Life insurance cover for over 50

If you are considering what a funeral might cost or want to leave some money for your family,  then Life Insurance cover for over 50 could provide some or all of the answers you are looking for.

There is now a wide variety of policies which have been designed for the over 50’s

Life Insurance quotes online

Getting an insurance quote is now very easy to do.  To start the process, just go online and complete the forms which are easy to follow. You will need to provide some information about yourself and the premiums/ benefits will depend on a range of factors.

Dealing with a human being is always a good idea to support your decision so once you have completed your online application, make sure you have a follow up conversation with someone who knows the market.

Competitive quotes for over 50’s life cover

As with all key decisions it is important to look at competitive quotes before deciding on the best product for you.  When you are looking through your quotes make sure you consider the main terms and don’t just automatically go for the cheapest quote.

Over 50’s life cover- the benefits

There are many benefits to an over 50’s life cover so let’s look at a few of them.

1. Simple to apply, but take advice first before proceeding
2. Usually guarantees a lump sum when you pass away, but there is normally a minimum period of contribution before you qualify for this benefit
3. Premiums are usually a fixed amount so easy to budget for
4. Most policies don’t require a health check

Over 50’s life cover- matters to consider

There are several important matters for you to consider before going ahead with over 50’s life cover. Here are a few of the main matters for you to take account of in your decision.

1. You can’t cash in your policy once it has begun.
2. Inflation- The amount you get is fixed at the start so will reduce in real value if the inflation rate rises. With inflation now over 7% in the UK, this has become a significant issue. The inflation issue can be handled by undertaking a periodic review.
3. Always consider the terms of the policy before proceeding. Take advice if you are unsure what the policy means

Life insurance in the UK

Most policies require you to be a UK resident to take out life insurance for the over 50’s so make sure you highlight this issue early in the process if you are non-resident or just unsure of the rules.

Over 50’s life insurance is a good idea in the right circumstances. Make sure look at competitive quotes and take advice at an early stage.

You may also find other articles we have written which you may find helpful in deciding. Click on the links below if you would like to read more:

Life insurance how does it work

Life Insurance FAQ’s

Take advice before proceeding

If you need advice on life insurance for over 50 before proceeding than contact us at My Life Insurance.online.