Over 50s life insurance
None of us likes to think about getting older, but while some things improve with age, life insurance premiums are definitely not one of them.
As you get closer to retirement, the life insurers assess you as a higher risk to them because, quite frankly, there is a greater chance that they will be paying out on the policy sooner than they would if you were in your 30s. Yet life expectancy has improved significantly in the last 50 years, thanks to advances in medical science and for many of us, better diets.
Specific policies for the over 50s are designed to take into account that you are older and may have had some problems, including health problems, in earlier years. They also have some add-ons that are particularly useful for the over 50s age group.
Advantages of over 50s life insurance
Over 50s life insurance is sold as a whole of life policy – it will cover you until you die, unlike the term policies that are available which will only cover you if you die within a specific period of time while the policy is in force.
There is the option of getting a standard term assurance policy, which will cover you if you die within a specific amount of time, but this will not necessarily have the benefits available to you that you would get from the over 50s life cover policy.
These policies will give you some additional benefits that are not offered within general policies that can be taken out by people of any age. For example, many policies will offer guaranteed acceptance, which can be a blessing if you have had any health issues. You can also get policies without answering medical questions, or divulging your medical history.
Over 50s life insurance can also have fixed premiums, so you do not have to worry about the policy getting more expensive as you get older. But this will mean your payout will not rise in line with inflation either, so it could leave your family worse off.
They often also offer funeral benefits which will provide at least some money to help cover the cost of your funeral. Given that the cost of funerals has now soared to more than £7,000, according to research from Sun Life Direct, any help is welcome.
You may also get free life cover after you reach 90 years of age, depending on the life insurer. However, you must check the terms and conditions carefully. Some insurers will only pay out if you die from an accident in the first couple of year, as the insurer does not want to encourage those who have an existing condition to take out a policy that is then claimed on immediately. Check the terms and conditions to see how long this period lasts, and only sign up to a policy you are happy with.
Find the right life insurance solution for you
Whether you need to protect your mortgage, cover your family’s income or simply pay for funeral expenses, we compare a multitude of different life insurance options in order to help find the best deal for you.
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Covering more than just your mortgage
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How to protect your home in the event of your death
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Does death in service cover you adequately?
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How Critical Illness cover differs from standard
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The benefits of a combined policy
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How to provide peace of mind for your family
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Click here if you’re not sure what cover you need
Why use MoneySupermarket to compare life insurance?
If you are looking to buy a house, are looking to protect your family or simply settle your financial affairs in the event of your death, life insurance is recommended. Here at MoneySupermarket we can help you find a great life insurance quote that’s right for you.
We compare our panel of UK life insurance providers to bring you great deals that could save you money on your policy – And our in house team can even discuss your needs with you and recommend the best life insurance policy for your needs.
The advantages of life cover
A life insurance policy can also be used to protect your loved ones in the event of your passing – these life insurance policies provide a lump sum in the event of your death that can be used to settle your financial affairs, as well as leaving something behind for your loved ones.
Of course, life insurance policies can be different for everyone, depending on what protection you need. For example, a policy can be set up just to cover the term of your mortgage, or cover for your family, depending on what you require. This is why you should compare life insurance policies, as the quote that is the cheapest may not necessarily be best suited to you.
Finding great life insurance quotes
Cheap life insurance is not always the best option, as tempting as it might seem – life insurance policies are designed to protect you and/or your family should the worst happen, and for this reason it’s always best to make sure that your policy covers you in the way you want it to.
For example, a decreasing term life insurance quote might be the cheapest option available to you, but this would be unlikely to be suitable for family cover. There are a number of things to consider when finding life cover, and it is not a decision you should make lightly.
You may also find that your life insurance quotes are affected by your medical history – as tempting as this may be, do not lie in order to make your premiums cheaper. Doing this could invalidate your life insurance policy should a claim be made.
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