endured some form of medical condition, consequently why clientsprefer the over fifties policies. Insurance holders’paying in more than they ever get backis one sphere he doesn’t concur with. ‘We limit the payments, when we compile the plan,’ he states, meaning once policyholders have paid the sum assured their payments cease.

Most over-fifties life insurance plans do sooner or later have cut off postions, but lots of policyholders have paid more than necessary before this time. Premiums usually cease at 85 with the LV plans and the post office running them for a set term.

One of the major reasons clients takeout these insurances is to cover burial expenses. On the other hand, the ultimate pay out may perhaps not be nearly enough. An up-front payment policy would perhaps be a better choice with Swan Hill and District Funerals supplying four packages costing between 2,699 pounds and 3,304. This type of plan can be paid for over three years.