The world of life insurance can be complex, especially if you’re over the age of 50, as not all policy providers will offer you cover.
As you enter this stage of life, securing financial protection for your loved ones becomes a higher priority than it once was, and life insurance is a vital component of that security.
However, determining how much life insurance will cost once you’re over 50 is not straightforward. Various factors come into play when insurers calculate your premiums, such as your health status, lifestyle and the type of policy you chose.
In this article, we will explore the nuances of life insurance for those over 50, helping you to understand what you can expect when purchasing a policy and how to find a plan that suits your needs.
Read on or jump to a specific section:
- What’s the difference between standard life insurance and over 50s life insurance?
- Why is life insurance so important for over 50s?
- How much is life insurance for over 50s?
- Where can I buy over 50s life insurance?
- How do I know I’m getting the right cover?
What’s the difference between standard life insurance and over 50s life insurance?
Understanding the difference between standard life insurance and over 50s life insurance is crucial for making an informed buying decision.
Standard life insurance policies typically require a thorough medical examination and detailed health questions, which can be daunting and sometimes act as a barrier for older individuals with pre-existing conditions.
On the other hand, over 50s life insurance policies are typically designed with simplicity and accessibility in mind, often offering guaranteed acceptance even without medical exams. Some policies don’t even require you to ask any medical questions prior to being accepted.
This means that even if you have health issues, you can still secure a policy without the worry of being declined and not getting the right financial cover for your family.
However, it’s important to note that policies for over 50s usually come with higher premiums and lower payout amounts compared to standard policies.
Another difference between over 50s life insurance policies and standard life insurance coverage is that over 50s policies often have features like fixed premiums and cash sum benefits, providing further security and predictability in your financial planning.
See also: Can I get life insurance with pre-existing medical conditions?
Why is life insurance so important for over 50s?
It probably doesn’t come as a surprise to you that people typically deem life insurance to become more important as they age.
Once you reach the age of 50, it’s not uncommon to start thinking more about your legacy and the financial security of your loved ones. Life insurance offers a vital safety net, ensuring that even when you’re not here, your family will be protected financially.
Additionally, as we age, the likelihood of health issues increases, making it more critical to have a financial plan in place for your loved ones.
This type of insurance can also help cover funeral costs and pay off outstanding debts once you die, meaning your family won’t have the additional financial stress that often accompanies the loss of a loved one.
As health issues such as high blood pressue, heart attacks and strokes become more likely, life insurance can offer peace of mind in older age that should the worst happen, your family are financially covered.
How much is life insurance for over 50s?
How much a life insurance policy for over 50s will cost you will depend on a variety of factors, including your age at the time of purchasing the policy, any pre-existing medical conditions, whether you choose to answer any medical questions, the extent of coverage you need and the insurer you choose.
Therefore, it’s impossible to give a definitive answer to this question.
However, to give you an idea of the kind of premium you can expect, if you purchase an over 50s life insurance policy from Save More Money, your coverage could start from £20 per month.
See also: Can I get life insurance with a high BMI?
Where can I buy over 50s life insurance?
Since over 50s life cover is such a popular type of policy, you’ll be pleased to know that there are a range of providers offering coverage online, which you can find with a simple search.
However, if you’re unsure where to start, take a look at our Over 50s Life Insurance from £20 per month, which offers payouts up to £34,000 and guaranteed cover even if you don’t answer any medical questions.
How do I know I’m getting the right cover?
Everyone’s circumstances are different, so the right policy for you won’t necessarily be the right policy for someone else. Therefore, we can’t tell you which policy is the best for you.
However, there are some questions you can ask yourself to ensure you’re making well-informed decisions. These questions include:
How much can I afford to pay each month?
The cheapest policy isn’t always the best policy, but you shouldn’t put yourself under financial pressure just to purchase life insurance. So, before you make your decision, figure out what your budget is and only consider policies that fall within your means.
How much do I want my policy to pay out?
Most over 50s life insurance policies will state a maximum payout amount, meaning that when you die that is the maximum amount your loved ones will receive.
Before purchasing a policy, make sure that the payout amount matches your expectations.
What features do I want my policy to include?
As we previously mentioned, every policy is different, so the features one policy includes won’t necessarily be included in another policy. That’s why it’s important to know what you want (e.g. a double pay-out if you die as a result of an accident or the option to receive half your pay-out before your death should you be diagnosed with a terminal illness) and to check the policy wording before you make a purchase.
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