Three new guaranteed acceptance life insurance plans will be launched for the over 50s.

The Fixed Plan, Increasing Plan and the Funeral Plan will be launched by the insurance provider, Legal & General stating that its applicants will be guaranteed to be accepted for cover.

The plans only apply to applicants aged between 50 and 80 will only be available online, by post or over the phone.

The benefits for its Increasing Plan and Funeral Plan will increase in line with inflation. Yet policyholders are able to freeze their sum assured when they wish.

Alan Ferguson, the director of marketing and channel development said: "People traditionally take out this type of life insurance to provide their family with funds to go towards funeral expenses or unpaid bills, or as a gift for children or grandchildren.

"We're launching three different plans to give people the flexibility to choose the product which best serves their needs.

"If inflation is a concern, then two of our plans are index-linked and the Funeral Plan is specifically designed to help with funeral costs."

He added that the "Over 50s plans can provide valuable peace of mind at a difficult and emotional time."