If you’re over 50, a life insurance policy is still an essential. Many people take out life insurance so a lump sum can be used to pay off a mortgage, or settle outstanding debts. However, when you are over 50, your priorities and financial situation could be different. You may want to leave a gift to your children or grandchildren, as well as clearing any debts you have outstanding. Additionally, as the average funeral expense continues to rise to over £4,000, an over 50s policy can ensure your loved ones aren’t faced with the financial burden.
At Freedom to Insure, we have access to information from the entire over 50s life insurance market, so you can rest assured we’ll find the most competitive policy for you.
What is over 50s life insurance? How is it different to level term or mortgage protection insurance?
Over 50s life insurance is a policy which can be taken out by anyone who is 50 or older and pays out when you pass away. It is very similar to level term life insurance or mortgage protection, but is designed for a different financial situation.
For example, a grandparent in their 60’s who owns their home outright will have a different requirement to a 30 year old with a family and mortgage. The payout from an over 50s policy could be used to pay off any remaining debts, or to leave a nest egg to your children (or grandchildren).
An over 50s policy guarantees acceptance, meaning you will qualify for cover regardless of your current health or lifestyle.
Why do I need over 50s life insurance?
If you were to pass away, who would you be leaving behind? As you get older, your needs can be complex and could be very different to those just starting out in life. Regardless of your circumstances, it is likely you will leave some debt behind (credit cards, regular monthly and quarterly bills). In addition, funeral costs have never been more expensive and the most basic funerals can cost in the thousands.
If you want to ensure your families financial security when you pass away, an over 50s life insurance policy is a great solution. Your policy could be enough to pay off any remaining bills and debts, or to give your children or grandchildren a head start in life.
Mortgages or rehoming costs.
Bills or funeral costs.
Loans or debts.
Other care costs.
How much does over 50s life insurance cost?
As with other types of life insurance, the cost varies depending on a range of factors, including your age and whether you smoke. In addition, the amount of cover you wish to have in place will have a impact on your monthly premiums.
Freedom to Insure are specialists in life insurance, with access to the whole of the UK market. This means you won’t be encouraged to take out a policy with a particular insurer. Instead, you’ll tell us what you need from your policy and we’ll provide all of the options. Although many of the factors which determine the cost of cover can’t be changed, your personal consultant can explain the various options. This will ensure you have the most appropriate, and affordable, policy.
If you want to find out more, or get a free no obligation quote, fill in the form below. One of our over 50s life insurance experts will be in touch. Alternatively, give us a call on 0800 288 9151, or visit our contact page.
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