From 50 to 80
Customers can pick their premium rate, which of course will influence the sum assured. You are guaranteed to qualify providing you're a UK resident aged between 50 and 80 at the time of application.
Applications can be made online, by post or telephone.
Funeral expenses
Those approaching their 60s most commonly buy life products of this type to put towards their funeral costs, when they don't want to explicitly buy a pre-paid funeral plan However, the proceeds of the new policy can be used for anything.
Funeral fees have gone up substantially over recent years while recent reports** suggest that many hard-pressed councils throughout the UK are substantially increasing both burial and cremation costs.
It's really important – if difficult – to think about how such costs are going to be met.
"The 50 Plus policy can provide a useful cushion for loved ones at a time when many life policies, such as mortgage protection cover, will have run their course," adds Huggins.
"I'm sure that as many people get older, they believe that life cover is not available or not affordable. AA 50 Plus puts life insurance within reach, even up to age 80."
* AA Life Insurance, winner of the Moneyfacts Most Competitive Term Assurance – Direct Provider: 2010, 2009, 2008
** Some London councils have increased burial costs by as much as £330 to help bridge budget shortfalls; Salisbury Council has increased costs by £100 while in some parts of Scotland funeral costs are set to double (sources: Evening Standard; Salisbury Journal; Scottish Sun, all January 2011)