Low-Cost Life Insurance For Over 50’s

With plenty of low cost life insurance options available these days, over 50’s can get covered no matter what their health situation or age is.

If you’re reading this, then you’re hopefully in this age bracket and we’re here to help you get the best value life insurance possible, so you’ve come to the right place! So please read on and just get in touch if you’re still not sure about anything.

• Available to UK residents aged 50-80
   

• Provides protection for your family/loved ones upon your death
   

• Covers you for the remainder of your life (as long as you pay your premiums)
   

• Fixed premiums
   

• Guaranteed acceptance
   

• No medical exam required
   

• Accidental death cover is available immediately

Is Over 50’s Life Insurance For Me?

This is very dependent on your life situation and health conditions. This type of insurance isn’t medically underwritten and therefore you’re guaranteed to be accepted onto the cover. This is extremely helpful if you’re in poor health or have a dangerous occupation. However, if you aren’t suffering from poor health or don’t have a dangerous job, it may be worth looking at other life insurance policies.

When is the right time to buy over 50s life insurance?

Ideally, you'll want to purchase cover sooner rather than later to lock in lower premiums. The younger you are when you start your policy, the cheaper your monthly payments will be. However, if you’re in good health and have dependents who rely on you financially, it’s never too late to get covered.

If you're 50-55 years old with no health problems, you could expect to pay a lower premium for term life insurance compared to someone aged between 60-65 with health issues. It’s all about finding the right balance between cost and cover for your specific needs.

For Over 50s cover, since there is no medical underwriting, the price is solely based on your age, the amount of cover and your smoker status, so it's an ideal choice for anyone who is struggling to find standard cover.

How Much Does Over 50’s Life Insurance Cost?

There is no fixed price as it can depend on the type of cover you’re receiving. However, premiums can range from between £5 per month to £75 per month for the most expensive plans, and if you secure a policy with 'guaranteed' premiums then your premium will be a fixed monthly amount.

Like any life insurance policy, premiums will change depending on your age and lifestyle choices. For example, if you’re a smoker, you will probably be paying higher premiums per month than if you were a non-smoker. Of course, if you’re unsure whether over 50’s cover is right for you, then be sure to get in touch with us here and one of our experts will be able to help you make the right decision.

Your health will also have a huge impact on your premiums. If you are in generally good health, you can expect to pay less for cover compared to someone with a pre-existing medical condition. Insurers may also want to know about your family's medical history. If there's a history of heart disease in your family, for example, it could affect your premium.

But what's great about over 50s cover is that there is no medical underwriting, so any pre-existing conditions will not affect the price.

Premiums for Over 50s plans are also usually fixed. This means that once you sign up for a policy, your premiums won’t increase even as you get older or if your health deteriorates.

Am I Better Off With Term Life Insurance?

There are many circumstances where term life insurance is a better option than over 50’s insurance. Over 50’s insurance is great for people who struggle to secure fully medically underwritten life insurance. As mentioned above, there is no underwriting required so you’re guaranteed to be accepted, so this is great for people who may get rejected from other covers.

With term life insurance, you agree to cover for a set amount of time, usually between a year to 30 years. The policy will pay out if you pass away during the specified term. However, if you outlive the term, the policy expires and you will no longer be covered. Because of this, term policies typically come with lower premiums compared to a whole of life plan, but do not guarantee a payout.

Often, if you’re in your early 50’s and 60’s and in good health, then you’re probably better off with a term life insurance policy. Again, if you still aren’t sure which is best for you, get in touch here.

How Much Cover Can I Get?

The cover limit for over 50s cover typically ranges from £500 to £20,000 although some providers may offer higher or lower limits. As the policy has no underwriting, the amount of cover you can get will depend on your age, the amount of cover you would like and your smoker status. Generally speaking you can expect to have a lower cover limit than that of a standard life insurance policy.

Not sure how much cover you need? Read: How much life insurance cover do I need?

Am I Still Covered If I Live Beyond 80?

Some insurance providers will offer free cover once you reach a certain age. In most cases, this age is 90. Therefore, once you reach this limit then you won’t have to pay premiums anymore, but still get covered. This is why it’s good to have a good look around from different providers.

Summary

There are plenty of options to buy life insurance if you’re over 50. Even if you’re above the age of 70 and are in poor health, don’t assume it’s too late and you can’t find the right cover. At Cavendish Online we’re here to help, so be sure to get in contact with one of our experts.