The clocks spring forward on 26th March, which means you have one less hour to find an over 50s life insurance plan. Luckily, I have the otherworldly power to demystify life insurance and help you discover a plan that works for you. Then you’ll be able to enjoy the time you have left (before teatime I mean, not on planet Earth).
Life insurance makes sure your nearest and dearest are looked after in the event you’re no longer around to support them financially. As with all insurance, you need to do your homework to find out which option is going to be the most beneficial to you and your family.
Standard life insurance is often used to ensure your partner or children are not burdened with the cost of paying off your mortgage after your departure to other realms. However, specific over 50s insurance takes into account that this might no longer be an issue.
When you’ve toiled your whole life to look after your family, you don’t want to leave them in financial shtook after you’re gone. Whether you’d like to leave a lump sum to make sure your children and grandchildren are comfortable, or pay for funeral arrangements, priorities change as you get older and one size doesn’t always fit all.
Life insurance prices rise with age, so it’s worth looking for a specific over 50s plan that’s going to give you the coverage you need, while still being affordable and fitting in with your lifestyle. Specific plans for over 50s are also a great idea if you have specific health issues that may prevent you from taking out a standard plan, or might boost your premium to an unaffordable level.
As always, there are some red flags to watch out for, such as do you need a medical check? Is the amount you are paying equal or less than the amount you’ll receive? With some policies the amount your family will receive is fixed, however you’ll still pay the same amount each month. That means the longer you live, the more you pay in, meaning in some cases it could be more than the final pay-out. Bad karma.
Fear not, my over-50's friend – I can provide you with all you need to make an enlightened decision. With three simple steps, you can find a policy that’s going to be right for you – just pop over to my Life Insurance section, fill out your details and I’ll seek out a deal for you.
Peace and loans,