Life insurance can be very difficult to secure as you grow older, but it might not be something you give too much thought to when you are younger. If you are aged 50 or over and have just started to think about taking out life insurance, you may find yourself struggling to be accepted for standard life insurance cover.
As the name suggests, over 50s life insurance is specifically designed for those aged 50 or over. If you are worried about getting the right insurance policy because of your age, an over 50s policy can provide peace of mind.
How does it work?
Generally, you are able to take out over 50s life insurance between the ages of 50 and 80, although it is mostly uncommon to see policies for over 60s and 70s. Most over 50s policies stop at the age of 90.
The policy is known as a form of life assurance, which means the pay-out is assured so long as you pay your premiums every month. The cover works by charging you a fixed monthly fee, which is generated depending on the amount of cover you would like.
Some policies may have a qualification period once you have purchased the cover. The qualification period can last between 1-2 years, and you need to have survived this period in order to secure a full pay-out on your policy.
Why should you consider over 50s life insurance?
If you have reached the age of 50 and have not yet taken out life insurance, your options can become limited. Over 50s life insurance guarantees acceptance, regardless of your health or lifestyle. For this reason, it is a desirable choice for those who have already turned 50.
Standard life insurance can be difficult to come by once you reach the age of 50 or over. By taking out over 50s insurance, you can have peace of mind that your loved ones will receive financial support at a time when it is most needed.
Over 50s life insurance can be used to soften the financial blow for your partner, children or even grandchildren. Your cover can be used for a multitude of purposes, such as funeral costs, paying off debts or even a gift for family members.
How to find the right policy
It is important to remember that even if you have a troubled medical history, you will still be accepted for over 50s life insurance. With this in mind, this type of policy is often a popular choice with those aged over 50.
You should consider how much you can afford to pay each month, especially if you are planning to retire. It is also important to note that the older you are when taking out an over 50s policy, the less the pay-out will be. If you are hoping to take out this kind of cover, it is generally better to do it sooner rather than later.
Ceri Wheeldon
Ceri is Founder and Editor of Fabafterfifty.co.uk She is a frequent speaker at events and in the media on topics related to women over 50 , including style and living agelessly. With 20+ years experience as a headhunter Ceri also now helps support those looking to extend their working lives.
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