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How to Buy over 50’s Life Insurance

If you are over 50 you may think it is too late to buy life cover to protect your loved ones. In fact, you can still buy life insurance if you are over 50, but choosing the right policy could save you money and better protect your family. Not surprisingly the older you are the more important it is to shop around as your choice of insurers and the number of policies available is greatly reduced, and life insurance premiums are significantly higher than for younger people.

Who needs Life Insurance?

Anyone who has dependants needs life insurance to protect their family, for example, to pay off debts, like, a mortgage, or to provide for their family's financial security. However the older you are the more expensive life insurance will be, so buying life insurance as early as you can could save you money. It’s worth considering that the over 50's will probably need less life insurance, as most, if not all of their debts, will probably have been paid off and their children will probably be financially independent.

Special Life Insurance for Over 50’s

Instead of buying a standard life insurance policy there are special life insurance policies for the over 50's. The main benefit of these special over 50 plans is that they don’t normally have any medical checks. Because of the lack of medicals they could be good for people who have medical problems. A major benefit of life insurance for the over 50's is that they normally continue until you die and pay out a lump sum usually after a period of about two years. However as over 50 plans will continue until you die and don’t end after a set period it is pretty likely  that you could pay more in premiums than the policy will actually pay out when you die. A standard life insurance policy will probably offer better value if you are in good health than these special over 50 policies.

How to Buy over 50 Life Insurance

The amount of life insurance you need when you are over 50 will probably be much lower than when you were younger, because your mortgage will probably be paid off and your debts will be lower. If you don't have any dependants, for example, as your children will be grown up, then you probably don't need a life insurance policy at all. Also you should check what life insurance cover you already have with your mortgage, or from your employer. However you may want to use a life insurance policy to pay for your funeral, or to leave some money to your children or grandchildren.

How to Find the Right Over 50 Life Insurance Policy

Life insurance is complicated and it's essential that you choose the right policy. We specialise in life insurance and will search the market and help you find the right cover at the best price available. Quotes for life insurance are free and you are under no obligation. Compare Life Insurance Now!

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