Sunlife Over 50s Life Insurance
SunLife over 50s life insurance is a type of life insurance policy designed for individuals who are 50 years of age or older.
Here are some key features of SunLife over 50s life insurance:
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- Guaranteed acceptance: Unlike some types of life insurance, SunLife over 50s life insurance offers guaranteed acceptance without requiring a medical exam or health questions. As long as you are between the ages of 50 and 85, you can qualify for coverage.
- Fixed premiums: SunLife over 50s life insurance policies have fixed premiums that do not increase over time. This means that your premium will not go up as you get older or if your health changes.
- Guaranteed payout: SunLife over 50s life insurance policies offer a guaranteed payout to your beneficiaries when you pass away. This payout is usually a lump sum payment that can be used to cover final expenses, such as funeral costs, or to provide financial support to your loved ones.
- Limited death benefit in the first two years: Most SunLife over 50s life insurance policies have a limited death benefit in the first two years of coverage. If you pass away during this period, your beneficiaries may only receive a portion of the total death benefit or a return of premiums paid.
- No cash value: SunLife over 50s life insurance policies do not accumulate cash value like some other types of life insurance policies. This means that you cannot borrow against the policy or cash it in for a lump sum payment.
It’s important to review the policy details carefully before purchasing a SunLife over 50s life insurance policy to ensure that it meets your needs and budget. It may also be helpful to compare policies from different insurers to find the best coverage for you.