Don't think just because you're over the age of 50 life insurance is no longer important to you. 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 could be looking at paying off any outstanding debts or even leaving something behind for your children or even grand children!
Whatever your circumstances life insurance is still important no matter what your age is. In this article we have narrowed down 5 things to think about before taking out over 50's life insurance.
"Sometimes life changes in a second, make sure you did the right things before"
1. How much cover do you need? - It's important to think about the amount of life insurance cover you need to ensure your family will be financially secure if something were to happen to you. It's always important and it makes your phone call to an advisor a lot easier if you already know how much cover you would need if you were to pass away and also how much your monthly budget you can afford. These are two important factors to determine the best policy for you. Everyone's budget is different however, if you contact one of our friendly advisors here with your estimated budget we will be happy to advise the cover you could be eligible for.
2. Understand the difference between Level Term Life & Mortgage Protection Insurance - Over 50's 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. An over 50's policy guarantees acceptance and application is much simpler, meaning you will qualify for cover regardless of your current health or lifestyle. Contact us here to find out more.
3. Are there any exclusions or conditions in the policy? - This point should go without saying but it is crucial you read the policy documents and fully understand that you know about any exclusions or conditions that could affect your cover. Put yourself in your loved one shoes that get rejected your benefits based on a small clause that was missed when signing up. If there are any queries or questions we are always here to help.
4. What premium payments will you need to make? - Like everything in this world nothing good comes for free, there will be a monthly premium that will need to be paid to access these benefits after you pass away. Check the payment schedule and make sure you can afford the premiums or as mentioned in point 1 have a budget prepared and one of our advisors can try and find you a policy that best suits you and your families needs.
5. Speak to a financial advisor - You can never be too prepared when it comes to signing up for Over 50's life insurance and taking on as much information as you can on the matter before signing up is crucial. That's where Your Choice Cover comes in. Our friendly team is always on hand to help you in any way that we can, if its a question you have contact us, if its sign up information you need contact us, if you're having any doubts contact us. No matter what the reason we are here to help.
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To get your Over 50's Life insurance quote today and contact our friendly adviser team here. Or call us on 0333 188 7617.
Your Choice Cover
12 Celtic Trade Park, Bruce Road Fforestfach, Swansea, SA5 4EP
Phone: 0333 772 1284