This type of life insurance policy has been designed specifically for the Over 50s and pays out a cash lump sum upon the death of the person insured. People are generally drawn to this type of policy because they are simple and affordable. Cover can be selected either by choosing how much money you want to leave for your loved ones or how much you want to pay out on a monthly basis.

The Cash sum varies depending on your age and at the moment whether you are male of female however this is due to change next year as a ruling prohibiting the current practise of pricing according to gender has been agreed.

Cover is usually guaranteed regardless of any health or medical issues so as long as you are within the age limits (these vary from company to company but are usually either 50 to 80 or 50 to 85), you will be covered. These types of Over 50 life insurance plans do have a moratorium which means that payment will not be made if you die within the first one or two years of taking out the plan, again this varies from policy to policy.

As the Over 50 Plan provides a cash sum on death, there is some flexibility for the family on how the money can be used however most people who buy the plans and in fact their beneficiaries use the money for funeral purposes.

One point worth considering is that with these insurance policies, there is a possibility that you could pay more in premiums than the cash sum that will be paid to your family. This all depends on how long you live once you have purchased your plan (the longer you live the more you pay) and is the age old gamble with insurance. At the end of the day you are paying for that peace of mind, knowing that your family will have a sum of money after you have gone.

The value to many is the reassurance of knowing how much money is paid on a monthly basis, how much will be paid out when the time comes and the fact that they have left financial help for their family and loved ones. These policies allow you to plan your budget and always know where you stand. If you do decide at a later date that you want additional cover, you can also take out further policies but they will also carry the two year moratorium.

Simple, straight forward policies at an affordable price and with cover guaranteed. That's what makes Over 50 life insurance plans> so appealing to many people.