50 life cover
What is 50 life cover?
50 life cover is a form of life insurance and is offered to customers who reach their 50th birthday and still feel that they need insurance for their lives. 50 life cover provides customers over 50 with an insurance policy that will pay their family a lump sum payment if the customer was to lose their life during the term of the policy.
50 life cover provides customers with peace of mind that should the worst happen, their family will be looked after, financially at least.
Why do I need 50 life cover?
50 life cover is ideal for customers over the age of 50 who still have financially responsibilities. These responsibilities can include an outstanding mortgage, children who have not left home or just providing for the family home before you and your partner begin drawing a pension.
You should ask yourself what would happen to your family’s finances if you were to die tomorrow? Who would pay for the household bills, and pay the mortgage, and who would pay for your children’s school trips and clothes, and then held them afford university. If you don’t have savings, or family income that will help make up for the loss of your income, then the payout from a 50 life cover policy can help your family.
The payout will vary based on the level of cover you decide to take out, but many people have a payout that will pay off their mortgage in full, and leave enough money behind to pay for household bills until the family find a way back on their feet.
Why would I need 50 life cover at 50?
Many customers may wonder why they will still need life insurance, or 50 life cover at the age of 50, but with many people now having mortgages well into their 50s and 60s, they importance of leaving your family financially secure should the worst happen should never be underestimated. With many still having children at home at the age of 50 as well, and with the cost of university and first time homes increasing, your family face having the children around for a lot longer than they would have in the past, and your family will need extra income to afford this.