Over 50 Life Insurance
Article published on 28th August 2015
There comes a time in everybody's life when life insurance policies seem the most effective way to plan for your future and that typically happens as you reach an age where your retirement grows closer and closer and your health begins to fade.
For those that have little to no health disclosures at the age of 50 there are underwritten life insurance plans and for those that have a more severe medical history, non-underwritten policies (often referred to as Over 50 Plans).
Insurance works in a simple way where a contract is formed between an insured person who pays regular premiums to an insurer who in return promises benefits upon the insured personís death. It is generally used to make sure that your loved ones do not suffer from financial hardship.
Most insurers or companies that are offering underwritten life insurance will want to do a thorough questioning and since they are offering life based contracts, the decisions they take are influenced by your lifestyle. The price of underwritten whole life policy is dependent upon research, questioning and review by an underwriter at the insurance company. Insurers might ask about health, lifestyle & habits such as smoking and request the applicantís permission to take a thorough look at their medical history, talk to their doctor and even quite possibly do a medical screening.
Underwriting decides the insurability of a person and a person at high risk is either not insured or has to pay higher premiums.
People that have a sound medical history, that do not fall into the smoker category and do not suffer from any severe illness are likely to benefit more from underwritten life insurance policies due to lower premiums.
Non-underwritten life insurances are the ones that do not require the disclosure of medical history such as illnesses you have suffered from in the past or are currently suffering from.
In return for not asking questions about your medical history, insurers will not cover you for the first two years of cover. These non-underwritten policies also tend to be more expensive than underwritten policies because of the general additional risk that the insurer is taking on.
Many applicants who are rejected on the basis of medical history find the Guaranteed Over 50s Plans the simplest way to arrange cover as there are no medical questions to answer.
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