Life Insurance for Over 50

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Life Insurance for Over 50 - specialist life cover to help protect you and your family. Compare the whole market and save up to 40% on Life Insurance for Over 50s.

If you fail to get a life insurance before your golden years, you might be surprised at how easy it can get to life insurance even past 50. Insurance companies now recognize the growing need of the elderly people for life insurance. With growing funeral costs and desire to leave loved ones with the resources for a fresh start or just some assistance, more and more people over their 50s are getting a hold of a life insurance policy.

Insurance and Age

It is a known fact that a lot of illnesses deteriorate with age and over time, the human body finds it harder to cope with threats to wellness. Insurance companies understand that older individuals are harder to insure compared to those in their 30s. Usually, after you hit your 50s, you belong to a separate insurance bracket. From this age, the brackets come in 10s. Meaning, the rate computation will be different for individuals in their 50s, 60s, 70s and so on.

In other terms, 50s is the best time to get insurance for the latter half of your lifetime. It is when the premiums are cheapest and the choices are plenty. At this age, you also hold a better chance of acceptance from term life insurance policies that are usually more stringent when it comes to assessing your insurability.

Insurability

Insurability determines how “safe” of a risk you are for the insurance company. The rule is the more insurable you are, the cheaper your premiums will be. At present, there are several common factors that insurance companies count when assessing an individual.

  • Age.
  • Your current health.
  • Driving record. For individuals who still drive, your record will show how safe of a driver you are.
  • Job. Does your job require you to travel? Does it place you in unsafe conditions?
  • Activities. Do you engage in risky activities such as racing cars or diving? Do you fly your own plane? Extreme activities affect insurability greatly.
  • Tobacco use. It is established that cigarette smoking cause a vast array of illnesses and as you age, these effects are more likely to emerge.
  • Location. Do you live in a good, safe environment or do you live without direct access to care facilities?
  • Amount of coverage. Policies often let you choose how much you want to be covered for. A bigger amount lowers your insurability especially if you have less than great ratings in the other items on this list.
  • The variables that determine your monthly premium may vary greatly from company to company. Talking to a great broker with a firm understanding of insurance policies will help you find an insurance provider or company that will make the most out of your money.

    Insurance companies nowadays are more enthusiastic about admitting individuals over 50 to their insurance policies. If you feel that it would be hard to get insurance if you’re in your 50s, you will be surprised by the availability and premiums currently offered by insurance companies. Almost all companies have set up packages that are especially for those over 50s.

    What should I be expecting?

    Here is a list of the common benefit from companies who have packages that cater exclusively to older individuals:

    • Lump sum pay out. This allows your loved ones to claim an amount of money in the event of your death.
    • Funeral benefit. This is additional to the lump sum and will help pay for a portion of the funeral services spent. Free funeral benefits may provide up to £250.
    • Guaranteed acceptance. This usually applies for individuals 50-80 years old. This is great for people who have pre-existing medical conditions and have low insurability ratings. This ensures quick processing times and less inconvenience for the applicant.
    • Guaranteed premiums. Guaranteed premiums keep an individual from a sudden rise in premium price. Premiums are the monthly bills paid to retain membership to an insurance policy. A guarantee should be discussed before signing into a policy to avoid events where payments would be too high for an individual to afford.
    • Premium-free period. This is usually offered in whole life insurance. Life insurance is a long engagement and a member must be entitled to having coverage without premium fees starting at the age of 90 years old.
    • Option for increasing plan. A £10,000 coverage might seem big now but after 30 years, the value could significantly decrease due to inflation. With an increasing insurance plan, your premiums will increase together with the benefit according to the rates of inflation.

    Watch out for

    Individuals should take note of when the plans will begin coverage. For example, a plan may make its coverage available only after 2 years of premium payment. This means that death before the two-year period will only return total of amounts paid. Other insurance companies however allow full coverage payment in times of accidents.

    There are also different non-payment regulations for insurance policies. For example, an insurance company might extend coverage 30 days after a missed payment but terminate membership after this period. When membership or coverage is terminated, this could incur significant fees to revive.

    When getting an insurance for someone in their 50s, it is important to contact a capable broker or agent. The broker or agent will help you find the most suitable plan. Internet research will also provide to you several valuable tools that can quickly narrow your search for a suitable insurance provider.

    There are numerous options for life insurance for someone over 50 may look at. Getting a policy that fits your needs perfectly requires a little more research and quotes from several if not a lot of providers. Choosing the right option involves reading extensively about your preferred benefit and making sure all your needs are met at an amiable price point.

    There are two types of life insurance available specifically for life insurance. These two types could serve as the starting point for someone over 50 looking for an insurance policy.

    Term life insurance

    This type of insurance has an expiring date and covers a specific span of time. The usual term is ten (10) years and someone in their 70s can easily outlive this term. However, there are a lot of renewal options available with this plan. The premiums are cheaper with this type too.

    Applying for term life insurance could also be tedious. Insurance underwriters often require a review of your medical history and they would require medical check-ups to ensure your present condition. Specific points such as tobacco use, recent medical procedures and chronic illnesses such as diabetes can significantly raise the price of premiums.

    This is the original form of insurance and has the best premium versus coverage value. For individuals in good health condition looking for the least expensive insurance, this will be the way to go. Term life insurance is a pure death benefit and will provide financial resources to loved ones during loss of life for the individual.

    Whole life insurance

    This is a very popular form of insurance for individuals past their 50s. This is similar to life insurance that could be obtained for those below 50s and cover the whole life. Unlike term life insurance, this does not have a limited term and fulfils or expires only upon the death of the individual insured.

    Advantages of getting whole life insurance include easier application process. This kind of insurance usually does not require a medical check-up and processes applications faster than term life insurance. The price however will be higher than term life insurance even for the same coverage values.

    The benefits are the same. There will be a lump sum paid out to family at the event of death to the one insured and funeral benefits could also be added to the policy. A unique feature that could be obtained exclusively from whole life insurance is guaranteed premiums. This keeps the insurance company from making sizeable increases in the premiums paid. This is protection for the individual from premiums becoming too expensive.

    These two insurance policies are targeted towards different needs and budget. If you are looking for a lengthier coverage and could not be bothered with re-application procedures, whole life insurance might be the one for you but if you are in great health and want the best prices, you might start looking at term life insurance policies.

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