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I’ve been asked about this a few times lately, possibly due to ads on TV or else old style plans constantly increasing!
Life cover is available for anyone over 50 years of age WITHOUT any medical underwriting. This means that irrelevant of the person’s state of health they are guaranteed acceptance! If someone is in perfect health, the normal types of cover would be a better option but in a case where someone has a medical history that may get them charged a higher premium or else declined cover, this is a great option. As people get older, the need for cover reduces (as children grow up and mortgages get cleared etc.) so it can be ideal where someone wants to just make sure that their loved ones are not left with the burden of paying for funeral expenses. The way it works is, if the person covered dies within the first two years of the plan, a full refund of premiums is paid out (unless it is due to an accident, then the full cover is paid out!) after that, they are on cover as normal and as long as they keep paying the premiums, they are guaranteed that the premium and cover will never change.
If anyone wants any more information please contact me. For quotes, I just need dates of birth, smoker status and gender. This will increase for females after the gender directive, so there is only a matter of days left!
I got asked yesterday about someone that has had cancer, would they be considered for this?
The answer is YES! It doesn’t matter what the person’s medical history is, there are no medical questions. Once someone is between 50-80 years of age, they are automatically accepted.
Dave.
Just a reminder about this, as there is no medical underwrting, it would still be in time to get the cheaper rates before the gender directive deadline if done in the next few days!
Contact me if you have any questions.
Dave.
My Mam took out a policy like this recently, she has alot of health concerns and would never get covered, so its a great reassurance to have this!
That’s the situation it’s most suitable for Yvonne, where there are health issues that would prevent the normal underwriting process. Of course, if someone is in perfect health it’s worth applying the usual way but the automatic acceptance of this cover is what makes it so good.
Just to clarify, on this type of cover, if the person covered passes away within the first two years of the plan (unless from an accident, in which case there is no 2 year rule) then the premiums are fully refunded. After the two year mark, cover is in place as normal. The understandable reason for this, is because there are no medical questions, someone could be told they have weeks to live and then commence the plan. I hope that explains it but feel free to give me a shout with any questions.
Dave.
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