Over 50s Life Insurance: Why it is Important to Plan for the Future.
According to a study by the International Longevity Centre, funded by Age UK, Britain has more than 12,600 centenarians and this number will rise to 500,000 within the next few decades. With many of us living much longer nowadays, the temptation may be to put off thinking about life insurance until later. But life insurance is important for many reasons.
In a report by over-50s life insurance provider , UK grandparents are said to be saving families £1,830 each year in childcare costs. With half of grandparents financially contributing £1,701 a year towards a grandchild’s upbringing, and around 5.8 million grandparents providing childcare [source:lifeinsurance.co.uk], the role of grandparents in supporting their families is increasingly important. If we are no longer around or are not able to provide this support because of ill health, it wouldn’t be just our immediate family that would suffer.
Life insurance can provide a safety net to ensure that our nearest and dearest are will be provided for when we are no longer around, giving peace of mind as we get older.
You may be aware that the earlier life insurance is taken out, the cheaper the premiums are. But even if you are over 50 and still haven’t taken a life insurance policy out, it isn’t too late to start now. There are numerous providers offering specifically tailored over 50s life insurance cover.
How Does Over 50s Life Insurance Differ From Standard Policies?
Over 50s life insurance cover is often available with guaranteed acceptance and no medical health checks. Some over 50s life insurance providers simply impose a fixed period from the date the policy is taken out (often around two years) during which a claim cannot be made. This period acts as the medical health check, to ensure no conditions arise during this time.
Over 50s life insurance provides protection over your entire life (as opposed to a over a specific term as with standard life insurance). You should be able to obtain over 50s life insurance right up to the age of 80. Your premiums normally stop at 90, but the cover continues.
Click here for a detailed comparison between over 50s life insurance and standard policies.
Advice on Looking for over 50s Life Insurance
Searching for the right kind of insurance policy can be rather daunting. With so many options available and so many different policies to choose from. This articleprovides a useful overview of the different kinds of policies to help you decide which would be the best for you.
Where to Find Over 50s Life Insurance Cover
Below are links to some price comparison websites, where you can examine the different types of over 50s life insurance policies available, see which policy would be most suited to you and find out how much it would cost.
Compare the Market
More articles and price comparisons for over 50s life insurance is available here.
Have you found a really good insurance policy for over 50s? Please tell us so we can share the information with other InfoBus readers.
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