Over 50 and worried about life insurance? Here are some tips… - Protection Insurance Specialists
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Over 50 and worried about life insurance? Here are some tips…

Over 50 and worried about life insurance? Here are some tips…

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With so many different types of life insurance available, it can get a little confusing as to which product is the best one to take out for your requirements. If you are over 50, then the good news is that even with pre-existing medical conditions, you are guaranteed to get accepted for cover under an over 50s life insurance policy. Unlike many standard life insurance policies, there is no requirement to undergo intrusive medical examinations or answer embarrassing questions.

If you are considering taking out life insurance, here are some tips to make sure you get the cover that is most suitable for your requirements and circumstances:

Make sure the maths all adds up

If you see an advert and it is offering what seems to be a really good life insurance pay-out with low premiums, then you need to make sure that the figures add up. It can be difficult to work out whether you are going to end up paying in a lot more than gets paid out, as you won’t know the age you will die. The best way to do the calculations is to work it out based on the average life expectancy. You should also consider the impact of inflation, as the lump sum might seem enough right now but in ten or more years’ time, that amount won’t stretch as far.

Check the small print

With many over 50s insurance policies, there will be clauses that are not very clear when you take out the policy. For example, a single missed payment could render the policy void, resulting in no payment being made despite you paying premiums for years. Before you take out any policy, read through all of the documentation and the terms and conditions very carefully so there are no nasty surprises later on.

Get professional advice

Life insurance, financial calculations and legal jargon can be complicated, especially if you’re not very familiar with how life insurance works. It is very easy for people to get tied into an over 50s life insurance policy that works out financially negative and, in some cases, overpaying premiums for many years. This is why it is a good idea to speak to a reputable, professional life insurance expert such as So Smart Money to talk through your options. They will be able to make you aware of any clauses or consequences that you need to know about before signing and committing to any policy.

Calculate your required lump sum

Over 50s life insurance policy, lump-sum amounts can range from £1000 up to £25,000 and your monthly premium will reflect the amount you select. If you are just looking to be able to cover the costs of your funeral, work out what that equates to and make sure you don’t pay higher premiums than you need to. Alternatively, if you want to provide your family with some financial security through a large lump sum, then you should be looking for a policy that offers a good deal based on large lump sums.

Finding the right life insurance policy is really important, so make sure you follow this guide to find the one that is best suited for your requirements. If you would like to find out more about our over 50s life insurance and get expert guidance to protect your money, visit the over 50s life insurance page.


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