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Over 50’s Life insurance is a type of insurance policy that can give protection to your family if you pass away. The cost of an Over 50’s policy depends on several factors including your age, health and lifestyle.
Over 50’s Life insurance gives you peace of mind that any financial commitments you have – including your mortgage or funeral expenses – are taken care of when you’re not around.
One of the most popular types of Over 50’s life insurance is called ‘term’ insurance. This type of policy pays out a set amount, either as a lump sum or a regular income if you pass away within an agreed period (or ‘term’).
The two main types of term life insurance cover are: level-term insurance and decreasing cover insurance.
Level-term insurance covers people for a period of time and typically offers a fixed lump sum of money if you pass away during that time period. You could choose this to ensure your financial commitments can still be paid.
Decreasing cover is a type of insurance that’s often (but not always) bought to clear a specified debt that itself decreases over time. This type of cover is often taken out to cover mortgage repayment costs.
There are many other types of life insurance to think about, including critical illness cover and whole of life insurance.
The level of mortgage cover that’s right for you will depend on your personal circumstances. There are many
The level of life cover that’s right for you will depend on your personal circumstances. There are many options including: whole of life insurance, over-50s cover and joint life policies.
The right level of Over 50’s Cover for you will depend on your personal circumstances. Typically, the more cover you take out, the higher your premium will be. However, if you underestimate how much money your family will need if you die, then you could leave your loved ones short.
Some experts say that a cash sum equal to ten times your annual salary is a good starting point. Our easy-to-use Over 50’s life insurance calculator can help you work out how much cover you might need.
How are Over 50’s policy premiums calculated?
The cost of your premium is based on the sum you’re looking to be covered for, the length of the policy, and whether or not you would like any add-ons such as critical illness cover. Each provider will have their own set of criteria that determines how your premiums will be calculated.
When you apply for Over 50’s life insurance, you’ll be asked a set of questions to help providers identify the risk they’re taking on – i.e. how likely it is that they’ll have to pay out. Expect to be asked your age, weight, and medical history, along with lifestyle factors such as how much you drink and whether or not you smoke.
That’s really up to you and will depend on your circumstances when you’re looking to buy mortgage life insurance cover. Paying annually can be a cheaper option as interest could be charged on monthly instalments – That’s really up to you and will depend on your circumstances when you’re looking to buy Over 50’s life insurance cover. Paying annually can be a cheaper option as interest could be charged on monthly instalments – so you could save some cash if you can afford the up-front payment. Before deciding on any type of payment plan, you should work out whether or not you’re able to pay in a sufficient amount to cover the duration of your policy. you could save some cash if you can afford the up-front payment. Before deciding on any type of payment plan, you should work out whether or not you’re able to pay in a sufficient amount to cover the duration of your policy.
As an adult over 50, it’s a good time to start thinking about life insurance. In particular people with loans, mortgages and family dependents should consider getting a life insurance policy.
Although it’s common to get a new policy after a major life event – such as retirement or moving house – it can be a good idea to buy life insurance sooner rather than later.
There you have it, there isn’t a better time than now to shop around for peace of mind. Start a quote for Over 50’s life insurance today.
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- James
“I previously was insured with Zurich and was curious to see what my level of mortgage cover and premium faired, I spoke to Stacey who was great, she really knew her stuff and to my surprise I practically doubled the level of my cover for a slightly lower monthly direct debit, I couldn’t be happier and would recommend”
- Laura C
Life insurance for Over 50’s offers an easy and straightforward way to ensure that the financial needs of your family or any other dependents are met in the event of your death. Couples without dependents will usually still wish to protect their partner, and some people simply want an inexpensive policy which will ensure that their funeral costs can be met.
Critical illness cover can be bought either as a standalone product or in combination with Over 50’s life insurance. Critical illness cover pays out a tax-free cash lump sum if you are diagnosed with a qualifying illness listed on your policy. The policy can help your family cope financially if you were to become seriously ill.
Mortgage Payment Protection Insurance (MPPI) is designed to cover the cost of your mortgage payments in the event that an accident, sickness or unemployment stops you from working. Your mortgage is a big commitment. Leaving your loved ones to face the risk of not being able to continue the mortgage payments is well worth protecting against.
