Taking out an over 50s life insurance plan can be used as a means for loved ones to help towards some financial burdens after your death. Whether used to help cover the costs of the funeral, or contribute to paying outstanding bills, it can present a useful lump sum. However, this is not a funeral plan and therefore may not cover the full cost of a funeral.
Though not affording ongoing financial security, an Engage Mutual over 50 life cover plan can provide a cash lump sum for those loved ones who are faced with unexpected costs when the policyholder passes on. By contributing to these costs with the money received, this lump sum could help alleviate pressure during a difficult time.
Coping with the passing of a loved one is naturally a hard time for families, so if you know that some financial support is in place to contribute towards things such as the costs of a funeral or to help towards tying up some other financial loose ends, it can be one less burden for those loved ones to deal with.
The sum of money that an over 50 plan provides could be used to help with the payment of any small debts that may still exist. Household bills, for example, could still be due, whilst outstanding credit card payments may also need to be met.
An over 50 life insurance cover plan is a straightforward way to provide a cash lump sum to your family when they might need it most, offering the policyholder some peace of mind in later years.
If you do feel that an over 50s plan is the right product for you, Engage Mutual Assurance can help. We offer a range of different levels of cover, whilst all UK residents aged between 50 and 80 are guaranteed to be accepted without the need for a medical. It should be noted that this is not a savings plan and has no cash in value at any time.