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Find out how over 50s life insurance can ensure that your loved ones are taken care of financially, including help with funeral costs and other expenses, if you were to pass away.
Over 50s life insurance – typically taken out between the ages of 50 and 80 – is often paid out as a lump sum and can be used to help with financial commitments when you pass away, such as funeral costs, outstanding bills or even as a gift to loved ones.
There are two main benefits to over 50s life insurance:
Your actual age should also be a factor in your decision, as well as your lifestyle and medical background. Learn how term life insurance could be a better option for you if you’re towards the younger end of the over 50s age bracket.
The cost will depend on how much you decide to pay into a policy on a monthly basis (make sure it’s an amount you can comfortably afford). The lump sum payment that your family will receive is calculated using this monthly amount. Once you’re over 50, a standard life insurance policy could be quite expensive compared to if you were, say, in your 30s. That’s because you’re statistically more likely to pass away during the term of your policy. Compare the Market data for September 2018 showed that 50% of customers could achieve a premium of up to £26.01 a month or less based on Assured Futures data. Get peace of mind today and start a quote.
Insurance providers will set a period of time, known as a qualification period (or moratorium), which takes effect as soon as you’ve bought a policy. Typically between one or two years – you’ll need to survive this qualification period in order for the full agreed amount to be paid to your family. If you were to pass away within that time, your beneficiaries’ pay-out would be calculated using the amount you’d actually paid in to the policy. Again, this figure that would be paid out could vary between providers so you really need to know the specifics of your life insurance policy before you take it out.
It’s less common to see adverts aimed at life insurance for over 60s, but specific policies do exist. You’ll often find that over 70s life insurance in this country requires you to give more detailed information during an application than a younger applicant may have to supply. You might find that you’re accepted on an over 50s life insurance policy, but some insurance providers might not. However there are plenty of providers who do offer policies for people between the ages of 50-80.
When it comes to life insurance, our cheapest quote isn’t always what’s right for you – as the policy that suits you best will depend on your specific requirements. Compare with us today and we’ll help you find a policy to suit your needs.