Over 50s' Life Insurance

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, an over 50s' policy can ensure your loved ones aren’t faced with the financial burden.

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What is Over 50s' Life Insurance?

How does it differ from Level-term or Mortgage Protection Insurance ?

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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.

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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).

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An over 50s' policy guarantees acceptance, meaning you will qualify for cover regardless of your current health or lifestyle.

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Why do I need Over 50s' Life Insurance?

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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.

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• Mortgages or rehoming costs

• Bills or funeral costs

• Loans or debts

• Relatives' future

• Other care costs