Never Too Late for Over 50s Life Insurance

People over fifty may believe they will struggle obtaining a high quality and affordable life insurance plan; however there are several options available. Although, majority of insurance companies will provide cover for those within this age group, it is highly advisable to contact those who provide an over 50’s scheme, designed specifically for this client base. Not only will the policy suit the needs and requirements of an individual but it will also prove much cheaper than general life insurance policies.

Fixed policy insurance, is potentially, one of the best options available. This type of policy guarantees individual cover for the duration of their life, unlike other, relatively cheaper schemes. The price of such a policy will be fixed from the beginning of their cover up until their ninetieth birthday, after which the individual is no longer required to pay premiums but will nonetheless be covered until they pass away.  

Policies such as these allow people to have peace of mind that loved ones will be financially secure and stable once they die, whilst also making sure that funeral expenses are taken care of. This type of cover is not all that expensive either, costing individuals on average £30 a month.

It is important to remember that over 50s wishing to purchase life insurance actually have it much easier than the average person. This is because those insurance companies who provide an over 50 plan have to accept anyone between the age of 50 – 80. Medical history is also an area that is restricted to be asked about by providers. 

In some cases funeral expenses can be added onto a policy free of charge. The cost of a funeral can amount to a small fortune and many families are unaware of this. By adding funeral costs to a policy, an individual and their family can relax and look to the future.

Married couples can choose to take out an insurance policy together, resulting in a much cheaper, yet effective cover. 

It is important to remember that those who smoke are more likely to pay higher premiums for their insurance cover. This, of course, is due to the increased likelihood of contracting cancer and heart disease. Those who don’t smoke will be rewarded by receiving a much cheaper policy for the same amount of cover.

Those who did not purchase life insurance when they were more easily insurable have not missed their chance to take care of their loved ones; they may purchase an over 50s life insurance policy now.

Author: 

This is a guest post by Nicola Winters on behalf of LV, a leading provider of over 50 life insurance