Over 50 Life Insurance: Read this before You Buy

Buying life insurance has become a complicated business with all the different benefits and policies on the market. If you have already reached the age of 50 then you probably feel your mortality creeping in. We would like to think that we will live forever and at 20 we may even believe it. Sadly, reaching 50 and over gives us a different viewpoint. Bodies start aching, health issues start to make themselves known, and it is a definite possibility that you won’t live forever. For this you have over 50 Life Insurance you can purchase.

Life insurance for those who are over 50 might seem a little strange. You are thinking that all life insurance policies should cover you if you are starting to age so that your family is protected and yet you will discover some have specific restrictions often based on health that keeps you from taking out these policies.

Before looking at what life insurance over 50 products can offer you, consider first why you should be looking at any life insurance policy. Many people like to thinkthey will not die until they are closer to 80 or 90. With health care advancements it is a possibility that you will live a healthy and long life. However, it is impossible to know what is going to happen. For this very reason you need to protect your family.

Your family can be left behind and in serious debt because there was no life insurance policy to protect them. Even the average cost of funerals has risen to almost £3,500. With the cost of funerals on the rise and more debt per the average person, it is important to get the cover that most benefits your family. If nothing else you can be assured your life insurance policy will offer you the funeral you desire. At most you know your debts can be paid and your family will have income to live on.

If you are the leader in your family in terms of income, it is doubly important you have a life insurance policy that can cover your sudden death and missing income. It is also a matter of lowering the burdens your family will face. There is no reason to make your death any harder than it will be by placing too many burdens on your family. By ensuring they have income, debts paid, and your funeral taken care of, they can relax just a little bit.

A Few Benefits

Life insurance over 50 is designed for older generations where medical issues might restrict the ability to gain life insurance. With this type of policy you do not have to take a medical screening to get cover. As long as you are a UK resident you will be covered.

There is a guaranteed lump sum that is fixed. If you die of natural causes on or after the 12 months of cover this policy offers, it will pay out the fixed amount.

If there is an accident on or after the 12 months of cover your family can receive double the fixed amount stated (this is specific to certain Over 50 Life Insurance policies).

Most insurance policies require you to be covered for 12 months before they will pay out unless it is an accident. If it is natural causes and it has not been 12 months the full premium payments may be returned.

It is important for you to conduct a comparison of the different policies for people over 50. You want to make certain that your health conditions, accidents, and other events that could lead to your death are covered. You also want to ensure the policy is affordable for you and will cover all the debt and funeral costs your family might face upon your death.

Some over 50 life insurance policies will not pay out for a terminal illness whether you were diagnosed before or after you attained the policy. It is not the only answer out there for you. Check the benefits and consider if they are right for you and your family. If nothing else you know you can attain this policy when you are between 50 and 80 to ensure cover for funeral costs.