Finding the right life insurance for over 50s shouldn’t be difficult, we look at some of the pros and cons of popular over 50 life insurance policies.
Are you over 50 and wondering what life insurance is suitable for you?
When looking for what policy or type of insurance is right for you, it is easy to get muddled with all the technical jargon. At QuoteSearch we try to make things as easy as possible.
That’s why we’ve put together the following guide that breaks down the pros and cons of Over 50 Life Insurance.
So let’s start with the pros
Here are a few of the pros of taking out an over 50s life insurance policy:
- Guaranteed acceptance - unlike traditional life insurance policies, you won't need to answer any medical questions to be accepted.
- Fixed cash pay-out - when you take out your plan, you agree how much money will be paid out if you were to die.
- Fixed monthly premiums - you can choose how much you can afford to pay each month, typically this amount doesn't change unless you agree otherwise with your provider.
- Whole of life cover - you will be covered for the rest of your life until you pass away.
- Spend as they wish - The pay-out from your policy can be used for your funeral costs, to pay off existing debts or simply be left as a gift for your loved ones.
All sounds good right? So what are the cons you ask
With life insurance, some policies will be better suited to your circumstances than others. For example, an over 50s policy might not be best suited for you because:
- There tends to be a waiting period until you are covered fully. This waiting period is typically 12 months but can be much longer with some insurers. This is because insurers don't ask you medical questions, they make you wait a period of time before they will pay out in full.
- You can't miss payments. If you miss a payment, typically your cover will end. However, some insurers will allow you to stop paying after a set period, or for you to reduce payments.
If an over 50s policy isn’t right for you, which ones could be?
If you’re unsure whether this is the right option for you, don’t be deterred, there are many policies available which can be personalised to your circumstances.
We’ve put together the following articles, breaking down the different types of life insurance, their pros and cons:
- What is decreasing term life insurance
- What is level term life insurance
- What is critical illness cover
Read more about level term vs decreasing life insurance.
Another alternative to consider would potentially be a pre-paid funeral plan if a life insurance policy doesn’t appeal to you.