For those who want to leave any money behind for their partner, children, grandchildren, etc. as a little parting gift, these types of policies are your best bet. These policies continue for the rest of your life i.e. they don’t have any expiry date on them so they’re not really a gamble unlike the term policies.
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The only difference between the two (over 50s & a regular whole of life cover) is that an over 50s policy is a non-medical one & is therefore suitable for people with critical medical conditions as they may not be able to get a regular policy due to their condition/s. It also pays out lesser as compared to a regular policy simple because it’s not an underwritten policy.But for those who can only set aside a small amount of money each month & in return want to leave some money behind for their family to take care of the funeral expenses, etc. this can be an appropriate solution.
Our advisers here would be happy to help you decide which option you should go with, depending upon your circumstances & requirements.