Over 50’s life insurance –
There’s a common misconception that those aged over 50 will often find it difficult to obtain life insurance.
Anyone over the age of 18 can apply for life insurance. If you are over 50 though, you will need to take on a specific policy to take account of your age.
Why you need life insurance
Typically people take out a life insurance policy when they get married, have children or take on a mortgage. Life insurance ensures that your family and dependents will not suffer financially when you pass away.
If you are over 50 then you may still have family members who financially depend on you and your income. For instance, you may be the only person who brings a salary into the household – without which your family may struggle to stay on top of bills in the event of your death.
Statistics recently released by the Office for National Statistics show that in 2011 more than 32,000 people in their fifties passed away – 60% of whom were male:
Image credit: http://www.ons.gov.uk/ons/index.html
If you lead a healthy lifestyle, then the likelihood of you passing away is quite low. However, it is still recommended to ‘plan for the worse’ and make sure your family would be taken care of if anything were to happen to you.
What is covered by life insurance?
A life insurance policy can provide cover for:
In general terms, a life insurance pay-out will be there to help your family take care of any financial problems they may suffer from after you pass away.
What cover is available for over 50’s?
Most life insurance policies that are taken out are designed to cover a certain period of time e.g. a 30 year old new parent may take out a policy for 25 years to provide cover until their children are old enough to look after themselves financially. This is known as ‘term insurance’ and only pays out if the policyholder passes away within the specified term of the policy.
If you are over 50 then you can still take out a term life insurance policy, although you may find you benefit more from a ‘whole life policy’ – which will pay out when you pass away, whenever that is.
As well as these two policy types, there are a lot of specialist over-50’s plans available which feature benefits like:
Bobatoo.co.uk work with the leading UK insurance companies to help people get the right cover for their individual needs at the right price.
Find out more and get a free, no obligation life insurance quote today: http://www.bobatoo.co.uk/life-insurance/
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