Getting life insurance when you're over 50
It’s not too late to find life insurance coverage.
Plenty of life insurance providers offer life insurance for people over the age of fifty. Knowing where to look and doing your research are crucial in finding the best over 50 life insurance for you and your family.
What is Over 50 Life Insurance?
It is a life insurance policy designed for people over the age of fifty in which you can pay monthly premiums in exchange for a lump-sum payout to your family in the event of your death.
How hard is it to get Life Insurance for Over 50's?
While life insurance is more expensive as you age, it is still very possible to be accepted for a life insurance policy in your 50s. In fact, there are even some providers who guarantee life insurance for anyone between the ages of 50 and 80.
Is Over 50 Life Insurance lifelong?
Yes, life insurance for people over fifty is typically lifelong cover, otherwise known as whole life insurance. This means that while your premiums will be higher, the policy will stay with you for life and will pay out regardless of when you pass away.
Compare Over 50 Life Insurance with Term Life Insurance
Life insurance for Over 50's is guaranteed and pays out regardless of when you die -- it’s with you for life. Alternatively, term life insurance only holds value for a pre-specified period of time. If you die within that term, it pays out, but if not, your policy loses all of its value at the end of your term. Most of the time, this type of cover is a whole life insurance because it’s designed for people who are older and will likely pass away soon.
Difference Between Life Insurance and Guaranteed Lifelong Protection
Rather than offering regular life insurance policies to people in their 50s, many providers instead offer what they call “guaranteed lifelong protection” policies. People who are fifty or older can choose how much money they’d like to leave behind (typically beneath a maximum coverage amount), and the policy takes monthly payments from you according to the lump sum chosen.
Instead of only covering you for a specified period of time or under certain conditions, guaranteed lifelong protection offers a guaranteed cash lump sum payment to your family when you pass away. Unlike many whole life insurance policies, it does not have a cash-in value, so if you stop making your payments, your policy will lose its value. Also unlike many whole life insurance policies, it does not increase in value over time and in fact decreases marginally due to inflation.
What are the requirements to be eligible for Over 50s Life Insurance?
Over 50s life insurance, or guaranteed lifelong protection, requires that you;
- Are between the ages of 50 and 80 or 85
- Are a resident or citizen of the UK
- Do not exceed the premium limit
Does Life Insurance for Over 50's require a medical exam?
While many life insurance providers require a medical exam, especially for applicants in their 50s, there are still a number of providers out there who do not require one.
Can I get Over 50 Life Insurance if I have a pre-existing condition?
Yes. Because it is guaranteed and does not require a medical exam, you can take out a policy even if you have a pre-existing condition.
How much does Life Insurance for Over 50's payout?
This will depend on two things: the amount of coverage you purchase and when you die.
With over 50 life insurance, you choose a fixed sum you want to leave behind and make payments on it. Depending on when you die, and whether or not it was an accident, the payout may equal that fixed sum, or it may be a little bit less. Some providers will only pay out the sum of all the payments you’ve made so far, or half of the plan if you die within the first year or two.
How much does Over 50 Life Insurance cost?
Monthly premiums are higher for over 50s life insurance. However, it is still possible to find a policy for an affordable price, especially if you lead a healthy lifestyle and have no major medical issues. Premiums can start as low as £7 per month.
How long do I have to pay into Over 50 Life Insurance?
This varies by provider, but most require you to make payments for either a certain amount of years or until a certain birthday, whichever comes first. A common policy requires you to pay for 30 years or until your 90th birthday. Because of this, if you live a long time, it is possible to put in more money than your policy is worth. There are policies available for Over 60's and Over 70's also.
Where can I get the Best Over 50 Life Insurance quote?
If you want to find the best Over 50 Life insurance, use our calculator for a free quote today.