Why the over-50s should consider purchasing life insurance.

There are now a substantial number of well-known insurance brands who have designed life insurance policies for the over-50s, and indeed some provide cover for people 85 years young and above.

So how does an over-50s life insurance plan work?

Although designed specifically for the over 50s, the plans work like a regular life insurance policy – you pay the agreed monthly premium. When you pass-away or diagnosed with a terminal illness, your insurer could pay a lump sum to the policy beneficiary (you will need critical illness cover included for a terminal illness pay-out). This lump-sum could be used for your funeral costs (the average price for a funeral is £4,975 according to Sunlife and increasing year on year), to pay off existing debts like your mortgage, loans or credit cards or simply as a gift for your loved ones to enjoy.

How do I get a quote?

It may take a little longer than usual to get quotes for an over 50s life insurance policy, but this is to ensure you have the right cover for you.
Your insurance agent should ask the following questions

    • What is your age?
    • How much cover do you need?
    • What length of the term do you want?
    • How much can you afford on a monthly premium?
    • What medical or lifestyle conditions do you have?
    • Are there any specific services you need?
    • Is the policy single or joint?

Once they have covered all the necessary details, your insurance agent will be able to supply quotes from life insurance providers that best fit with your needs and conditions.

How is life insurance for the over-50s different?

With an insurance policy for over 50s, the insurance provider can offer a few key things that they don’t to a younger purchaser.

These could include:

    • Guaranteed acceptance
    Most life insurers will accept you whatever your health situation and financial status if you’re over 50. You will not be required to answer any questions or medical questionnaires.
    • Fixed premiums
    In general, over-50s policies fix their premiums for the duration of the plan, and not incremental increases year on year, unlike general life insurance policies
    • Fixed pay-outs
    The majority of policies can pay out a sum agreed when you take out your life insurance plan. The payments will be valid, whether you die after three years or hopefully a lot later in life.
    • Free cover
    If you’ve continued to pay your life insurance premiums and you live past the ripe age of 90, many providers will waive your premiums but still cover you regardless.

Life insurance sounds great, but how much will an over 50s plan cost me?

Typically, the older you are, the higher the monthly insurance premium you’ll have to pay. This is true for over 50s life insurance too.
But, it’s undoubtedly beneficial to shop around for your life cover as premiums, and the cover amount will differ insurer by insurer. Our insurance agents can quickly shop around for you to find competitive quotes based on your needs for you to compare.

As we mentioned, though, it doesn’t matter what age you are. Whether that’s 50 or 80 years old, with this type of life insurance, you should be eligible for cover as no medical is required.

Speak with our insurance agents

If you’re considering taking out life insurance but not sure where to start, please speak with our insurance agents, who will be happy to help. They will be able to provide you with quotes instantly from some of the most reputable insurance providers.
For more information and quotes, please call 0161 413 7051 or visit our life insurance page here.

Important information: Our website offers information about investing and saving, but not personal advice. If you’re not sure which services are right for you, please request advice from Hilltop’s financial advisers. Remember that investments can go up and down in value, so you could get back less than you put in.

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