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Man using phone to read about over 50s life cover

Useful facts about life insurance for over 50s

If you’re over 50 and you want a simple and quick way to ensure your loved ones are financially taken care of when you’re no longer here, over 50s life insurance could be the answer.

It’s simple, no health questionnaires to complete or referrals to underwriters to contend with.  You can often open a plan in 3 quick steps:

1) Use the quick quote calculator to select  your age and the monthly premium you can afford and this will show you the minimum lump sum your family could receive when the time comes.

2) Fill in an application form online or by post.  This is a simple process with no need to declare existing or past health conditions.

3) Once processed, your life cover will start immediately and even before your first premium is collected.

When you take out cover, you will pay a monthly premium, and then the policy will pay out a lump sum in the event of your death, usually after a pre-determined amount of time which is often 2 years. There are smaller payouts if you die in the first one or two years but this is usually a return of premiums and will differ per insurance company so it’s worth checking the terms and conditions. 

These types of plans are often used to assist with funeral costs, but your loved ones can spend the money however they wish which can help ease any financial pressure.

Not sure whether over 50s life cover is right for you? Here are 10 useful facts about life insurance for over 50s.

1. You don’t need a medical

As this is a type of life insurance plan, many people automatically assume that they will need a medical before they can take out an over 50s policy. However, this isn’t the case.

2. You can still be accepted if you have had previous health issues

Another misconception about over 50s life cover is that you can’t get it if you have had previous health issues, or if you have them currently. Again, this isn’t the case.

3. It can be affordable (with the right provider)

Your cover doesn’t have to cost the world. In fact, with most providers, you can choose how much you pay each month based on the level of cover you would like to have and, with the right provider, you could get suitable cover for a low monthly premium.  Some providers may increase your premiums each year, so be mindful to read the terms and conditions before applying (and read section 8 below!).

4. You can still get it beyond your 50s

Many people worry that they can’t get cover if they are in their 60s, 70s, or 80s. But, again, this varies from provider to provider.

The content of this article is for information purposes only and does not constitute financial advice. We do not offer financial advice. If you’re unsure as to the suitability of a product you should seek advice from a Financial Adviser. You may have to pay for this advice.