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Senior life insurance is a type of life insurance policy designed for people in their 50s, 60s, 70s, and 80s. There aren't any medical examinations or health questionnaires involved in the application process of applying for this type of life insurance.
It differs from standard life insurance, which usually has a fixed term and doesn't pay out if you survive that term. Instead, senior life insurance policies last for the rest of your life, as long as you keep paying your premiums.
You can use senior life insurance to provide your loved ones with peace of mind when you pass away. It can help with funeral costs, outstanding debt, or serve as a gift for your beneficiaries.
Policies such as over 50s life insurance policies offer a guaranteed pay-out for anyone over 50. They don't have an end date, so your cover will continue for as long as you keep up with the premiums.
Once you pass away, your loved ones will receive a lump-sum cash payment and the policy will end.
Because this policy has no age limit, it is typically more expensive than a standard life insurance policy. These whole of life policies also tend to be more forgiving if you have any pre-existing conditions, which tend to be more common as we get older.
You can still get life insurance if you are a senior but you may notice some difficulty. This is because most standard life insurance policies have age limits. A lot of policies have cover that ends at age 70 or 80 and the maximum age that you can normally apply for a policy is around 65.
However, there are other options out there. Specialist life insurance policies for seniors offer cover to any age and have a guaranteed payout. So, no matter your age or your health, you can qualify for cover and have something to leave behind to your loved ones when you pass away within your policy term.
While you get the best value from life insurance by buying it when you're young and healthy, there is still good value to be found in life insurance for seniors:
Senior life insurance provides you with a guaranteed pay-out, so will have something to leave your loved ones as a gift when you pass away
The cost of a funeral isn't something everyone can afford but with a life insurance pay-out you don't have to burden your loved ones to pay for it by themselves
Mortgage life insurance can help to pay off the remaining debt should you pass away, meaning your loved ones won't have to worry about losing their home or keeping up payments
Even if you have left provisions in your will, you may want peace of mind that the cost of inheritance tax is covered. There’s also the option to write your policy in Trust
The cost of life insurance goes up as you get older, especially if you are over a certain age and have any existing health problems.
You tend to get a smaller pay-out for senior life insurance policies, so you might pay more than your policy is worth if the premiums are high and you live for a long time
The value of your life insurance pay-out may be reduced by inflation over time. Some providers allow you to increase your cover to keep up with inflation but the cost of your policy will go up as well
If you fail to keep up with your life insurance premiums, your policy will end and none of what you've already paid into your policy will be refunded
There is no one size fits all when it comes to life insurance but it's important that the policy you choose covers exactly what you need it to.
When taking out your policy, you should think carefully about how much cover you need. Over-insuring can be a costly mistake, but under-insuring could leave your loved ones with a lack of support. Take some time to calculate how much cover you need – whether you want to pay off your mortgage or cover your funeral costs.
If you have any pre-existing health conditions it's important that your life insurance policy will cover these as well. Make sure you read the terms of your policy carefully and keep your policy documents safe so you and your loved ones know exactly what your policy covers.
The older you are, the more expensive your premiums are likely to be.
If your job involves substantial hazards or poses a risk to your health, it's likely to increase the price of your policy.
If you are a smoker the price of your premiums will probably be higher, due to the associated health risks.
A policy which offers a bigger final payout will generally require bigger payments from you.
Prices are also linked to the expected length of the policy, with a shorter policy usually requiring higher premiums.
Since different insurance providers offer differently-priced policies, comparing quotes is one of the most effective ways to save money and find the best deal for you.
While the cost of life insurance is mostly out of your hands, there are a few steps you can take to manage the cost of your life insurance and get a better deal:
You shouldn't jump for the first policy you find online. There are a lot of life insurance providers out there for you to browse and taking the time to review your options can help you find the best deals on the market
Positive lifestyle changes will reduce the cost of your life insurance, such as giving up smoking and reducing the amount of alcohol you regularly drink
Not all life insurance policies are the same and providers sometimes offer all sorts of extras and gifts when you buy a policy from them. Review these details carefully when your shopping for insurance. Sometimes they can add to your premiums
It can be tempting to pick the most comprehensive option when buying insurance but it isn't always necessary. When deciding on a pay-out, take your time to calculate how much cover you actually need
According to our survey data, a staggering 46% of respondents aged 55+ have never gotten a quote for life insurance. Life insurance is one of the main ways to ensure your loved ones are financially protected once you’re gone. You can compare in three easy steps with MoneySuperMarket.
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A moratorium period is the waiting period between when you take out your senior life policy and the earliest it will pay out. It usually lasts 12 or 24 months depending on the insurer. Moratorium periods are relevant to senior life insurance policies because you are not asked any medical questions when taking out the policy.
It may be a good idea to place your senior life insurance policy in trust. This is where the sum is paid directly to your beneficiary, rather than becoming part of your estate. It means it is not subject to inheritance tax and can speed up the process of getting it to your beneficiaries.
Life insurance is designed to pay out a benefit to your loved ones in the event of your debt, so it will not usually pay-out to cover you if you fall ill.
However, most life insurance policies offer a type of terminal illness cover. This means that if you are diagnosed with a terminal illness with less than 12 months to live, you can make a claim on your life insurance. Your benefit can be used for care and end-of-life preparations.
If you want insurance to cover you for serious illnesses, you can optionally add critical illness cover to your life insurance policy. This extra cover allows you to claim your life insurance benefit if you are diagnosed with a critical illness.
If you take out a specialist policy for seniors, you will not usually need to answer any medical questions. Your policy will cover you automatically for any existing health problems with a guaranteed pay out. However, if you take out a standard life insurance policy, you will normally have to answer some medical questions and any serious pre-existing conditions may be excluded.
Yes, most senior life insurance policies offer guaranteed acceptance and don't require a medical exam.
No, you cannot cash in a senior life insurance policy early. The purpose of a senior life insurance policy is to provide payment to your beneficiaries when you die, and it does not have a cash value. If you stop paying your premiums, your policy will end and you won't get any money back.
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