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Home > Blog > Company News > 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.
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.
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
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.
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:
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.
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.
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