Here are the answers to some of the most common questions we get asked about Cover Today Over 50s Life Insurance
Cover Today Over 50s Life Insurance is protection designed for UK residents aged 50 to 80. If you’re aged between 50 and 80 and a UK resident, you are eligible to apply. Once you have been accepted, and as long as you keep up with your monthly payments, you will be covered for the whole of your life. It helps you to protect your loved ones from funeral expenses and other debts or to leave a gift behind. Depending on your age, you could get up to £22,000 of cover. Unlike other over 50 life insurers, you will have full protection for death by any cause from day one1.
You choose a benefit amount that suits your needs, with a monthly premium you can afford. There are no medical or blood tests needed. We just ask a few health questions. As long as you keep up with your monthly payments, your protection is whole of life. So, you’re covered from the day you buy a policy until the end of your life. Our prices start from just £4.42 per month2 and you have a choice between level premiums or our Increasing Benefit Option - which can help offset the effects of inflation on your policy.
If you have loved ones that depend on you, or if you want to provide some financial support when you’re gone, over 50 life insurance could be right for you. Your family could use the cash lump sum to help with funeral costs, household expenses, and other debts like credit card repayments or a car loan. You could also simply use it to leave some money behind.
Everyone’s needs are different. That’s why with Cover Today Over 50s Life Insurance, you have a choice of two premium payment options: Level or our Increasing Benefit Option.
Level - If you have a budget that you’d like to stick to, a level policy could be for you. With this type of cover, what you pay and how much we pay out stay the same throughout your policy.
Increasing Benefit Option - With the increasing benefit option, both your monthly payments and your benefit amount will increase each year. This can help to offset the effects of inflation on your policy.
No, health insurance covers the cost of private healthcare. It can help the policyholder receive faster treatment and cover various medical expenses. Life insurance covers your life and pays out to your legal beneficiary when you die. This provides some financial support for your loved ones at a difficult time.
At Cover Today, we believe there’s more to protection than just life cover. That’s why we also provide a range of Health and Wellbeing Services with your policy3. You, your partner, and children up to age 21 will have free and unlimited access to 24/7 GP advice by phone or video, as well as nutrition plans, physiotherapy assessments and mental health specialists.
When you die, any debts you have must be paid out of your ‘estate’. Your estate is the money and property that you leave behind. If you have a mortgage your partner may need to continue to pay it if you die. If you have shared loans, it will likely pass to the surviving person. If there is no life insurance in place when you die, your loved ones could struggle financially.
It’s never too late to consider getting protection for your family. Cover Today Over 50s Life Insurance is designed specifically for UK residents aged 50 to 80. This way, you can help cover funeral costs and other debts when you’re gone. And you can have peace of mind that your family will have some support when it’s needed most.
How much your life insurance costs depends on your individual circumstances. Your monthly premiums can be affected by; your age at the time of applying, whether you smoke, how much cover you want to take out, and whether you choose level premiums or the Increasing Benefit Option. Our prices start from just £4.42 per month2.
At Cover Today, you can choose a benefit amount between £1,000 and £22,000, depending on your age.
How much cover you need depends on what you want it to do. You should think about how much debt you have, how much your funeral costs might be or even how much of a gift you would like to leave behind.
Not sure how much protection you might need? Our life insurance calculator can help you quickly work it out.
We don’t guarantee acceptance at Cover Today. However, there’s no need to provide us with a medical or blood tests. We just ask a few health questions. You must be a UK resident aged 50 to 80 to apply. If you decide to buy a policy, it only takes one phone call to put it in place.
Both types of insurance provide some financial support for your loved ones when you die. Life insurance is typically in place for a set period of time, or ‘term’. Whereas over 50 life insurance offers whole of life cover. That means it’s in place from day one until the day you die.
You can have more than one over 50 life insurance policy. If you take out more than one policy with Cover Today, your total benefit amount cannot exceed the maximum benefit amount for your age. These are the maximum amounts we offer based on age:
When you buy your policy, you’re covered from day one until the day you die for death due to any cause, as long as you continue to make your monthly payments. If you die in an accident, you’ll get 2X your benefit amount paid out up to £44,000.
As well as this, you, your partner, and any children up to age 21, will have free and unlimited access to a range of healthcare services for the duration of your policy. This is a separate benefit and can be withdrawn at any time.
If you leave out important information or lie on your application your policy will not be valid. Cover Today Over 50s Life Insurance is only available to UK residents aged 50 to 80.
We only offer single policies. If you would like to take out cover for both you and a partner, our team would be happy to help you both secure policies.
No, we won’t ask you for a medical or blood tests. Instead, we just ask a few health questions to determine your eligibility.
Cover Today Over 50s Life Insurance is designed for UK residents aged 50 to 80. That means you can apply for our whole of life cover if you’re in your 60s or 70s. We’ll be happy to help you find the cover that suits your needs and budget.
With Cover Today, you have a choice between level premiums or the Increasing Benefit Option. With level premiums, what you pay each month will stay the same for the duration of your policy. Your benefit amount will also stay at the same level. If you choose the Increasing Benefit Option, both your monthly payments and your benefit amount will increase each year. This can help to offset the effects of inflation on your policy.
No, there is no cash in value at any stage of your policy.
Yes. If you change your mind, you can cancel your Cover Today Over 50s Life Insurance at any point during your policy. If you cancel within the first 30 days of taking out a policy, you’ll be entitled to a full refund of premiums paid. After this period, if you cancel your policy, you won’t get back any payments already made.
A claim should be made as soon as possible after the death occurs. To make a claim, please contact us in one of these ways:
We'll send a form to be completed, signed and returned with supporting documentation. As soon as the claim is accepted, we will pay the benefit to the person who is legally entitled to it and we will refund any premiums paid between the date of death and the date the claim is paid.
Your plan and protection will end if you miss two consecutive premium payments. You won’t get back any premiums you have already paid.
You can put your Cover Today policy into trust. We have a Flexible Trust Form available that can be used to help you put your policy into trust. If this is something you are thinking of doing, you can seek independent legal advice to provide further guidance. We are unable to give you any advice or recommendation on the suitability of trusts.
There is no specific tax on life insurance in the UK. However, your payout may be subject to inheritance tax (IHT). The payout is part of what’s known as your estate and if your estate is over a certain threshold, it could be included in the IHT calculation.
If you need any additional information, you should contact a financial advisor or solicitor for guidance and advice. The Government may change some of the details around IHT, so make sure to check their website for the most up to date regulations.
With Cover Today, you have cover for death due to any cause from the moment you're accepted for cover and buy your policy. Acceptance is subject to some simple health questions.
Yes, you may get Cover Today Over 50s Life Insurance with a pre-existing medical condition. However, you should be aware that you will have to answer a few simple health questions during the application process. It’s important that you are honest about any pre-existing medical conditions. If you don’t disclose any health issues that you have, it could mean that we might be unable to pay your life insurance claim when the time comes.
Cover Today Over 50 Life Insurance is flexible so you can apply to make changes to your policy at any time. Our UK based Customer Service team are available to help you through the process Monday to Friday from 9am to 7pm (excluding bank holidays) on 0800 470 4367.
Cover Today Over 50s Life Insurance is a whole of life policy. So, if you continue to pay your monthly premiums, your cover will stay in place last for the rest of your life. If you decide to cancel your policy or you miss more than two consecutive monthly payments, your cover will end.
Yes, you can still get Cover Today Over 50s Life Insurance if you are a smoker. However, your smoker status will have a direct impact on the cost of your policy and will result in higher premiums.
You can get Cover Today Over 50s Life Insurance over the phone. Our friendly UK-based team is available Monday to Friday from 8am to 9pm, Saturday from 9am to 6pm and Sunday from 9am to 5pm (excluding bank holidays).
During the application process, we will ask you a few simple health questions. Once you've been accepted your protection will be in place instantly. From there all you’ll have to do is make sure that your monthly payments are paid, and you’ll have cover in place for the rest of your life.
With Cover Today you have protection 24/7 no matter where you are in the world. However, the costs of repatriation of a body can be high. While Cover Today Over 50s Life Insurance could help towards the costs of a funeral, repatriation might exceed the payout amount of the policy.
If you intend to travel abroad at any point it is important to consider travel insurance. This kind of insurance can help cover the costs of repatriation of your body. Once your body has been returned to the UK, the funeral can then be planned.
No, your policy will not be cancelled if you become ill.
Not every over 50 life insurance product is perfect so there are a few things that you should bear in mind when purchasing a policy from us. You should carefully consider the benefit amount that you choose during the application process. Unfortunately, inflation can reduce the buying power of your benefit amount over time. To help protect your policy from some of the effects of inflation you can choose to add the Increasing Benefit Option. If you do, your premium and benefit will increase every year.
Another thing to consider is that Cover Today Over 50s Life Insurance is not an investment or savings product. If you stop your monthly payments, you will get nothing back. It’s also important to consider that depending on how long you live, you may pay in more than we pay out.
Your age at the time of your application will directly impact the cover amounts that you can apply for. In general, the older you are when you apply, the lower the benefit amounts you can apply for. Here are the benefit amounts that you will be eligible to apply for based on your age:
This depends on who is legally entitled to the life insurance benefit at the time of a claim. To start the claims process, your loved ones need to contact us via email, post or over the phone. We’ll then send a form to be completed, signed and returned with supporting documentation. When the claim is accepted, we’ll pay the benefit to the person who is legally entitled to it. We will also refund any premiums paid between the date of death and the date that the claim is paid.
With Cover Today Over 50s Life Insurance, you will have cover from the moment you secure your policy. Unlike other over 50 life insurers, we provide instant cover1. You will be covered for a full payout from day one for death by any cause.
Cover Today Over 50s Life Insurance is available for UK residents aged 50 to 80. We ask a few simple health questions to determine your eligibility. If you meet these requirements, you can get up to £22,000 of cover depending on your age.
There is no ideal time to get over 50 life insurance but the younger you are at the time of applying the higher the amounts you could potentially have access to. Here is a quick breakdown of the potential amounts you could apply for based on your age at the time of applying:
Your age will directly impact the benefit amounts that you can apply for. With Cover Today, you can apply for up to £22,000 of cover but this will depend on your age at the time of applying. However, you should be aware that the cost of your life insurance will depend on several factors, not just your age. These factors can include your smoking status, the benefit amount you choose and whether you decide to add the Increasing Benefit Option.
Over 50 Life Insurance has been designed with people aged 50 to 80 in mind so the prices reflect this. Cover Today Over 50s Life Insurance starts from just £4.42 a month for a 50-year-old non-smoker with a £1,000 benefit amount.
If you miss two consecutive monthly premium payments, your cover will stop. If you lie on your application or leave out important information, your policy will not be valid and may not pay out.
Cover Today Over 50s Life Insurance has been designed with you in mind. We have worked hard to make sure that the experience of securing life insurance is as smooth as possible. So that means once you’ve secured your policy, you can get back to enjoying life as it should be without worrying about the future.
You can contact our UK-based life insurance specialists today for free. They are ready and waiting to help you get your very own personalised quote. We won’t take up any more of your time than we absolutely need to. Which means you can get on with enjoying life, stress-free.
You are covered for Over 50s Life Insurance from day one, once your application is successful. Compared to current market providers of over 50s life insurance, only Cover Today offer immediate cover for death due to any cause. Visit covertoday.co.uk/compare-over-50-life-insurance/
For a 50-year-old non-smoker with £1,000 of cover.
Please note that the Cover Today Health and Wellbeing services do not form part of your life cover contract and it could be changed or removed in the future. This is a non-contractual benefit from Cover Today and can be withdrawn at any time.