• Car
    • Car Insurance
    • Specialist Motor Insurance
    • Motorbike Insurance
    • Young Driver Insurance
  • Home
  • Life
  • Health
    • Health Insurance
    • Impaired Life Insurance
  • Travel
  • Sports
  • Student
  • Commercial
    • Commercial Property Insurance
    • Services
  • Over 50
  • Other
    • Pet Insurance
    • Other Insurances
  • Income
  • News
Insurance Supermarket
Insurance Supermarket
  • Car
    • Car Insurance
      Compare Convicted Driver Insurance

      Compare Convicted Driver Insurance

      Compare Car Insurance Quotes

      Compare Car Insurance Quotes

      Types of car insurance policies

      Types of car insurance policies

      Prestige Car Insurance

      Prestige Car Insurance

    • Specialist Motor Insurance
      Compare Gap Insurance

      Compare Gap Insurance

      Compare Imported Car Insurance

      Compare Imported Car Insurance

      Compare Kit Car Insurance

      Compare Kit Car Insurance

      Compare Caravan Insurance

      Compare Caravan Insurance

    • Motorbike Insurance
    • Young Driver Insurance
  • Home
    Compare Home Insurance

    Compare Home Insurance

    Thatched Roof Home Insurance

    Thatched Roof Home Insurance

    Unoccupied Home Insurance

    Unoccupied Home Insurance

    Specialist Home Insurance

    Specialist Home Insurance

    Tenants Contents Insurance

    Tenants Contents Insurance

  • Life
    Life Insurance Policy Types

    Life Insurance Policy Types

    Mortgage Protection Insurance

    Mortgage Protection Insurance

    Income Protection Insurance

    Income Protection Insurance

    Life Insurance

    Life Insurance

    Dental Insurance

    Dental Insurance

  • Health
    • Health Insurance
      International Health Insurance

      International Health Insurance

      Health Cash Plan

      Health Cash Plan

      Health Insurance

      Health Insurance

      Company Health Insurance

      Company Health Insurance

    • Impaired Life Insurance
      Multiple Sclerosis

      Multiple Sclerosis

      Obesity

      Obesity

      Impaired Life Insurance

      Impaired Life Insurance

      Mental health

      Mental health

  • Travel
    Compare Travel Insurance

    Compare Travel Insurance

    Travel Insurance

    Travel Insurance

    Volcanic Ash Cover

    Volcanic Ash Cover

    Ski Travel Insurance

    Ski Travel Insurance

    Travel Insurance Cover For Repatriation

    Travel Insurance Cover For Repatriation

  • Sports
    Sports Injury Insurance  Cover

    Sports Injury Insurance Cover

    Adventure Sports Travel Insurance

    Adventure Sports Travel Insurance

  • Student
    Young Driver Insurance

    Young Driver Insurance

    Student Room Insurance

    Student Room Insurance

    Student Bicycle Insurance

    Student Bicycle Insurance

    Student Car Insurance

    Student Car Insurance

    Students Contents Insurance

    Students Contents Insurance

  • Commercial
    • Commercial Property Insurance
      Tradesman Insurance

      Tradesman Insurance

      Beauty Salon Insurance

      Beauty Salon Insurance

      Shop Insurance

      Shop Insurance

      Surgery Insurance

      Surgery Insurance

    • Services
      Compare Motor Fleet Insurance

      Compare Motor Fleet Insurance

      Truck Insurance

      Truck Insurance

      Taxi Insurance

      Taxi Insurance

      Van Insurance

      Van Insurance

  • Over 50
    Over 50s Travel Insurance

    Over 50s Travel Insurance

    Over 50s Private Medical Insurance

    Over 50s Private Medical Insurance

    Over 50's Life insurance

    Over 50's Life insurance

    Over 50s Home Insurance

    Over 50s Home Insurance

    Over 50s Health Insurance

    Over 50s Health Insurance

  • Other
    • Pet Insurance
      Compare Horse Insurance

      Compare Horse Insurance

      Compare Horsebox Insurance

      Compare Horsebox Insurance

      Horse Insurance

      Horse Insurance

      Horsebox & Trailer Insurance

      Horsebox & Trailer Insurance

    • Other Insurances
      Trailer Tent Insurance

      Trailer Tent Insurance

      Will Writing

      Will Writing

      Guide to Wedding Insurance

      Guide to Wedding Insurance

      Musical Instrument Insurance

      Musical Instrument Insurance

  • Income
  • News
Over 50’s Life insurance

Over 50’s Life insurance

Over 50

What is the point of taking out over 50s life insurance?

Not one of us considers aging, yet while a lot of things improve with age, life insurance premiums do not fall into this category.

As you age taking out life insurance generally gets more expensive as life insurance companies assess you as a higher risk because there is a greater likelihood of them paying out on the policy sooner than, say, if you were in your 30s.

Furthermore, you are also considered a higher risk as you get older if you suffer from poor health or a condition like diabetes. However, individuals aged between 50 and 75 years of age (up to 85 years of age with some insurance companies) can obtain an over 50s plan which provides basic life cover for a few pounds per week.

The reason the premium is so cheap for the over 50s is that, unlike traditional life insurance policies, the over 50s life insurance plan does not necessitate a medical examination or health questionnaire. Moreover, you are not required to make any statements about the current state of your health, which renders it especially attractive should you be a diabetic.

How does it work?

You pay a monthly premium for a guaranteed cash lump sum payout when you die. The amount of payout is dependent on the cover level you select. It is vital to note that inflation will decrease what your cash is going to buy in the future. Hence, you ought to factor this in when choosing the cover level.

In the majority of cases you cease paying the premium when you reach 90 (85 for some insurers). However, you continue being covered by the policy for the rest of your life.

The majority of insurers do not pay out should you die within the first two years unless you do so by accident. However, certain insurers will pay out all of what you have paid in plus an additional 50%. So, do check your policy.

Advantages of over 50s life insurance

The main advantage of the over 50s life insurance plan is obtaining inexpensive life cover without having to make any statements about your current state of health.

Over 50s life insurance is sold as a total life policy, to cover you up to your death, unlike the term policies available which will purely cover you should you die within a set period of time whilst the policy is in force.

You do have an option of obtaining a standard term assurance policy, which covers you should you die within a set amount of time. However, this may not necessarily have the benefits you need which you would receive from the over 50s life cover policy.

These policies offer you specific additional benefits which are not offered within general policies that people of any age can take out.

The majority of policies offer guaranteed acceptance which is a godsend for those with health issues.

Moreover, over 50s life insurance can have fixed premiums, so you there is no need to be concerned about the policy getting more costly as you age. However, this means your payout is not going to increase in line with inflation, hence, your family could be worse off.

They usually provide funeral benefits which can help towards the cost of cover of your funeral. The average cost of a funeral is said to be £7,000 so any financial assistance with this would be welcome.

You can also obtain free life cover after you reach 90 years of age, dependent on the life insurance company. You need to check the terms and conditions with care. Certain insurers just pay out should you die from an accident in the first couple of years, given that insurers do not wish to encourage individuals with an existing condition to take out a policy which is claimed on straightaway. Check the policy terms and conditions to find out how long this period lasts, and just sign up to a policy you are content with.

Disadvantages of over 50s life insurance

If you have the policy for 30 or 40 years you could end up paying out more in premiums than the actual payout. It is also worth remembering that this is not a savings plan, so should you decide to cancel the policy before you are 90 (85 for some insurers) then you won’t receive any money.

Facebook Twitter Google+ LinkedIn Pinterest Tumblr VKontakte WhatsApp

Related Articles

Travel insurance customers learn half of holidaymakers abandon budgets

New research indicates that almost half of people in the UK do not keep within the limits of their holiday...

The Law society warns against property title theft insurance

The UK’s Law Society is warning property owners against some of the fraud protection policies on their...

False burglaries being reported to claim insurance

A rising number of homeowners are reporting burglaries that have not actually taken place so that they can...

Life insurance Quote

Latest News

  • Money Q & A: Can you cut the cost of our annual health insurance - The Times

    8th December 2019
    Money Q & A: Can you cut the cost of our annual health insurance  The Times ...

  • Tony Wright in the money with second brokerage bonanza - The Times

    8th December 2019
    Tony Wright in the money with second brokerage bonanza  The Times ...

  • The crash was in Glasgow, the car's a VW but my claim is in Danish limbo - The Times

    8th December 2019
    The crash was in Glasgow, the car's a VW but my claim is in Danish limbo  The Ti ...

  • Premier Oil becomes the target of record £132m short bet by Hong Kong hedge fund - This is Money

    7th December 2019
    Premier Oil becomes the target of record £132m short bet by Hong Kong hedge fund &nb ...

  • De Niro saved The Deer Hunter by paying for co-star's medical insurance when he was diagnosed with terminal cancer - Telegraph.co.uk

    7th December 2019
    De Niro saved The Deer Hunter by paying for co-star's medical insurance when he was diagno ...

  • Your car insurance could be invalidated by decorating your vehicle this Christmas - Express

    7th December 2019
    Your car insurance could be invalidated by decorating your vehicle this Christmas &nb ...

Retrieve Quotes

Looking for a specific insurance quote? Select one of the categories below and start the process.

Go

Advertisement




  • About
  • Contact Us
  • Disclaimer
  • Advertise
  • Privacy Statement
  • Cookie Policy
  • Back to top
© Insurance Supermarket 2018. All rights reserved.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkNoCookie policy
Change consent