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4 Things You Didn’t Know About Your Own Life Insurance Policy

how to succeed in lifeLike all financial products and services, life insurance for over 50s can be a minefield of small print and hidden terms and conditions that could come back to haunt you if you’re not fully aware of them. Each policy is different, and there may be pieces of information that you miss or aren’t made fully aware of.

The issues with a lot of policies, that you might not be aware of, are actually solved by the new Lifetime Payback Guarantee deal which has been devised by specialist over 50s life insurance provider, British Seniors.

1) You might end up paying in more than you get out

One of the major issues with life insurance, especially with over 50s policies, is that you might end up paying more than your family would receive upon your death. For example, if a customer is paying £20 per month for £1,000 benefit upon their death, after 51 months they would have paid in more than the policy total and still only receive £1,000.

Not only does the Lifetime Payback Guarantee policy guarantee that you will receive the full amount of the benefit (for instance, if you had a life insurance policy for £10,000 and you were to die having only paid £1,000, your payout will still be £10,000) but, if you pay more in, the benefit amount will change to reflect that. If you had a life insurance policy for £10,000 but actually paid £12,000, the payout would be £12,000—the full amount you have paid in.

2) You don’t have to go through medical tests

A lot of life insurance policies are based around the medical histories of the applicants. However, this could be regarded as intrusive by people who do not want to reveal their medical histories to companies which could do anything they want with that information.

Lifetime Payback Guarantee policyholders will never be asked any medical questions or requested to undergo tests in advance of their acceptance. The only eligibility criteria you have to meet are your residence (the UK) and your age (between 50 and 79). However, if you were to die before the first 24 months of the policy have elapsed, the money paid to that point would simply be refunded.

3) You can change your benefit amounts

Many policies have fixed benefit amounts – once you have agreed to pay a specified amount up to a certain point every month, it won’t be possible to pay either more or less. You would have to cancel the policy completely if you wanted to end it, and this could result in you losing the money you have already paid in.

With the Lifetime Payback Guarantee policy you can increase or decrease your benefit amount at any time, giving you full control over the total your family will receive upon your death. This will affect the premiums you pay every month, with an increase resulting in a new deferred period relative to the increase amount.

4) You can add a partner

You are often required to specify whether you want a single or joint policy before you sign up, with no option to make changes in that regard once the policy has started.

However, with the new Lifetime Payback Guarantee which British Seniors Insurance Agency has brought to the market, you can add a partner after the policy has started. This may be something you want to do if you meet somebody after you have signed up. The only requirement is that they meet the same eligibility criteria as everybody else, as specified above.

Will you do your due diligence and look into the Lifetime Payback Guarantee today?



My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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