Could you benefit from over 50s life insurance?

Buying life insurance is something many of us consider when we start to take on responsibilities in our lives. Whether it's to give us peace of mind when taking on a mortgage for the first time, or to give us a little more security as we watch our growing families blossom, there are many life stages which can benefit from having financial protection in place.

Increasingly these days, people are carrying responsibilities later into their lives, as they have children later, and fund grown-up children for longer. But many think that it can be difficult for anyone over 50 to get life insurance.

In addition to term life insurance, there are special over 50s life insurance plans which have features tailored to suit older people.

What are the benefits?

 

While some are lucky enough to be financially 'set for life' by the time they are 50, many are still shouldering the burden of significant costs - something that the cash lump sum provided by an over 50s plan could offer. You may still be paying off a mortgage or a loan, you may want to ensure that your dependants are provided for in the event of your death - or you may simply want to ensure that your funeral costs are covered, meaning that relatives are not left in a difficult position when they are feeling at their most vulnerable.

One of the main benefits of an over 50s plan is that there is no need for medical underwriting -unlike term life insurance, you are guaranteed to be accepted for a policy, provided you are a UK resident, and won't need to answer any medical questions. This can make it ideal for someone who is finding it difficult to be accepted for other life insurance products .

In addition, they can be more affordable than other plans, and while term life insurance only pays out provided you die within the specified time period, over 50s policies offer 'whole of life' cover - in other words it lasts until you die (as long as no payments are missed), even though you may have finished paying into the plan. Typically, you do not need to continue paying into the plan past 90 years of age - though you will have to keep up regular payments until this stage.

Whatever your age or life stage, it makes sense to think ahead. Life insurance can provide a lump sum to help protect your family financially when you're gone, help pay for your funeral expenses and help pay off any debts you might have - depending on your circumstances and the type of policy you choose.

 

Issued by Sainsbury's Finance

 

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