Over 50 Life Insurance

Over 50 Life Insurance: Getting More Accessible

There used to be a time when insurance for seniors was difficult to acquire and expensive to maintain. This is mainly because older people are seen as more of a risk. As a result, most agencies charge exorbitant rates for over 50 life insurance or do not offer it altogether.

These days, however, the senior market is becoming a major niche in the insurance industry. Many companies now specifically target senior customers, offering monthly premiums as low as £8 per month.

How it Differs from Regular Life Insurance

Whilst the goal of both types of insurance are the same – to guarantee that your family receives financial pay out upon your death – there are some differences between the two that you need to be aware of.

Life insurance for over 50s has an age “restriction.” You have to be between 50 and 80 years old to be able to qualify. Insurance companies stipulate that the premiums should have been paid for at least 12 months before your beneficiary receives a payout. Unlike regular life insurance where, should you die the day after you took out a policy, your family is still guaranteed the lump sum.

There’s usually no medical exam required for over 50 life insurance policies and whilst this may seem convenient, your policy may be nullified should the insurer discover an undisclosed illness or medical condition.

Getting Easier and Cheaper

There are certain limitations set on senior insurance but over the years, it has become easier and more affordable to acquire this type of insurance. Studies show that people nowadays tend to live longer and as a result, insurance companies feel that seniors aren’t that much of a risk compared to a decade ago. The rising competition has also prompted many insurance firms to target different niches – including seniors – to be able to stay in business. These companies also offer affordable rates as a way of attracting more clients.

Helpful Recommendations

There are a few things that you can do to ensure you get the best deal on over 50 life insurance policies. Shopping around is always a good practice so you can compare the different coverage and pricing schemes available to you.

If you’re set on keeping your expenses at a minimum, you may opt to choose term life cover as this is one of the cheapest types of insurance around. You can also do an online search as it is also possible to get a lower rate from an online insurer than from agencies maintaining local offices. GP