An over 50’s life insurance policy is a very specific type of life insurance policy. It is similar to that of a ‘whole of life’ policy in that it does not automatically expire after a chosen term. So long as you maintain the monthly premiums, you will be able to make a claim on the policy at any age. With some providers you even cease to pay monthly premiums when you reach the age of 90, but remain fully covered above and beyond this age.
There are a few major pro’s and con’s of this type of the policy which should be important to take note of. Even if you are aged over 50, an over 50’s life insurance policy may not actually be the best option for your specific needs.
At I’m Insured, we’re experts in finding the best policy for your specific requirements. Simply click the ‘talk to us’ button and fill out our quick enquiry form and one of our experienced consultants will call to discuss your options or give you a life insurance quote for over 50’s, or continue reading below for further information.
With an over 50’s life insurance policy there are limited, or in some circumstances NO health or lifestyle questions or considerations. Therefore, if you are currently suffering or have a history of serious medical conditions might otherwise prevent you being accepted, or the price increased for a regular life insurance policy an over 50’s plan is the perfect choice.
Other considerations are certain lifestyle choices. Whereas whether your smoke or not is still taken into consideration, your BMI (Body Mass Index) is not necessarily. As a result an over 50’s life insurance policy could be perfect for those who might be medically considered over weight.
As a result of the above positive points, the risk for the insurance company providing the insurance is inherently increased as they may be insuring people with a lot higher mortality risk. This is reflected in the cost of the premiums, and as the insurer does not prejudice based on health and lifestyle questions an otherwise fit an health individual over 50 may be forced to pay a premium loaded to include the risk of covering those with a serious medical history.
Is an over 50’s life insurance policy for me?
With the above pro’s and con’s considered it’s up to you to decide whether to apply for a regular term assurance, whole of life policy or an over 50’s policy. We’re more than happy to discuss your requirements and provide quotes for all the types of life insurance to help you narrow down the choices and purchase the best value policy for your individual requirements.
You can either compare term assurance policies online by clicking the ‘compare online’ button, or fill out the short form by clicking ‘talk to us’ and talking over your circumstances with one of our experienced consultants.
That means you can nominate somebody to look after the money if you die and there’s a payout before you want the intended recipient to get the money. A common example is parents who want to have the payout go to a child only once the child turns 18 or 21. Putting a policy into trust also ensures that the payout goes to your intended recipient and can’t be seized by creditors if you have any debts when you die. There may also be tax benefits to putting a policy into trust.