This Policy will pay out a lump sum in the event of the policy holder passing away. There is a period of 2 years during which, the death benefit will not be payable but if the policy holder were to pass away within this agreed period there would be a payout of all premiums paid to that date.
Life insurance can provide an important financial safety net regardless of your age. Over 70's life insurance is a key financial planning tool at an important stage in anyone's life and the belief that over 70's cover is too expensive is not the case at all. Over 70's life insurance is simplified and low cost and it is also known as term assurance as you can decide how long you are covered for.
There are a number of over 70's insurance policies available, here are just a few;
Over 70's joint insurance policy, this makes it possible to add an additional person to the policy.
Increasing over 70 year old life cover, this is where the premiums can rise over the years.
Re-viewable premium policy, where premiums may rise every set period (what ever term time agreement you have in place)
Guaranteed premium cover, where the premiums stay at the same cost for the life time of the policy.