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3 Questions to ask yourself before you take out over 50s life insurance

Over 50s life insurance plans have long been popular in the UK - backed by some pretty iconic advertising. As the name of this insurance indicates, it is a form of life cover for anyone aged 50 years old or more. The idea is that as a holder of one of these policies, you would pay a monthly premium - in exchange for which, a cash lump sum is paid out in the event of your death.

However, it can be easy to become confused about this form of life insurance, especially given the wealth of products available on the market under this banner.

The below, then, aren‘t the only questions that you will potentially need to ask yourself when contemplating an over 50s life insurance policy. Nonetheless, they should give you a sound starting point for ensuring you make the best possible choice for your circumstances.

Do I actually need over 50s life insurance?

This is definitely a type of protection insurance that can be much better suited to some people‘s circumstances than to others. So, you will need to carefully contemplate your own personal situation, lifestyle and finances in arriving at your choice.

Given that the point of over 50s life insurance is largely to take financial pressure off your surviving relatives when you pass away - so that they can cover costs such as your funeral - you are likely to be a good candidate for this type of cover if you have dependants who rely on you financially.

Even if your family might already have money put aside to pay for your funeral, perhaps you have a mortgage or a similar major financial commitment that your surviving relatives would not be able to cover in the event of your death? Again, this could make an over 50s life insurance policy a very good choice.

By contrast, if you‘re single and don‘t have any dependants, or your partner earns sufficient income to cover their costs if you were to die, you may not need to take out an over 50s life insurance policy.

How much will an over 50s life insurance policy cost me?

Naturally, as with other types of insurance, not everyone who purchases over 50s life insurance will pay the same amount. Various factors will determine the price of your premium, and not just the chosen cover amount, which is one of the most obvious things that will drive up the cost.

Age is one such factor, given that the older you get, the greater your likelihood will be of developing health conditions. Being a smoker - or even just having used tobacco products at some point over the last 12 months - will probably add more to your premium, too.

Finally - and worth mentioning despite its apparent obviousness - the exact cost of your policy will also depend largely on which provider you choose. With different providers often differing greatly in terms of features, benefits and qualifying periods, it isn‘t always easy to compare ’like with like‘ on a price basis alone.

How much cover will I require?

We mentioned above that applying for a higher amount of cover will add to the price of your over 50s life insurance - and indeed, the amount that you can afford to pay in premiums each month may largely dictate how much cover you ask for.

But when you are considering what amount of cover you will require, you will also need to account for such factors as the degree to which your dependants rely on your income, and any loans or repayments you still need to make.

As we touched on above, over 50s life insurance can be a subject of confusion for many people - but it really doesn‘t have to be. Give our own advisers at QuoteLifeCover.com a call on 0800 316 6917, and they will be able to clear up that confusion for you and point you to the options that best match your circumstances and needs, as part of our free, no-obligation service.

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Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

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Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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