Getting covered in 3 easy steps

When it comes to life insurance, many of us are too busy getting on with our daily lives to think about taking out a life insurance policy. But as we reach our 50s, we start to look for little things that can provide added peace of mind for us and our families. A life insurance policy provides you with the reassurance that, if anything happens to you, your loved ones will have a cash sum to help with any bills or funeral costs that may arise, and can even provide them with a financial gift.

The older you are the more expensive a life insurance policy becomes, and it can also be a little trickier being accepted. That’s why we’ve worked with leading UK insurance providers to offer life insurance policies specially designed for today’s over 50s.

Let’s take a look at the options for life insurance for over 50s

For many over 50s, medical history can cause higher premiums, and even being rejected for cover all together. The main benefit of over 50s’ life cover is guaranteed acceptance, and no medical questions to answer.

These policies are also based on your circumstances, making them more affordable with pre-agreed policy payout amounts, and monthly payments to suit your budget. Over 50s life cover is an excellent choice if you want to leave some money behind to cover your funeral costs, especially as the price of funerals continues to rise. If this is one of your main reasons for taking out a life insurance policy, it is worth looking into the funeral benefits of any potential providers, as some offer larger payouts, or even discounts through specific funeral companies. A 50 year old client taking an over 50’s policy and paying £10 per month would receive a benefit of £3,264 upon death, this is based on being a non smoker. Quote correct as of 2nd August 2021.

There are many benefits to over 50s’ life cover, but there are a number of things to consider before taking out a policy.

You could pay in more than your loved ones end up receiving

When you take out a life insurance policy, remember that you are paying for the lump sum that will be paid out, but also the protection the policy provides. So, if you were to take out a policy when you are 50, and pay £25 a month for £10,000 cover, if you live past 84 you will have ultimately paid in more than you’ll receive in the payout. But the added peace of mind of knowing that, whatever happens, your loved ones will receive this lump sum is what makes life insurance products a popular choice for many customers.

Inflation protection

Some providers offer increasing over 50s’ life cover, which means your monthly payments will increase, but the lump sum received will keep its value. It is important to remember that there are strict rules around payments, and if a payment is missed the cover will be cancelled and any money already paid in will be lost.

Minimum terms before a full payout can be received

For many providers, you will need to pay in for a minimum of one to two years before the full payout can be claimed, unless you pass away as a result of an accident during this time. If you pass away due to illness before your minimum term, your loved ones will instead receive the equivalent of what you’ve paid into the policy up to the point of your passing.

Your lifestyle and medical background

From sprightly 80-year olds, to laid-back 60-year olds, when deciding on the right policy, you need to think about your lifestyle, your medical background and your financial circumstances. For many, over 50s’ life cover is the best option as it provides a guaranteed payout, but for those who are younger and healthier, term life insurance could be a better choice .

NiftyFifty is a trading name of Noticed Limited; registered in England and Wales with registration number 10399599. Registered office: 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ.

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