What is over 50s life insurance?

You may find it harder to get life insurance as you get older, but there are still policies available that could give you peace of mind. Here are your options if you are over 50.

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What is it?

It is an insurance policy that is only available if you are over 50 years old, and pays out a lump sum of money to someone of your choosing when you die.

This type of life insurance guarantees acceptance even if you have had a troubled medical history.

How much does it cost?

You can choose how much you pay when you get a quote from an insurer. They then offer you a fixed payout based on this.

Most insurers set a limit on the premiums you can choose from, for example, a minimum of £5 and a maximum of £100 per month.

Your age also has a big impact on the payout you get offered. The older you are, the less the payout will be.

How long do policies last?

Most over 50s life insurance policies make you pay your premiums until you die, regardless of your age.

If you stop paying your monthly premiums, your policy will end and you will lose everything you have paid in.

However, you can find policies that stop taking premiums when you reach a certain age, such as 90, or when you have paid for a set duration, such as 30 years.

Are there any exclusions?

Most insurers have policy exclusions that mean you will not get a payout if you die under certain conditions, for example:

    However, there can be exceptions to these terms which mean you get the full payout if, for example, you die within the first year due to an accident.

    Should you get it?

    This will depend on your personal circumstances, but here are some pros and cons to think about before you apply:

    Pros

      Cons

        What are the alternatives?