Standard Life Over 50s Life Insurance Review
Finding the right over 50s life insurance policy isn’t easy, despite there being so many companies offering this kind of cover these days.
Of course, when looking for a life cover quote it always makes sense to check out the main points about any type of insurance you are thinking of taking out. Bearing this in mind, I decided to check out the Standard Life Over 50s Life Insurance policy, known as the LV= 50 Plus Plan, to see how it stacks up.
You have probably already heard of Standard Life, which is a good start when looking at any insurance offers. It is a giant, global company with over 4 million customers all around the planet. Standard Life has been around since 1825, so it is a well-established company that is also highly respected.
The Basics of the Cover – Guaranteed Acceptance
One of the best things about the Standard Life over 50s cover is the fact that it offers guaranteed acceptance. This means that no medical or health questions are asked of you. Provided that you live permanently in the UK and are between the ages of 50 and 80 you are guaranteed to be accepted for this cover. Clearly this removes a lot of the doubts and fears for anyone who doesn’t want the inconvenience and annoyance of being asked a lot of personal questions before being accepted for life cover.
The Basic of the Cover – Guaranteed Price
Ok, so now that you know that you are guaranteed to be accepted for this policy, the next point to spring to mind is how much it will cost you and how much it will pay out on your death. The price depends upon your age and starts at just £7 per month. There is a very simple quote form on the Standard Life website where you enter your age and gender. You then choose the amount you want to pay each month or how much you want to be covered for. After these simple steps you will get a quote telling you exactly how much you need to pay and the cover you will get for it. You can choose to go back and change the figures in order to get quotes at different levels. The amount you pay monthly is guaranteed to stay the same for the duration of the policy, so you don’t need to worry about your premiums increasing as you get older.
The Basics of the Cover – Guaranteed Payout
So far so good but how much will it pay out upon your death? This is the sort of subject that none of us likes to spend too long thinking about. However, by considering it briefly you can put your mind at ease for the rest of your life. In this case, the policy gives a guaranteed cash payout of the amount you saw when getting an online quote. This is paid out if you die more than a year after you start the plan. If the worst happens before this, then your relatives will get back any premiums that you have paid up until this point. You obviously need to still be making payments and have the plan in force at the time of death too. This is paid out in the form of a lump sum, which could help your surviving relatives to deal with the likes of funeral expenses or any other bills or payments they might need to make. The minimum level of cover you can take out is £1,000 and the maximum is £25,000. It is also recommended that you review your level of cover over the years, to ensure that the payout amount is still enough to cover what you want it to be used for.
The main benefit of the LV= 50 Plus plan is that Standard Life keep the whole thing simple and easy to set up. If you want the peace of mind of a good life insurance policy then the reputation of Standard Life and the guaranteed acceptance with this one make it a good choice. The fact that you pay a fixed amount each month which stays the same throughout the cover and then you get a guaranteed payout upon death makes it an easy type of cover to understand and rely upon.
Insurance products available through Standard Life Direct are provided by LV=