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.
Two options to consider
So there are two options to look at in this situation. You could stick to the traditional route and buy life insurance in the normal way. You will need to disclose any medical conditions that affect you, such as high blood pressure or type 2 diabetes, and they 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.
If you do have health concerns, or you have found that traditional life cover is too expensive, you may be better off looking at the second option – over 50s life insurance.
An over 50s life insurance policy is a slightly different product. 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.
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.
Often the policies offer whole of life insurance, 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.
Whichever option you’re thinking about, it’s easy to compare life insurance over 50 and find the right deal for you. Comparethemarket.com can help you compare both traditional life cover 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.
If you decide that a traditional life policy meets your needs more closely, there are a few further things to think about.
First you need to decide whether you want to look at single cover or joint life insurance. With joint cover you may pay a little more, but you will get a payout upon the death of either of the insured people on the policy. Note that when this type of policy pays out once the policy will end, so the remaining person will need a new policy.
Next you need to set a time limit on the cover – enter the number of years you want it to last. Then you just need to tell us whether you have smoked or used anything containing nicotine in the last 12 months. Because of the health risks linked with smoking, insurers usually charge more for a smoker’s policy.
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.
Another thing you can select is whether you want level term life insurance or decreasing term. Level term will give you the same amount of cover at all times throughout the life of the policy, while with decreasing term cover, the payout becomes lower as time goes on. The idea behind this is that you would need less money as the years pass – for example because you have paid more of your mortgage off. Decreasing term cover is usually cheaper than level term.
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.