Is an over 50s policy right for you?

Is an over 50s policy right for you?olderblackbrotherthinking

With an ever-increasing quality of life and rapid advancements in medicine, life expectancy is on the rise, and with this comes concerns about healthcare costs in later life. In fact, more and more people find themselves worrying about the financial issues related to old age, and how they and their families will cope.

One cause of anxiety for many is the thought of burdening loved ones with expenses such as funeral costs after they have passed. One popular method of allaying these concerns is with an over 50s life insurance policy, which pays out a lump sum to your loved ones in the event of your death. But how do you know whether an over 50s plan is right for you?
If you’re in good health then it is well worth exploring conventional term insurance policies, as they will most likely provide you with a better deal. Over 50s policies provide guaranteed acceptance, and as such, the increased risks of insuring individuals with health concerns increases the insurers’ risk and reduces the level of the payout.

In general, over 50s policies are most suitable for individuals with few assets or savings, and as such, premiums tend to be between two to three times cheaper than they are for term insurance. However, whilst payouts for over 50s plans tend to run to a few thousand pounds, term life insurance can provide a payout of between 10 to 20 times this amount.
Over 50s policies are most suitable if you:

* Are unable to afford standard term insurance;

* Will not be accepted onto a standard term insurance policy;

* Have little or no savings and are concerned about funeral expenses;

* Are older or in poor health.

If any of the above apply then an over 50s policy will provide you with value for money and a guaranteed payout upon your death.
For further information, speak to one of our experienced advisors today.