The benefits of life insurance for over 50s
A life insurance policy will give you peace of mind that your loved ones are cared for when you die.
In general, financial planners tend to advise you get a life insurance policy as soon as anyone is dependant on you – for most of us that means when we get married, have children or buy your first home.
If you waited until you’re over 50 to get life insurance, you might be wondering if it’s still worthwhile or if you’ll have to pay a high premium later in life.
It’s never too late to look into getting life insurance – here’s some of the benefits of having a policy in place.
You know your pay out
With most life insurance policies purchased over the age of 50, you’ll purchase a policy knowing exactly how much the pay out will be after you die – this means you can get exactly the right amount of cover you need to ensure your family is looked after. You’ll know in clear terms what you need to pay in, too.
Guaranteed acceptance
Life insurance policies for over 50s have guaranteed acceptance – which means you don’t have to take a medical exam first to purchase a policy.
Help covering funeral costs
A major advantage of life insurance is it can help your family cover the cost of your funeral once you’re gone. Funerals can be surprisingly expensive, and can place a heavy burden on your spouse or children who are already coping with loss. A life insurance policy can be used to help meet the costs of your funeral and burial – there are even policies that cover for this specifically.
Your family is looked after
Perhaps the most important benefit of life insurance is that your family will be looked after once you’re gone. If you have a mortgage, are still in work or are the family breadwinner, life insurance can help replace the income you would have made, pay off a mortgage, save for retirement and more.
Get life insurance with Silversurfers
We’ve partnered with A Plan insurance to offer affordable over 50s life insurance for our Silversurfers members. Log in to get a quote – members enjoy 10% off.
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