What if - something happened to you? Who would protect your family financially? Life insurance can help protect them.
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It’s a common misconception that finding reasonably priced life insurance is near impossible once you are over 50. The truth is, a standard life insurance policy might not be a suitable option for people in their fifties. There is a type of policy specifically designed to help meet the needs of anyone aged 50 to 80.
You see, health is a big factor when it comes to the cost of your life insurance policy. Unfortunately, as we grow older, we’re more susceptible to health conditions associated with old age.
This means that life insurance can be more expensive the older we get. Because of this, it could prove difficult to secure affordable life insurance as we enter old age.
But, what a lot of people don’t know is that over 50s life insurance is guaranteed life insurance for UK residents aged 50 to 80 and health isn’t a factor when applying. Here’s why you could still consider life insurance at 50.
Over 50s life insurance is a type of guaranteed acceptance policy meaning UK residents aged 50 to 80 can get it regardless of their health and medical circumstances. So, if you’re aged 50+ you can apply for a policy today.
When it comes to life insurance for people over 50, it’s not so much about what it can do for you, than what it can do for your loved ones. Guaranteed life insurance policies offer a way of helping to ensure your family receives a lump sum payment when you die.
Considering the average funeral can cost up to £4,000 depending on the choices you make, many families now rely on life insurance to help with funeral costs. It can also be used to help with other end-of-life expenses, or it can even be left as a cash gift for your loved ones.
You can apply for Over 50s Life Insurance if you are a UK resident aged 50-80. You can apply for a single policy or a joint policy to include your spouse, civil partner and/or common-law partner under a joint policy.
Providing you meet the eligibility criteria, we guarantee to accept your application.
Have you ever considered who would be responsible for your funeral costs if you were to pass away, or how your loved ones may cope financially when you are not around?
That’s why taking out an over 50s life insurance policy to help take care of your funeral expenses or other final expenses could be one of the most important decisions you make.
Securing over 50 life cover early can help ensure the financial help will be there for your loved ones to allow your family to give you the funeral service and memorial that you would both like.
Typically, this product is suited to those who want to make sure they do not leave their family and loved ones with the burden of their funeral and other final expenses when they pass away.
No-one knows what lies around the corner, whether it’s accident or illness, and securing cover early ensures the protection is there when needed.
Inflation may reduce the value of your benefit amount over time.
Depending on how long you live, you may pay in more than is paid out
This policy has no cash-in value
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As you pay off your mortgage over time, the amount of life cover you would get if the worst were to happen goes down – just as the outstanding balance of your mortgage does. Tell me more...
Taken out between the ages of 50 and 80, paid out as a lump sum and can be used for financial commitments when you pass away, such as funeral costs, outstanding bills. Tell me more...
The amount of life insurance you take out should ideally be enough to cover your mortgage repayments and the needs of your family if you were no longer around. The average cover amount is £140,000.
Life insurance isn’t a legal requirement, but most mortgage lenders will ask you to take out appropriate cover. You don’t need to take out life cover from your lender – you can buy it elsewhere.
The cost of life insurance can be as little as £5 per month, but your premiums will depend on your individual needs and circumstances, your age, if you smoke could affect the overall cost.
Life insurance is for your peace-of-mind, so you know your family will be financially protected in the event that you're no longer around. Life insurance is a form of security to provide for dependants such as children or spouses.
Term insurance is the most common type of life insurance and pays out only if you die within the term. For example, you might take out a 25-year policy so your family could claim if you were to die within 25 years.
Whatever your age, as an adult it’s always a good time to start thinking about life insurance. In particular, people with loans, mortgages and financial dependants should consider getting a life insurance policy.