Over 50s life insurance

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Comparing over 50 life insurance

As you probably know, life insurance is a useful product if you want to make sure that your nearest and dearest are looked after when you’re no longer around. It’s designed to provide a large sum of money to your partner and/or children.


A lot of people buy a life policy to provide enough money to pay off the mortgage, so that their family won’t have the worry of paying for their home.


But if you’re over 50 your needs might be a bit different. Perhaps you’ve paid off your mortgage and instead want your life insurance to pay funeral costs and make sure that you leave your family some money, a bit like an inheritance.


What complicates things is that once you’re over 50, a normal life insurance policy can be quite a lot more expensive than it would for a 20- or 30-something, because you are statistically more likely to die during the term of the policy. There could also be restrictions on the length of your policy depending on your age.



Two options to consider


So there are two options to look at in this situation. You could stick to the traditional route and buy either term life insurance or whole of life assurance. You will need to disclose any medical conditions that affect you, such as high blood pressure or type 2 diabetes, which could cause your premium to increase. If you have more serious health concerns you might need a medical check and some insurers could then decide not to cover you. But if your health is good, you could find an affordable policy that suits you.


There are insurance providers who offer whole of life assurance, which means that as long as you keep paying the monthly premiums, you are covered. Often, the payments stop when you reach 90 years old, but the policy is still valid and pays out. If you do have health concerns, or you have found that traditional life cover is too expensive, you may be better off looking at– over 50s life insurance.


An over 50s life insurance policy is a slightly different product which is available if you are aged between 50 and 80. You can choose how much you are seeking to pay on a monthly basis, to make sure it’s affordable. The more you pay, the larger the final sum paid to your family. A major benefit of these policies is that they offer guaranteed acceptance – there are no medical checks. Smokers may have to pay more than non-smokers, however.



Qualification period


Because of this, though, there’s usually a set period of time (often one or two years) at the outset of the policy that you need to survive in order for the full amount to be paid to your family. If you were to die within that time, the payout would total the amount you had paid in, sometimes with an additional percentage, depending on the provider.


Whichever option you’re thinking about, it’s easy to compare over 50’s life insurance and find the right deal for you. Comparethemarket.com can help you compare both traditional term life insurance and the over 50s plans.


Just enter your details and it won’t be long until you see a page of life insurance quotes tailored for you. You can easily change the monthly payment to see how that would affect the payout, and it’s easy to read key information about each policy, just by clicking on it. 



Comparing and choosing


As you look at the different offers on our quote page, make sure you consider more than just the price. Cheap life insurance is not necessarily the best life insurance. To buy your policy, just click on the button to go to the insurer. But if you have any questions you can also call and talk to an expert – just ring the number shown.


You can choose between single cover or joint cover. With joint cover, the payout might be less based on the premium amount you choose.  Note that when this type of policy pays out once the policy usually will end, so the remaining person might need a new policy.


If you decide that a traditional life policy meets your needs more closely, there are a few further things to think about.


You will need to set a time limit on the cover by entering the number of years you want it to last. You will also need to choose whether you want a level amount of cover, or cover that decreases over the length of the policy. The reason you might want decreasing term  is that you might want to protect your mortgage and need less money as the years pass because you have paid more off your mortgage. Decreasing term cover can sometimes be cheaper than level term.



Check the details


Next you’ll see a page with all the life insurance quotes from the providers that can cover you, listed in price order with the cheapest life insurance at the top. We make it easy to compare by telling you whether you can buy the policy online, whether it’s a quick process and also if you’ll be covered while you’re in the process of setting up the insurance.


You can also look at how your quotes change by altering how long the policy will last and how much your family would stand to receive.


Let comparethemarket.com help you compare life insurance find a policy to suit you, quickly and easily. While life cover isn’t the most cheerful thing to think about, it could make all the difference to your family one day.

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