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Over 50s Life Insurance

Protect your family with Over 50s Life Insurance coverage.

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Types of life insurance available to the over 50s

There are three main types of life insurance available to those aged 50+, these are: 

  1. Term Life Insurance. 
  2. Whole of Life Insurance. 
  3. Over 50s Plans. 

We’ll discuss the features along with the pros and cons of each type of over-50s life insurance plan in this article.  

If you are considering a life insurance policy, it’s important to seek advice as to which one would be best for your situation.  

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Why take out an over 50s life insurance policy?

The reasons why the over 50s choose to take out a life insurance policy are: 

  • Peace of mind for your family. 
  • Pay off a mortgage. 
  • Repay credit cards and/or personal loans.  
  • Inheritance tax planning.  
  • Business protection.   
  • Funeral costs.  
  • Anything else. 

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Considerations of over 50s life insurance

The important things to consider when taking out an over-50s life insurance policy are: 

  • How much life insurance do you need?  
  • How long do you need the cover for? 
  • Who are the beneficiaries of the policy? 
  • Your health and any pre-existing medical conditions.  
  • Lifestyle choices and family medical history.  
  • Your monthly budget to find an affordable policy. 

When taking out an over 50s life insurance policy, your protection advisor must discuss trusts with you to ensure your money goes to who you would like it to.  We’ll do this for free as part of our recommendation and service.  

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Frequently Asked Questions – Over 50s Life Insurance

Is it worth getting life insurance in your 50s?

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If leaving a lump sum of money to a family member is important to you when you die, for peace of mind, life insurance will be worthwhile.  

Half the UK population are now over the age of 50, therefore, the demand for life insurance and mortgage options for the over 50s is increasing.  

Having an over-50s life insurance plan in place will help your family members financially, provide stability, and buy them time to grieve and organise their finances after you’re gone. 

It’s worth talking to your family members about what life insurance arrangements you’ve got in place, so they know what to action and who to call in the event of your death.   

Your state pension will stop immediately, and your bills will need to be paid so having a lump sum that is paid out quickly will help ease this financial pressure.  

Therefore, paying what you can afford per month will provide financial stability to your family if they would struggle without your income coming in.  

What type of life insurance is best for the over 50s?

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What plan type of best for the over 50s will depend on your situation and your goals.  Here I’ll provide a summary of each type of over-50s life insurance plan and a few examples of what they are used for: 

Term Insurance for the over 50s. 

A term insurance policy for the over 50s is the most popular type of protection.  A term insurance policy will pay a set amount for a specified term, for example, £100k insurance for 10 years from age 55 to 65 for a set monthly premium. 

A term insurance policy is underwritten at the outset which will involve you answering medical questions about your health and lifestyle.  If you are in good health, your policy is likely to get accepted at standard rates.  If you have experienced health issues, your policy is likely to be rated, i.e. the premium increased due to the additional risk involved or you could be declined insurance altogether. 

If you are declined, there might be options we can use with more specialised insurance companies so don’t worry.  

Whole of Life Insurance for the over 50s.

A whole-of-life insurance policy will be significantly more expensive than a term insurance policy as the insurance company knows there will be a claim on the policy in the future.  

A whole-of-life policy is usually suitable for those looking to provide a lump sum of cash for inheritance tax purposes or those with a mortgage with no end date such as a retirement interest-only mortgage or lifetime mortgage 

There are guaranteed or reviewable premiums available with whole-of-life insurance policies for the over 50s which our protection advisors will discuss with you, however, the prices can be much higher than with a term insurance policy for your monthly budget.     

Over 50s Plans. 

An over-50s life insurance plan provides a guaranteed smaller amount of insurance, usually up to £20,000 with no medical underwriting.  The maximum amount of cover is determined by your age.    

These over-50s plans work well if your monthly budget is tight and you require cover to pay for a funeral etc which can cost in the region of £5,000 to £10,000.   

There are terms and conditions with the over 50s plans such as the pay-outs in the first couple of years.   

If your health is poor and you have been declined a term insurance policy, having an over-50s insurance policy will provide your family with some money when you die.  

Can you have more than one over 50s life insurance policy?

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When you apply for any life insurance application, you’ll be asked what other policies you have in place and how much these are for. 

You can have more than one term insurance or whole-of-life policy in place providing that these are declared on the application form and that your total level of cover is acceptable to your insurance company.  

With the over-50s plan types, you are allowed more than one, however, the sum of each policy cover must not exceed the maximum allowed.    

Can an over 50s life insurance policy be in joint names?

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Yes and no, it will depend on the type of over-50s plan.  

A term insurance and whole-of-life policy can be in joint names, but a budget over 50s plan cannot, these will need to be done in your sole names with a set insurance amount for each.  

What is the difference between life insurance and over 50s life insurance?

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There are differences between traditional term insurance life insurance policies and the over 50s plans. Here is a quick summary: 

Term Insurance 

  • Medical underwiring and lifestyle impact the premium.  
  • Once accepted, insurance is valid from day 1 until the end of the term.  
  • No maximum amount of cover (within reason).  
  • Monthly premiums are set for the term of the insurance.  
  • Can be in joint names. 
  • Options such as increasing or decreasing cover can be added.   

Over-50s Insurance Plans 

  • No medical underwriting.  
  • Sole name policies only.  
  • Premium stays the same throughout. 
  • Usually much cheaper than term insurance.  
  • Limited cover amount depending on your age, up to a maximum of £20k.  
  • The insurance company will not pay out the full cover amount within the first 2 years.  

Do I need life insurance after my mortgage is paid off?

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It’s common for clients over the age of 50 to have life insurance in place after their mortgage is paid off.  

The reasons why you would consider life insurance after your mortgage is paid off are: 

  • Replace your income. 
  • Peace of mind. 
  • Provide funds for an inheritance.   
  • Give your family time to sell the property if required.  
  • Repay other debts such as credit cards and loans.  
  • Provide funds for funeral costs.  
  • Anything else depending on your situation.  

When doing a life insurance policy, it must be written in trust as per your requests, this will ensure that your policy goes directly to the beneficiaries potentially avoiding a delay with probate services.  

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Peace of mind knowing that you're dealing with a professional and that your life insurance policy is set up properly.

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We'll recommend appropriate insurance products for you, based on your personal circumstances.

We work with a large number of life insurance companies.

We shop around to find the most appropriate policy for your needs.

We're experienced and knowledgeable.

There isn't a situation we haven't come across before, we fully understand your needs.

Your life insurance advisor will be with you every step of the way.

We'll recommend placing your policy into trust when required.

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

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