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Comparing over 50 life insurance

As you probably know, life insurance helps you make sure that your loved ones are financially taken care of should the worst happen to you. It’s designed to provide a 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 you may have paid off your mortgage or your children may have grown up, so your needs maybe different. Instead you might want to pay for funeral costs and make sure your family have some money to support them, a bit like an inheritance.

What complicates things is that once you’re over 50, a standard life insurance policy could be quite expensive compared to if you were 30 something, because you are statistically more likely to pass away during the term of the policy. There could also be restrictions on the length of your policy depending on your age so an over 50s policy designed for someone in your position could be the answer.

Frequently thought questions

Want to know a bit more about over 50s life insurance before you get started? We’ve put together the following answers to some questions often thought but rarely asked about over 50s life insurance.

What are the main options?

So there are two main options. You could stick to the traditional route and buy either term life insurance or look at an over 50s policy.

Term life insurance is a great option if you are healthy or towards the younger end of over 50. But 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. Based on this amount a lump sum payment that your family would receive is worked out. 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. Although, smokers may have to pay more than non-smokers.

Whichever option you’re thinking about, it’s easy to compare over 50’s life insurance and term life insurance with us. Just enter your details and in a few minutes you’ll see a page of life insurance quotes tailored for you, so it’s really easy to find the right deal for you.

What's the qualification period for over 50s Life insurance?

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 pass away within that time, the payout would total the amount you had paid in, sometimes with an additional percentage, depending on the provider.

How should I compare and choose?

As you look at the different offers on our quote page, make sure you consider more than just the price. There is also the waiting period, the age at which the premium payments stop and any added extras the insurance provider offers that are worth considering.

Cheap life insurance is not necessarily the best life insurance. So use our comparison service to compare over 50s life insurance and find the right cover for you.

I’m not sure where to start, can I just talk to someone?

If you have any questions, call our family insurance service for assistance. Just call 0808 141 1336.

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