As we enter our 50’s, the life insurance adverts hit. Not a day goes by when we’re not bombarded by offers for the over 50’s, reminding us that we’re getting older and that we might be entering the last decades of our lives.
But, if we’re honest, at 50, few of us think of ourselves as old. Those of us that take care of our bodies and still take great pleasure in life, certainly don’t like the idea that there might not be that much of it left. But, the truth is that once you reach 50, there’s a very good chance that you are more than halfway through. Yes, with exercise and care, you might have a good while to go yet, but, perhaps it’s time to start thinking about things like life insurance if you haven’t already. Here’s a look at some of the reasons you need it.
You Never Know
Most life insurance policies don’t just cover you in the case of death. They’ll also cover for loss of income due to illness, and perhaps even medical costs.
As much as you might be fit and healthy today, you never know what might happen. None of us does. You could be involved in an accident, become ill or otherwise find yourself unable to work. Even in your twenties, you can find yourself facing sudden health changes, and as harsh as it sounds, the older you get, the more likely illness and even death become. Yes, you should take care of yourself, and take steps to protect your health, but you only have so much control. None of us knows what the future might bring. We don’t even know what might happen tomorrow. Insurance protects you and your loved ones.
You Might Be on The Verge of Big Life Changes
More and more people are taking risks as they enter their fifties. Where once this decade was the countdown to retirement, now, it’s a chance to take everything that you’ve learned in your working life, and try something new. More and more people in their fifties are starting their own businesses, changing careers, or taking an extended break from work to travel.
In your twenties, these things are exciting but risky. In your fifties, you know your mind, you are more financially secure, you’ve got more common sense, and better skills and you are ready for a new challenge. You’ll certainly appreciate it more. But, any change is a risk. Getting life insurance sorted before you jump in can give you security.
You might also be ready to take risks of a different kind. If you’ve always played it safe, you might be looking to push yourself and take on new challenges. It’s a great time to get started on your bucket list, and you’ll certainly want insurance before you jump out of any plans.
You Are Supporting Your Children
As a general rule, if someone is financially dependent on you, in any way, then you need life insurance. Whether you are helping with school fees, contributing towards a deposit on their first home, or just offering support and a fallback plan, having Discount Life Cover in place means that they would be ok if anything happened to you.
To Replace an Income
If you live with a spouse or partner, your lifestyle might depend on both incomes. Even if you are lucky enough to own your home without a mortgage, imagine trying to cover bills, and enjoy the lifestyle that you are used to without your partner’s income. Now, imagine them trying to do it without yours. If anything happened to you, or you were suddenly unable to work, a payout could replace income and ease financial pressure on your partner.
To Give Yourself a Send-Off
Funerals can be very expensive. This is the last thing that your family wants to worry about while they are grieving, dealing with your death and organising everything. Once you are gone, there’s nothing that you can do to help them. But, if you have an insurance policy, at least you’ll know that financially, they won’t have to worry. If there’s any instructions that you’d like to leave, this also gives you a chance to make sure they have enough money set aside to give you the send-off that you really want, without any extra pressure or worry.
Life insurance is a great idea at any age, but certainly, if you are ready to be fab at fifty, a little back up won’t hurt.