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How to reduce your premiums if you’re over 50 and buying life insurance for the first time

If you’re a regular reader of the QuoteLifeCover.com blog, or even if you’ve merely taken out protection insurance in the past, you will probably know that age is one of the factors that can drive up the cost of such cover. That’s not great news if you’re specifically seeking out over 50s life insurance in the middle of a cost-of-living crisis.

So, does that mean you have to settle for an expensive life insurance policy, on the basis that high costs are unavoidable? Well, not quite; after all, every penny and pound you save at this time is likely to be useful to you.

But immediate cost considerations should be far from your only priority when you’re comparing options for over 50s life insurance. Given that the point of life insurance is to give your surviving relatives financial protection in the event of your death, you won’t want to buy such a ‘cheap’ policy that they don’t receive the support they need when a claim is made on the policy.

So, what are some potential ways to save money on your life insurance that won’t compromise the quality of the cover? Here are a few suggestions.

Make sure you only buy as much protection as you need

As we’ve mentioned above, the last thing you will want to do is leave your loved ones short of protection in the event of your death. So, under-insuring yourself is a no-no when it comes to life insurance. But are you being so cautious that you risk over-insuring yourself.

It’s a great idea to sit down with your family and discuss with them how much cover will be needed. Every household’s requirements will be different in this regard, such as if the payout will be intended to help with the family’s living costs, paying off a mortgage, or covering the cost of your funeral.

Adopt a healthier lifestyle

One of the reasons why age is such a ‘risk factor’ driving up the cost of over 50s life insurance, is because being older can increase the risk of developing health conditions that, in turn, contribute to your risk of death and your loved ones making a claim.

The good news is that there’s a way of counteracting such a perceived risk: switching to a healthier lifestyle. Taking steps such as reducing your alcohol intake, quitting smoking, and losing weight could all convince an insurer to give you lower premiums, without lowering the quality of your cover.

Avoid expensive extras that you don’t really need

You should always carefully pore over the terms and conditions for an over 50s life insurance policy before purchasing it. And one thing you are especially advised to bear in mind, is what comes as standard in the policy, and what counts as an ‘optional extra’.

Such features as terminal illness cover and bereavement counselling for beneficiaries may be such optional extras that add to the overall price of the policy. If so, it might be worth considering whether you will genuinely require them.

Pick the right type of policy for your needs

Different types of over 50s life insurance policy can differ greatly in terms of cost. The costliest type is ‘whole of life’ insurance - also sometimes referred to as ‘life assurance’ - because a payout from it is guaranteed at some point.

There is also, however, such thing as ‘term insurance’, which is the most common form of life insurance. It is a more affordable option, as it only covers you for a certain period of time. This might make sense for your particular needs - for example, if you’re anxious to have life insurance in place for as long as you’re paying off your mortgage, but won’t need it quite as urgently after that.

The above are proven ways to help reduce the premiums for an over 50s life insurance policy, but they aren’t necessarily the only ones you might consider. Get on the phone to one of our own UK advisers here at QuoteLifeCover.com, by calling 0800 316 6917, and we can help ensure your policy is the best match to your household’s practical needs, without leaving you too much out of pocket.

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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.

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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