Life Insurance Over 50s

Life Insurance Over 50s: What You Need to Know

Many people mistakenly believe that life insurance is no longer a viable option for people who are 50 years of age or older. But just like any life insurance policy, life insurance over 50s is an important step towards ensuring your future and that of your family’s. And contrary to what you might have been told, insurance policies for seniors have become increasingly more accessible, affordable and comprehensive.

No Medical or With Medical?

Just because you have reached your golden years doesn’t mean the only option available to you is a no-medical insurance policy. Whilst at the onset, this may sound convenient, it is still best to go for an insurance plan that requires a medical. You run the risk of non-disclosure and once the company learns of an undisclosed illness, your policy may be rendered null and void.

Further, insurance companies base calculations on health conditions and if they have insufficient information, you will be considered more of a risk and will therefore be charged higher rates.

Over 50s Life Insurance and Life Insurance Compared

Life insurance over 50s differs from the basic life insurance cover that is offered by insurance agencies. A major difference is in length of coverage. With a standard life insurance policy, the policy holder may choose to be protected for a set number of years or to be covered until he dies. For over 50s, once you apply, you are committed to the coverage (which runs for the remainder of your life) and no payouts will be made for 12 to 24 months from the time of purchase.

Most of the insurance policies offered to people over 50 require a fixed monthly premium while on standard life cover, people can choose between decreasing and increasing levels. Most companies also do not add critical illness cover to your policy.

Guidelines

There are many insurance companies that offer life insurance over 50s and it will be to your advantage if you compare prices and provisions before deciding on one plan. Insurance firms aggressively compete for your business and this usually translates to lower monthly premiums. You can protect yourself and your family for as little as £10 or lower.

If you are concerned about your health, consult a financial advisor. Advisors will be able to give you an accurate picture of what to expect given your medical background. Since each person has a unique history, you will need to sit down with your representative so that you can discuss how this will affect your monthly premiums. GP