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Over 50's Life Insurance

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What is Over 50’s Life Insurance?

Over 50’s life insurance is typically a whole life insurance policy, which means that it provides coverage for the entirety of the policyholder’s life, rather than a specific term. One of the main advantages of over 50s life insurance is that it is usually easier to obtain than traditional life insurance, as there is no medical exam required and the acceptance is guaranteed.

Premiums are typically higher than those for traditional life insurance policies, but the coverage is often more affordable for people who may not qualify for other types of insurance due to their age or health status.

Cover is available up to the amount of £40,0000, this is to cover funeral costs and to provide a lump sum to your family.

The amount of cover available with an over 50s plan is less than a regular life insurance policy. The older you are the less cover is available to you. You may also have a reduced cover amount available to you if you are a smoker. At The Insurance Surgery, we can help you find the best over 50’s life insurance for you.

If you need more cover for another reason, you may want to consider taking out a regular life insurance policy. Other reasons could include paying off your mortgage or leaving enough money for your children. Depending on your circumstances, leaving behind enough money for school or university fees may be a priority. If this was the case, a regular life insurance policy may be better suited to you.

There are lots of things to consider when looking for life insurance cover, not just funeral planning. It may seem a little daunting, however you are in good hands with our team of experts. They will help you find the best plan to help cover you for the rest of your life.

Pre-existing Condition

An over 50’s plan is suitable if you do not wish to discuss your personal health. Due to the fact that over 50’s plans do not require any medical evidence and your privacy will be respected.

If you are over 50, this does not mean however that an over 50’s life insurance plan is your only option. There are also other life insurance products available. Contact us today and we can help you find the best policy for your circumstances, so you can protect you and your loved ones.

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Alternative Options

If you want to leave money behind for other aspects of your life, we can help. This could be to support your children through university or you may want to leave behind money for your partner. If this is the case, you may want to look into taking out an “ordinary” life insurance policy.

We can find you the best price available from our roster of insurance providers, however many will only offer these if you are below 65. You will notice that monthly payments will be a lot higher than if you took out an Over 50’s policy. This is especially the case if you have a medical condition, health implication or a hazardous occupation. The term that you can cover will also be relatively short.

Over 50’s life insurance plans will cover you for a term lasting right up until your death and is not affected by any health conditions.

If an over 50’s plan isn’t suitable for you, there are two main types of life insurance that could be. These two options are term life insurance or whole of life insurance.

Below is an explanation of how each of these policy types differ.

Term life Insurance

Term life insurance is where your policy covers you for a certain term, or length of time i.e. 20 years. If you were to pass away within this term, then your policy would pay out a cash sum. The term would be agreed when you take out your initial policy.

If you live beyond the term of the policy however it would not pay out. When choosing your cover, there are lots of aspects to consider and our team can help you with this. However a term life policy is cheaper than taking out a whole of life policy.

Furthering this, there are two types of term insurance available; level and decreasing cover:

When taking out a level cover plan, your cover level is agreed at the beginning of the policy. If you were to pass away within the term, this is the amount that would be paid out.

With decreasing life insurance, the amount that would be paid out if you were to pass away will decrease each year. When taking out the policy, the terms and payments will be outlined. Although this may seem like a downside, it is suitable to cover your mortgage and is cheaper than level life insurance.

If you are aged 50 to 80 and a UK resident, our expert team can find the best policy for you.

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Whole of Life Insurance

This type of life insurance isn’t restricted to a certain term. It covers you for your whole life until you pass away, therefore it is guaranteed to pay out.

It is however more expensive than term life insurance, especially if you are older or require a large amount of cover.

Both forms of life insurance have their pros and cons. Choosing the right option for you could affect your family when the worst does happen. Therefore, it is important to pick the cover that is best for you, your family and your budget.

It is important to take into consideration any pre-existing medical conditions that you may have. Depending on your condition, you could be subject to higher premiums. Moreover, if your condition is severe there is also a chance of your application being declined. Find out more about Whole of Life Insurance

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Critical Illness Cover

Another form of life insurance that may be suitable for you is critical illness cover. This is a policy that pays out a lump sum if you are diagnosed with a critical illness. The critical illness would need to be defined under your policy wording.

The definition of a critical illness varies with each provider so it’s important to check what you are covered for. Critical illness cover will potentially exclude certain conditions from your cover depending on any pre-existing medical conditions that you have. When taking out your policy, it is important to check what you are covered for.

It is important to remember that the older you are, the more difficult it is to get a critical illness policy. You should also expect to pay higher premiums depending on your age.

Furthering this, once you reach a certain age (differs with each provider) then critical illness cover is not available to you. Our experts can check across our range of insurance providers to see if critical illness cover can be provided for you.

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There is no time like the present to find out what options are available for you. We can help you find your perfect policy.

There may also be other lesser known life insurance products available to you, each with their own benefits. Our team can see what products you are eligible for and help you decide.

It is important to choose the right insurance product for your personal circumstances as well as your budget. As you get older, the cover available to you may reduce or your premiums will rise. However if you are over 50 and looking for life insurance, we can go through your options with you.

Our expert advisors will always help you to get the best cover for your circumstance. We know that every person is individual, so we can make sure your policy is individual to you too.

The perfect time to take out life insurance is as soon as possible. Our easy to use quote form can help you submit your details to us quickly. Our expert team can then help you find a policy that you are happy with.

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