60 years of age is a big life insurance for diabetics type 2 birthday and many people want to be sure their loved ones will be taken care of when they pass away. With advances in medical science, it is now possible for a person to live well beyond 60 and over 60 life insurance uk is available from most insurance providers.
Over 60 life insurance is usually whole of life policies which last for the policyholder’s entire lifetime and guarantee a cash sum pay-out. These are typically more expensive than term or level term policies and the state of health is usually a factor in the cost. However, over 60 plans may not require a medical and some insurers will provide guaranteed acceptance of those who apply.
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For the most part, these types of insurance plans are used to pay for funeral costs, outstanding debts or to leave a gift to your loved ones when you die. But they can also be used to help cover the cost of care and living expenses in your later years. Some even cover a lump sum of income that would have been earned from your employment.
However, this type of insurance is not ideal for everyone according to Martin Lewis – particularly since the amount you pay in premiums could end up being more than what your family gets out of it when you pass away. He recommends doing your research to find the right plan for you.