If you don't already have cover, you might be wondering if it makes sense to buy life insurance at age 50. The answer depends on several factors, e.g.  your health, finances, and other personal circumstances.

However, even at 50, life insurance isn't something you should rule out. It can ensure your loved ones are provided for should something happen to you. Here's some information to consider before deciding whether to take out a policy.

Do I really need life insurance after 50?

If you're healthy and financially secure, there may be no reason for you to buy life insurance. You can probably get by if you have enough savings or income from investments to cover expenses in case of an emergency. 

If you would prefer not to use these resources to cover you in the event of death or serious illness, then life insurance, or critical illness cover may still be beneficial to you.

However, if you don't have these resources, then life insurance or other forms of protection may be even more valuable to you.

Life insurance is designed to provide financial protection for your loved ones after you pass away. In addition to providing cash benefits, it also helps cover funeral costs, mortgage payments and other expenses.

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What kind of life insurance should I get at age 50?

Over 50s life insurance cover is a type of policy designed specifically for people aged between 50-80.

The policyholder makes monthly payments for cover, receiving a guaranteed payout upon their death. This could be used for things like funeral expenses or helping family members with bills and living costs.

Your premiums remain fixed throughout the course of your policy. Therefore, your insurer won't be able to change your premium once you've taken out a policy. So even if you live to 100, your premiums will remain the same.

Remember, you need to continue paying premiums in order to remain covered.

Over 50s life cover is often more accessible for over 50s than term life insurance, because they offer guaranteed acceptance. 

This means there are no exclusions for pre-existing conditions or medical questions. However, the monthly premium tends to be higher, as there is more chance of a claim being made.

Why buy over 50s life insurance?

Here are just a few benefits of buying an over 50s life plan:

  • Guaranteed acceptance - Applications for over 50s cover are generally accepted by most insurers. As a result, there are fewer chances of rejection when applying for a policy.

  • No medical - There are no medical questions or health checks during application. This means that you don't have to worry about disclosing any medical issues.

  • Fixed premiums - Premiums remain constant throughout the duration of your policy. This means your monthly premiums won't rise as you grow older and vulnerable to health conditions.

  • Guaranteed payout - When you pass away, your beneficiaries receive a guaranteed amount of money. This is providing the cause of death is covered by your insurance provider.

  • Provides an income for your loved ones - Once you die, your beneficiaries receive a lump sum that could help cover any debts and living costs. Your beneficiary receives the money regardless of any financial problems they may face.

Please note: The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit. If you have not claimed before the end of your policy, the policy will end, and no benefit will be paid.

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How do I choose the right amount of life insurance?

Choosing the correct level of coverage depends on several factors, including your current situation, future plans, and what you expect from your estate.

It's important to understand that life insurance isn't something that should be purchased without careful consideration.

The best way to determine the right level of cover is to speak to a professional advisor. They can help you work through your options, and advise on an adequate sum assured and/or term for your circumstances.

If you’re unsure about how much cover you need, you can read our guide on - How much life insurance cover do I need?

At what age should you stop buying life insurance?

Like most things, unfortunately there is no right answer for everyone. As long as there is something to protect, you may be in need of life insurance. For example, if you still have a mortgage or financial dependents. 

You may also want to keep your life insurance in place if you would like to leave your loved ones cash after you die or if you expect your estate will be subject to inheritance tax.

Why buy an over 50s life plan with Cavendish Online?

Our Over 50s life plans aim to give your loved ones peace of mind. They can feel secure, knowing they’re protected financially if something happens to you. 

You'll always know exactly how much cover you have, and it doesn't matter what age you are. But best of all, there are no hidden fees or charges.

You can apply for an over 50 life insurance quote through Cavendish Online’s Advice Service

From helping you choose the right level of cover to providing expert support throughout your claim, we'll be with you every step of the way.

Speak to the experts...

Give our advisers a call today.

Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.

The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way. 

01392 43 61 93(Monday to Friday, 9am - 5.30pm)

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