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5 of the biggest myths and misconceptions about over 50s life insurance

The world of life insurance can be confusing, especially for newcomers, so we can well understand if you find it tricky to separate some of the fact from the fiction when it comes to this popular - and frequently crucial - protection insurance product.

That confusion might multiply as far as over 50s life insurance is concerned. So, let’s take you through some of the things you might have been led to believe about this form of life insurance policy, that might not actually be true.

Life insurance isn’t necessary for fit and healthy people

The sad reality is that even if you are in impeccable shape right now, there is no guarantee of that remaining the case.

Health, like life itself, is fragile, and the right over 50s life insurance plan can be invaluable for acknowledging and protecting against that fragility, giving your loved ones crucial extra financial security in the event of you passing away - which, after all, can occur suddenly and unexpectedly.

Over 50s life insurance is only meant to pay for funerals

Although you might see over 50s life insurance policies in general casually referred to as ‘funeral plans’, the fact is, the payout from such a policy could be put towards all manner of things by your surviving loved ones.

The money could, of course, be used to pay for funeral expenses. But it could also be used to pay for day-by-day and month-by-month bills, or you could even just use such a policy to leave behind a gift for your family.

Over 50s life insurance is too expensive to be worth the bother

It’s easy to imagine that purchasing life insurance over the age of 50 is a recipe for expensiveness. But there are a few factors to consider here, including just how expensive it could be for your loved ones in the longer run, if you don’t purchase life insurance now.

Would you want to put your surviving relatives’ financial security at risk, especially if they are presently dependent on you when it comes to paying for regular household costs?

Plus, as we have previously covered on the QuoteLifeCover.com blog, there are proven ways to help reduce how much you pay for over 50s life insurance, such as making sure you have the most suitable type of policy, and not spending on unnecessary extras.

Insurers don’t pay out

This is a myth that we have covered multiple times in the past on this blog; it’s one that applies right across the spectrum of protection cover. And it’s definitely inaccurate, with released statistics indicating that 97.3% of life insurance claims in 2021 led to a payout.

So, why don’t 100% of life insurance claims pay out? Well, the usual cause of a policy not paying out is actually the policyholder having been economical with the truth on their initial application form - for example, about some aspect of their lifestyle or an existing health condition. So, it really is crucial to be truthful when you are applying for over 50s life insurance.

The benefit amount from life insurance won’t keep pace with inflation

Of course, we can’t deny that times are tough as far as inflation is concerned, it having recently been hovering around the 10% mark. However, it isn’t necessarily the case that an over 50s life insurance policy won’t keep up with inflation - or at least, can’t be designed to offset inflation’s effects to at least some degree.

That’s because it’s possible to purchase what is known as ‘increasing benefit’ life insurance, whereby you agree to your premiums on the policy going up by a certain percentage over time - in return for which, your benefit amount can be higher, too. This can help prevent the ‘real-world’ value of the eventual life insurance payout being eroded to the extent that it otherwise would be.

Naturally, the exact situation when it comes to over 50s life insurance will vary for every potential or current policyholder. No one has exactly the same circumstances or needs, so if you are considering your life insurance options right now, it is important to be well-informed on what is available, and what might be most suitable for you and your loved ones.

For specialist advice from a UK adviser, and help putting together the ideal policy, why not call our free, no-obligation advice and quotation line today, on 0800 316 6917? That’s the difference when you turn to QuoteLifeCover.

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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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