19 October 2020

Life insurance in later life

Taking out a life insurance policy in later life can be a worthwhile consideration, as it could provide some financial support for your family should something happen to you. 

Choosing the right policy is important. To find the best policy for you, the smart move is to do a little homework. By arming yourself with the information you need, you will be able to make a more informed decision about the right cover for your individual circumstances.

Getting cover might be something you’ve been putting off - but once it’s organised you can relax in the knowledge that you could be helping your family by providing some financial support at what can be a difficult time. 

Over 50s Life Insurance

At a certain stage in life, the nature of your insurance requirements could begin to change. Your children may have flown the nest and you may no longer need a policy that covers your mortgage. Instead, certain expenses you might not have thought about before – such as funeral costs – suddenly become a dawning reality.

Our Over 50s Fixed Life Insurance is for UK residents aged 50 to 80 to provide your family with a fixed cash sum once you’ve passed away. Your loved ones can use this money to help cover funeral expenses, unpaid bills or even use it for a small gift.

There’s no requirement for a medical with this policy so regardless of your health, you won’t be referred to a medical professional for any tests, and acceptance is guaranteed. In fact, you won’t be asked any questions about your health and it only takes a few minutes to apply. Full cover after just one year. Our policy document has more information.

Life insurance

Of course, people have different circumstances, and just because you’re retired doesn’t necessarily mean your insurance needs are the same as everyone else’s. If you still have a mortgage to pay, or have dependants at home, Life Insurance could still be a viable option for you.

This type of life insurance policy could pay out a cash sum on your death during the length of the term, which could help pay off your mortgage or protect your family’s lifestyle and everyday living expenses. The amount of cover you choose will stay fixed unless you change your policy.

Your premiums will depend on how much cover you need, how long you need it for and individual circumstances including your age and health. Unlike our Over 50s Fixed Life Insurance, you will need to answer some medical and lifestyle questions and you might be required to have a medical examination. Note that upper age limits apply to our policies.

Choosing the best life insurance for seniors

Which life insurance policy is the right option for you depends on your individual circumstances. Getting the right cover means you can leave some money for your family when you pass away – whether that be a small gift or a contribution towards funeral expenses with Over 50s Life Insurance, or a more substantial cash sum if you choose to take out a Life Insurance policy and die during the policy term.

Just remember that both these policies are not savings and investment plans and have no cash value unless a valid claim is made.