Getting Life Insurance if you are over 50

 

Once the age of 50 hits, it is inevitable that many of us will start to hold concern over what lies ahead. As you enter the golden years of your life, you need to be able to really enjoy them, without any concerns over the financial protection of your family or assets should you pass away. The golden years are when you should be really enjoying life. You should be free to play the occasional round of golf, take those holidays you always wanted to and make the most of time with family and friends without any concerns for the future financial security of your loved ones consistently hanging over your head.

Having said this, without life insurance, those over the age of 50, no matter how good their health is, realise that uncertainty is present regarding the future of their families and assets should they pass away.

Who will insure me and what will it cover?

Think life insurance is for young couples getting their first mortgage? Wrong! Life insurance is ever so important for those over 50 and virtually every insurance company out there will be willing to provide you with a quote. In fact, most insurance companies offer special life insurance packages for over 50’s. You may be able to avail of an option to stop payments once you reach a certain age while remaining covered by insurance.

Over 50’s insurance policies will typically include cover for many serious illnesses, meaning that a sickness benefit will be paid to you and your family should you suffer from any of a certain set of illnesses in the future. Should you pass away prematurely, you may also be able to ensure mortgage protection and ease the financial burden on your loved ones. Having life insurance in place will ensure that funeral costs and other outstanding bills will also be covered in the event of your death.

Will getting insurance be a lengthy ordeal?

When dealing with the right company, getting insurance cover will not be a lengthy ordeal. In fact, many insurance companies won’t even ask you to complete a medical and initial applications can usually be made quickly over the phone or online. The application process will depend on your medical history and exact age and, generally speaking, a life insurance policy can be up and running within a few days. Talk to a life insurance broker to ensure that finding the most competitive quote for your needs remains to be just one quick phone call away.

Is life insurance for over 50’s expensive?

Many people shy away from enquiring about life insurance for over 50’s because they think they cannot afford it, especially if their sole income is currently a retirement pension. Premiums can vary from company to company but you can expect to pay roughly €15 – €20 a month for typical life insurance cover of €15000-€20000. Can you spare 50 cent a day? Yes? Then you can definitely afford an over 50’s life insurance policy.

We hope this guide helps you to better understand life insurance policies for over 50’s and hopefully it addresses some of your previously held concerns.

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