Over 50’s life insurance can help you plan for the future and provide for your loved ones, should the worst happen and you are no longer there to help. With life cover, you can be certain that your dependents will have the financial reassurance they need if you pass away, including help with funeral costs and other expenses that may arise.
Over 50’s also known as senior life cover, is a type of life insurance for those over 50, in which policyholders pay monthly to insurance providers who in turn, on the death of the policyholder, pay out a lump sum to the loved ones and dependents.
This lump sum depends on the amount you pay into your policy and can be spent by your dependents or loved ones on anything they wish. It can be used to cover mortgage payments, funeral costs or even just be a monetary gift. Over 50’s insurance covers you for the rest of your life as long as you keep up your policy payments.
Getting covered is worth it for a good number of reasons, such as being able to keep up with payments for a mortgage, cover your funeral costs, and making sure that dependents relying on you financially are taken care of. Over 50’s life cover goes some way to ensuring your dependents will have financial security should you pass away. It helps you leave them something to keep them going through a difficult time.
How much you pay for your over 50’s life cover will depend on a number of factors:
There are many benefits to taking out over 50’s life cover:
There are a few reasons why you may not need to take out over 50’s life cover. If you are single or have no dependents then there is no need to leave someone the lump sum of money. In this example, you should consider a policy for yourself, such as Critical Illness Cover.
If you have a partner who earns a steady income then you may not need cover as they might be able to support themselves and dependents after you have passed away.
If you are on low income then you may not need over 50’s cover as you may be eligible for state benefits. However, it is always worth speaking with an advisor to find the best options for you.
Here at The Mortgage Genie we are committed to giving you the best advice. No matter your situation, it is worth evaluating your options. To get a quick personalised quote just fill in this no-hassle insurance form and we will help you get the best possible quote.
If you are under 50 and concerned about life insurance, check out our Life Insurance guide to learn more about your options.