Guaranteed acceptance (over-50s plan)
Life cover for over-50s with no medical questions, capped pay-outs and a qualifying period.
Over-50s plans offer guaranteed acceptance within an age band: no medical questions, no examination, and a fixed modest pay-out in exchange for a fixed monthly premium. The trade-offs are structural: the sum assured is capped well below underwritten cover, an initial qualifying period — commonly one or two years — means death in that window returns premiums rather than paying the sum assured, and because premiums are payable for life (or to a set age), long-lived policyholders can pay in more than the plan pays out. The FCA has published expectations on how these products are sold.
