Why compare over 50 life insurance with us?
Life insurance helps reassure you that your spouse or dependents will not be left with mortgage payments, funeral costs or other debts to settle should you die prematurely; it can also pay out lump sums and ensure the financial security of your surviving family. Insurers take age, as well as state of health, into account when calculating a premium, but there are plans specifically designed for the over-50s which need not involve medical checks.
Only selected insurers may offer conventional life cover to elderly policy-buyers, but over 50s life insurance can be bought from specialist providers and plans can typically be bought between the ages of 50-80. They can continue to give cover and the same guaranteed pay-outs after your 90th birthday without any further monthly payments required – though remember to check the conditions for each individual policy.
Consider the benefits
Different types of life insurance policies offer different benefits – depending on how much you pay for them – so make sure you compare like with like when looking for a quote. The cheapest policy may not necessarily give the best value to your beneficiaries.
- The alternative types of life insurance policy, i.e. whole-life (which pays out when you die, with no pre-determined policy term), level-term (with fixed monthly payments over the agreed policy term) or decreasing term (usually with a lower monthly cost than level-term, and paying out less as time goes by – designed to cover decreasing costs such as repayment mortgages). Which will offer the best value to your dependents?
- Whether you want single cover or a joint policy with your spouse, and if you require critical illness cover.
- Whether a policy pays out a guaranteed cash lump sum if you die during the policy term, and/or pays any funeral costs, or if it guarantees a monthly income to your surviving beneficiaries for the remainder of the policy term.
- Whether you want a policy which is linked to your pension and any endowment policies or other investments you have made, or to write it in trust.
- The level of monthly payments you want to make, whether they will increase year upon year (typical with a ‘low start’ rather than ‘level term’ policy), and if a policy will refund should you survive the policy term.
- Whether accidental death is treated differently to death from a medical condition, and if any other restrictions on pay-outs which may apply. Some policies may not pay out if the policy-holder dies within the first two years, for example.
- Whether medical certification or health checks are required to start or maintain the policy.