Over 50 life insurance is important for several reasons. Lots of people aged 50 and older may still have unpaid mortgages or loans, some may require financial security against loss of income while others want to plan for funeral expenses which they’d rather not leave to their family members.
Coverage for older people might be a little more costly and could be limited in the length of term offered by insurers. Most policies are underwritten subject to a medical examination but this isn’t always the case. In all other respects life insurance for the over 50s is the same as regular cover.
There are two main types of life insurance, term insurance and whole of life insurance.
Term insurance, or protection only insurance, is the cheapest type of life insurance cover and guarantees a payment of a fixed amount should you die within a specified period of time. If you survive the term generally no payment will be made.
Whole of Life or investment insurance covers you for the whole of your life rather than a fixed term and pays out on your death. Whole of life insurance is similar to any other financial investment tool and can consist of bonds, endowments or other investments that are designed to grow over time. The amount paid on your death depends on how well the investment has performed.
With both types of policy you pay a monthly or annual premium. This premium may be fixed or variable again depending on the type of cover you select.
Life insurance can also be useful for protecting mortgage or loan repayments. This special type of insurance cover has a fixed term much like term insurance. The term matches the duration of the mortgage or loan and the level of cover reduces accordingly as the loan is repaid. When the loan is finally paid off the policy ends. Should you die before the mortgage or loan is repaid the insurance policy will pay off the outstanding balance.
Buying Over 50 Life Insurance
With term life insurance because the term and the value of the insurance is fixed and because it will only pay out should you die within the term it is usually a simple case of selecting the cheapest policy. Whole of life insurance is more complicated and you’ll need to shop around carefully before settling on a policy. In this case cheap is not always better and you should talk to a qualified insurance adviser to help you select a policy that fully covers your requirements.
Smokers will always pay a higher premium so you might want to think about quitting before making your application. You will need to be smoke free for at least a year and you need to be honest as the insurer will not pay out if it can find evidence you started smoking at any time during the policy term.
In all but the most straightforward cases it is best to seek advice from an independent financial advisor before purchasing a life insurance policy. Make sure the advisor you choose is regulated by the Financial Services Authority (FSA). FSA regulated insurance advisers are compelled by law to provide you with easy to understand documentation so you are fully aware of the terms of the policy and any exclusions before you buy.
If you are just looking for term life insurance you might consider some of the better life insurance comparison services available on the Internet. These will quickly provide quotations from most of the top insurance providers and some services allow you to complete the application process online.
To find a life insurance comparison web site or an insurance advisor online you can use Google to search for words such as “life insurance comparison” or “over 50 life insurance”.
The information in this article does not constitute financial advice. You should talk to a qualified and authorised financial advisor before purchasing over 50 life insurance.
Tags: over 50
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[...] Over 50 life insurance is designed for those aged 50 and older who wish to protect their loved ones in the event of their death. Unsettled mortgages and loans, income from a job or funeral expenses are examples of liabilities or financial loss that can result in hardship for dependants should the primary income earner die. [...]
[...] Over 50 life insurance could be essential for a variety of reasons. Many people aged 50 and over might still have unpaid mortgages or loans, other people may want financial security against the loss of income whilst some would like to cover burial expenses which they’d rather not pass on to their loved ones. [...]
[...] Over 50 life insurance may be needed for a few reasons. Lots of people aged 50 and older may still have unsettled mortgages or loans, others may need financial protection against loss of earnings whilst some wish to cover burial costs that they would rather not leave to their loved ones. [...]
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[...] Over 50 life insurance could be essential for a number of reasons. Many people aged 50 and older may still have outstanding mortgages or loans, other people may need financial security against loss of income whilst some want to take care of funeral expenses that they would rather not pass on to their loved ones. [...]
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[...] Over 50 life insurance is designed for individuals aged 50 and older who want to protect their loved ones in the event of their death. Unpaid mortgages and loans, income from work or burial expenses are types of liabilities or financial loss that could result in hardship for dependants should the main income earner die. [...]
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[...] Over 50 life insurance is intended for those aged fifty and older who want to protect their loved ones in case of their death. Unpaid mortgages and loans, income from employment or burial costs are examples of liabilities or financial loss that can cause hardship for dependants should the main income earner die. [...]
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