Protect Yourself and Your Loved Ones with Over 50s Cover

Over 50s life insurance is aimed at anyone between the ages of 50 and 80, who needs cover to pay for funeral expenses, or leave a gift to their loved ones.

Over 50s insurance is competitively priced – policies start at as little as £10 a month. There are often no medical questions during the application – you just need to be over 50 to get cover, making this ideal for anyone with pre-existing conditions or a more complex medical history.

Over 50s life insurance is a whole of life type insurance policy – as long as you make your payments, your loved ones are guaranteed to receive a payout. Many providers won’t ask you to pay your premiums after the age of 90 – meaning that you’ll have life cover for free once you reach a certain age.

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4 key things to bear in mind when preparing for your quote...

Your Health

Your health plays a crucial role in determining your life insurance premiums. Insurers assess your medical history, current health conditions, and any risk factors to gauge your life expectancy. Better health typically means lower premiums, so it’s important to be honest and thorough about your medical history.

Your Occupation

The nature of your job can significantly influence your life insurance rates. Certain occupations carry higher risks than others, such as those involving manual labor or hazardous environments. Insurers consider these risks when calculating your premiums, so be prepared to provide detailed information about your job duties and work environment.

Your Age

Age is a fundamental factor in life insurance pricing. Generally, the younger you are, the lower your premiums will be. This is because younger individuals are statistically less likely to file a claim in the near future. It’s advantageous to secure a policy early to lock in lower rates and ensure long-term coverage.

Your Lifestyle

Lifestyle choices, such as smoking, drinking, and engaging in high-risk hobbies, can impact your life insurance rates. Insurers evaluate these behaviors to determine your overall risk level. Leading a healthy lifestyle can help you obtain more favorable premiums, so it’s beneficial to disclose any relevant lifestyle habits.

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FAQ's

Over-50s life insurance is a type of life insurance policy specifically designed for people over the age of 50. There are no medical questions so anyone over 50 and under 80 will be accepted on the plan. As such, this is often a more suitable type of policy for those who have more complex medical histories or who simply choose not to answer medical questions. An over 50s live insurance policy runs from when you take out the policy till you pass away, as long as you make all your monthly payments on time, your beneficiaries will receive a payment in a lump sum.

Over-50s life insurance and Traditional Life Insurance policies have some key differences. Over-50s life insurance has a guaranteed payout as long as you maintain the premiums, no matter what age you pass away. Conversely, with term assurance you are covered for a defined period of time, for example, you may want cover for the duration of a mortgage. With Over 50s insurance, if you live past the age of 90, you no longer need to pay your premiums but the policy will still pay out.

No, there are no requirements for a medical or acceptance when taking out an over-50s insurance policy. With most providers, full cover is payable two years after taking out the policy.

The cost of over 50s life insurance can start from as low as £10 per month, this will depend on your age and the amount of cover you need. Like with any insurance product, the higher your monthly premium the more your beneficiaries will receive in a lump sum when you pass away.

This is down to personal circumstances and how much cover you need. There are different types of life insurance to cover all your needs, they are:

  • Traditional Life Insurance
  • Critical Illness Cover
  • Over-50’s Cover
  • Income Protection
  • Whole of Life Insurance

Each one has different benefits and will come at different costs for the agreed term. Speak to us today to get support in finding the right product for you.

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