The lump sum payout on an Over 50 Life Insurance Plan is usually much smaller than the payout on a Life Insurance Plan. The other difference is that you can’t take out a joint policy for our Over 50 Life Insurance Plan. Over 50 Life Insurance Plan. You must be aged between 50 and 80 and a UK resident., Increasing term life insurance, also known as index-linked life insurance, will increase in cover over time. This increase is normally set to match the rate of inflation. By doing this, you can preserve the value of your life insurance pay-out and prevent your policy from depreciating over time., Term life insurance is a guaranteed life benefit paid to the insured's beneficiaries after death. Policies last for a specified term, usually 10, 15, 20 years or more., A payout from term life insurance helps cover the household expenses, such as childcare and other types of expenses. Term insurance plan for Taxpayers: Term life insurance plans offer tax benefits that help save your taxes. The premium amount paid towards a term insurance plan is eligible for a tax deduction under section 80C of the Income Tax , Term life insurance is a type of life insurance policy that provides coverage for a specified term, typically ranging from 10 to 30 years. If the insured individual dies during the term, the policy pays a death benefit to the designated beneficiaries ., Term life insurance is a type of insurance policy that covers you for a fixed period or ‘term’ of years. For example, if you take out a fixed-term life insurance policy that covers you for 50 years and you die within that time frame, then your beneficiaries will receive a cash lump sum..