Over 50s Life Insurance

As with regular life insurance, over 50s life insurance aims to provide you with life cover that pays out a cash sum on death. Specialised over 50s insurance policies (as opposed to regular life insurance providers) claim that their policies specifically intend to be tailored to the needs of the holder. Regular life insurers also tend to claim that this is also true of their cover plans.

The majority over 50s life insurance providers will offer cover without making the client have a medical examination. Moreover, they offer better, more suitable premiums for people over 50 years old. Many offer fixed premiums, although do be aware, that with some insurance providers, the premiums can increase with age

One important thing to bear in mind is that as you get older, the cost of the premiums may end up being higher than the cover itself. Some over 50s life insurers stop premiums when you get to a certain age, but continue to cover you. However, others will require you to continue paying premiums to remain covered, even if they are higher than the payout.

In terms of the cover itself, it tends to be whole of life cover rather than term life cover. If this is the case, it is guaranteed that the policy will pay out in a lump sum upon your death provided that the whole life insurance policy is still in force. Your life is not simply insured for a specified term.

It is also worth noting that some specialist over 50s life insurance providers are happy to offer high risk policies aswell.

As with the majority of insurance policies, discounts are available if you purchase your cover online.