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Over 50 Life Insurance can sometimes be a difficult decision to think about and If you have family or loved ones still dependent upon you then getting life insurance for over 50s could be a very wise decision.
Even if your family has flown the nest you still have to consider the expense of funeral costs and whether or not the remaining partner could afford to keep up the same standard of living as before.
If your over 50 years of age and don’t already have Life Insurance then there has never been a better time to secure your future and be able to plan financially for your retirement.
There are many different forms of life insurance for over 50s such as over 50s term life insurance, decreasing term insurance, increasing term insurance and renewable term life insurance for over 50s.
Below we give further details about these different Over 50 Life Insurance options but if you still have any questions or are still unsure which policy is right for you then please fill out our quote form and one of our fully FSA qualified advisors will be more than happy to have a chat and give you sound, informal and independent advice in which policies best suit your requirements.
Level Term Over 50 Live Insurance
This is where your policy value remains the same throughout it’s whole term and pays out upon death.
If you are still alive when the term of the policy ends then it just expires and you no longer pay any premiums.
Decreasing Term Over 50 Life Insurance
The value of your policy decreases during the course of its term and this type of insurance policy is mainly taken out to cover the balance of your mortgage or to pay off any remaining loans, credit agreements etc.
Increasing Term Life Insurance for over 50s
Opposite to decreasing, this policy is usually increased every year to combat the effects of inflation against the value of your insurance policy.
Renewable Term Over 50 Life Insurance
A Life Insurance policy which gives you the option of renewing it at the end of its term without the need for any medical examinations. However, with some UK Life Insurance providers your policy may not be renewable at the end of its term if you are over 65.
Still unsure? Visit our UK Life Insurance Jargon Buster page which explains all the complicated insurance terminology.
Alternatively, you can visit our help / faq’s page which answers many different frequently asked questions.
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