Zestylife’s Over 50 Life Insurance is a whole of life policy. This means that you pay monthly premiums until the policy anniversary following the 95th birthday and your loved ones are guaranteed a payout when you die. After you reach the age of 95 your cover is free. Unlike term life insurance, which has a policy end date, a whole of life insurance policy ends when the person who's insured dies.
You can choose to take out a single or a joint policy. With a single policy, you are insuring just one person under the policy. So, if you die, your loved ones will receive one payout.
A joint policy, on the other hand, is where you insure two people under one cover. Your premiums will be calculated according to information required from both policyholders. Usually, a payout is made when the first person dies, and the policy then ends. With Zestylife, there are two payouts for each life insured with a joint policy. One when the first person dies and a second when the remaining person on the joint policy passes away.
With other Over 50 Life Insurance policies you will have to wait a certain amount of time until you have full coverage. At Zestylife, we will ask you a few health and lifestyle questions and if you have been accepted you are covered from day one.1