Over 50s life insurance

If you have a steady income which your family might not be able to do without, a life insurance policy is a good way to make sure they can survive without you. Likewise, if you have a mortgage your partner may struggle to pay on their own, life insurance can help

Yes. Most over-50s life insurance policies are offered without medical tests or questions. However, they do tend to come with minimum claim periods.

These are usually one or two years – if your dependants make a claim before the period has passed, they won’t get a full pay-out. This means that over-50s life insurance isn’t worthwhile for many people with a terminal illness, for instance.

Putting your life insurance policy in trust lets you name the people you want to receive your life insurance payout (your trustees).

There are different types of trusts available depending on your individual or family circumstances.

Putting your life insurance policy in trust also protects the payout from inheritance tax.

Yes you can, though there are fewer insurers available to you the older you get. If you’re very old and looking for life insurance, you may need to seek out highly specialised providers.

There are a few insurers which offer increasing-term life insurance for the over-50s. In this type of policy, the payout and the premiums are reviewed every year in line with inflation.

This type of life insurance holds its value over time, which is a great benefit. However, you will need to be confident that you can keep up with the increased payments over the years, otherwise the cover will lapse.

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