Legal & General’s “Over 50s Life Insurance” is a type of life insurance policy specifically designed for individuals over the age of 50. It is a whole life insurance policy, meaning that it covers you for the entirety of your life and is generally easier to qualify for than other types of life insurance. Here is an outline of how Legal & General’s Over 50s Life Insurance works:
- Eligibility: To be eligible for this policy, you must be aged 50 to 80 and a UK resident.
- Coverage: The policy provides coverage for the entirety of your life, as long as you continue to pay the premiums. There is no medical examination required to apply for the policy.
- Premiums: Premiums for this policy are fixed and are based on your age at the time of application. They do not increase as you get older.
- Payment of benefits: The policy pays a cash sum to your beneficiaries upon your death. The amount of the cash sum is based on the coverage amount you choose when you apply for the policy.
- Optional add-ons: Legal & General offers a number of optional add-ons that you can choose to include in your policy, such as accidental death coverage and critical illness coverage.
- Exclusions: As with any insurance policy, there are exclusions and limitations to the coverage provided by Legal & General’s Over 50s Life Insurance. For example, the policy does not cover deaths resulting from suicide or self-inflicted injury within the first 13 months of coverage.
Legal & General’s Over 50s Life Insurance is a type of whole life insurance policy specifically designed for individuals over the age of 50. It is designed to provide coverage for the entirety of your life, as long as you continue to pay the premiums.
To apply for the policy, you must be aged 50 to 80 and a UK resident. No medical examination is required to apply for the policy. The premiums for the policy are fixed and are based on your age at the time of application. They do not increase as you get older.
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Legal & General offers a number of optional add-ons that you can choose to include in your policy, such as accidental death coverage and critical illness coverage. However, as with any insurance policy, there are exclusions and limitations to the coverage provided by Legal & General’s Over 50s Life Insurance. For example, the policy does not cover deaths resulting from suicide or self-inflicted injury within the first 13 months of coverage.
Legal & General’s Over 50s Life Insurance is available to individuals who are aged 50 to 80 and resident in the UK. It is not available to individuals outside of the UK.
If you are a resident of a country other than the UK and are interested in purchasing life insurance, there are likely other companies and policies available to you that are specific to your country of residence. I recommend doing some research and consulting with an insurance agent or financial advisor to find a policy that is suitable for your needs.