There are a whole host of insurances that you can take out for yourself and for your family. One of these is over 50s life insurance.
So, how do these polices differ from others and are the worthwhile taking out?
What is an over 50s life insurance policy?
As the name suggests, the idea of an over 50s life insurance policy is that someone over the age of 50 (but usually no older than 85) arranges a policy to pay out a sum of money to family members if they were to die. The money that is paid out is usually to help the family members with the immediate costs of a family member dying, such as funerals as well as give them a cushion to help them to be looked after.
Unlike other life insurance policies (which are usually taken out at a younger age) these policies do not require any medical checks and do not depend on your medical history. They also will pay out, regardless of how long it has been that you have held the policy (although in the most part there is a 24 month limit on this).
Are they for everyone?
With the exclusion of medical checks, an over 50s life insurance policy is designed to offer a one size fits all approach to life insurance. It doesn’t matter how old you are (within the confines of the policy of course) and it doesn’t matter if you are unhealthy, you will still be able to take it out.
It is to be expected that as this life insurance policy is designed for older people, it is going to be more expensive than those policies that are designed for those who are younger when it comes to monthly premiums.
Not only this, but as they take a one size fits all approach, if you are someone who is in good health and in the younger end of the age bracket, then you may find that it is more cost effective to look around for a policy that is more suited to your age, your lifestyle and of course your health too.
Are they worth it?
The cost of an over 50 life insurance policy will depend on how much you want to pay out at the end, as well as who you take it out with. Some premiums may only be a few pounds a month, however, some policies can cost over £50 per month.
If you can afford to take out a policy (and we are sure that you will) then you can have the peace of mind that your family will have funds that they can use to plan for your funeral. Funerals can cost around the £4k mark, which, without an insurance plan, can be a cost that can really have an impact on your family.
It is never nice to think about you doing, however it is always sensible to take a look at life insurance. After all, chances are that you are going to want to take care of your loved ones even when you are no longer around. Something that these policies can definitely help with.