Over 50 Life Insurance

Over the years, the joys of raising a family and seeing your children grow eventually give way to concerns about what might happen when you are no longer able to provide financial security for your loved ones. Over 50 life insurance provides an effective solution to the worries that affect us in later life. By taking out a policy at the earliest available opportunity, you could leave behind enough money to cover unwelcome expenses such as funeral costs, or a cash sum that provides ongoing financial support for your family after your death.

Over 50 life insurance is a simple and affordable commodity offered by an increasing number of independent providers. Policies are usually purchased over a fixed term and paid for on a monthly basis. The larger the premium, the more substantial the settlement will be if you die while the policy is still in operation. It is important to note that no benefits will be paid if you survive until the end of the policy term.

A larger number of companies now offer over 50s life insurance with highly preferential terms and conditions. In most cases, there is no need for a medical but premiums will be higher if you are a smoker, suffer from ill health or are significantly older than the 50-year-old threshold. Premiums are usually fixed, and your family will receive a tax-free cash lump sum if you die during the duration of the policy. There are several different forms of over 50s life assurance to consider:

Level Term Insurance

Level term insurance is the most common type of over 50s life insurance, and potential payouts remain at the same level throughout the term of the policy. There is no value to the policy once the specified term has expired.

Increasing Term Insurance

Increasing term insurance rises at a rate of 5% on an annual basis to combat inflation, and is ideal for those who are looking at over 50s life insurance over a longer period of time without losing monetary value.

Decreasing Term Insurance

Decreasing term insurance falls in value over the duration of the policy, and is a popular over 50s life insurance choice for those with outstanding loans. The value of a policy will decrease incrementally as loans are reduced until a zero figure has been reached.

Convertible Term Insurance

Convertible term insurance can be extended to become a ‘whole of life’ policy and subsequently, your insurer will be obliged to renew your existing levels of coverage irrespective of your state of health. However, premiums are likely to be higher with this type of over 50s life insurance.

Renewable Term Insurance

Renewable term insurance allows an expired policy to be extended regardless of your state of health, but will usually have an age cap of 65 years.

Find out about other options including critical illness insurance and mortgage protection insurance. Let us help you find the best quote suitable for your needs.