When you reach 50, it becomes a crossroads in many people’s lives - where you’re now older, but you certainly wouldn’t (and shouldn’t) consider yourself old.
Despite the pandemic inherently renewing interest in Life Insurance for many over-50s, a significant amount of people in this age group haven’t had a life insurance policy in place right throughout the entire duration of the COVID-19 pandemic.
Essentially, when it comes to buying a life insurance policy, what you’re buying is peace of mind. You can rest assured, knowing that should the unthinkable happen to you, the costs of your funeral would be covered and your loved ones would be protected.
It’s a given that whatever happens in life, people want the best for their loved ones. Life Insurance can ensure that happens.
Being 50+ is also an age where different life insurance options may now seem more viable to you.
We all know life insurance is crucial if you have family members who are financially dependent on you, however as you get older, your loved ones may have become more independent and are no longer reliant on your income. You may have now cleared your mortgage and your children may have since left the home to start their own families.
Up until now, you may have only considered a ‘term’ life insurance policy which pays out a set amount if you pass away in a given period; although you may now want to start considering a ‘whole-of-life’ policy which covers your life until you pass away. Knowing the pros and cons of both to make an informed choice is absolutely crucial, and Cavendish can help.
With a whole-of-life insurance policy, the clue is in the name. As we all (unfortunately) die one day, this policy is ongoing so it will pay out a lump sum whenever that day comes.
TOP TIP: Whole-of-life insurance is also known as life assurance by many insurers.
Naturally, these policies are typically more expensive than term insurance policies since as long as you keep paying your premiums, the insurer will always have to pay out, whereas you may outlive a term insurance policy.
As a result, many families are forced to take out loans just to cover this bill, which at an already upsetting time, may be particularly stressful. A whole-of-life insurance policy could help avoid this issue. The payout would provide the funds required to clear the inheritance tax bill without your loved ones needing to take out a loan or go into their own savings to cover it. This though, is reliant on the policy being written in trust.
Whole-of-life cover may also appeal if you are determined to leave some form of inheritance to your loved ones, or if you want to help with your funeral costs.
Many people who have a life insurance policy in place tend not to review it very often, however, it’s important to understand if the policy still meets your needs (as well as finding cheaper life insurance) - that’s where Cavendish can help.
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Even though many of our customers want to speak to us directly, there’s also the option of self service, and our intuitive and user-friendly quote engine makes this possible. Did you know, most people can arrange cover in as little as 30 minutes and you may be surprised about how affordable cover is.
Simply enter your details into our site and we’ll ask some questions to generate quotes so you’ll be able to see what policy works out best for you.
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Sometimes, it’s easier just to give us a call and speak one-to-one with one of our insurance specialists, who can guide you through the process and support you in choosing the best cover for you and your family.