Over 50s life insurance is a form of life cover specifically designed for individuals aged 50 and over. Unlike term life insurance, no medical questions or exams are required - once you find an offer that you like, you can go ahead with the policy. It will provide a tax free lump sum to the family of the deceased whenever they pass away, providing them with financial security for the future.

Though premiums may be slightly more costly than term life insurance and there are certain drawbacks such as inflation risks, having an over 50s policy can be a great way to help provide long-term peace of mind.

Advantages and disadvantages of over 50s life cover

If you’re looking for life cover specifically tailored to those aged 50 and over, be sure to consider over 50s life insurance. It could provide you with the security you need for your loved ones even when you’re no longer around. Here are the advantages and disadvantages:

Advantages

• No medical questions or examinations are required
• If you keep up with the monthly payments, your policy will last your life time
• No matter how long you have the policy, the monthly premiums don't change

Disadvantages

• Over 50s insurance can cost more than life insurance as every policy pays out eventually
• Your lump sum is fixed so it may not be worth as much in the future
• If your policy is taken out early, you may end up paying more than what is paid out
• If you die within the first few years some insurers will only pay out what you've paid in

How can I find the best deal for me?

It is always best to shop around and do some research to find out what level of cover you really need, a cheap deal isn't always the best deal as there may be some add ons or features that you would like and you will need a suitable amount of cover for your loved ones when you pass away. You can also reduce your level of cover so that you aren't paying a high premium for money your family doesn't need.

Researching different providers and speaking to insurance advisers will help you find the best deal, sometimes you will find cheaper deals that will suit your needs perfectly. You don't want to be paying high premiums for a policy that you can get cheaper elsewhere. There are other factors that can reduce your monthly payments, a big one being quitting smoking, due to the health benefits of not smoking, this will reduce your monthly premiums if you quit, the sooner you quit the better.

Some deals may come with additional extras or welcome gifts such as gift cards or reduced monthly payments for a certain period of time when the policy starts. It is important that you are aware of the options available and if you think you need any of them, you don't want to pay higher premiums for unwanted extras. Also, a joint policy for over 50s life insurance may be hard to find but it could be worth asking the insurance provider if this is something they will consider.

If you are interested in over 50s life insurance or have any questions, contact us today on 0151 662 0188 or email [email protected].