Over 50s Life Insurance

If you're over 50, you might be wondering if you need life insurance, or if you would even be eligible. The good news is that, with the right provider, you can get a life insurance plan regardless of your age.

Life insurance can be a great way to help your loved ones financially in the event of your death, but it's not right for everyone. In this article, we'll explain what life cover is, how it works and whether or not it might be right for you.

If you decide to take out over 50s life insurance, our team at Echo Finance can help find the perfect policy for you. We're 100% impartial, which means we'll find you the best deal possible from the entire market. Getting started is easy, simply give us a call at 0800 0934 914 or complete our online form.

What is life insurance?

Put simply, life insurance pays out a fixed lump sum of money to your loved ones if you die. It can give them financial security at a time when they may be struggling to cope with the loss of a loved one.

The cash sum from a life insurance plan can be used to help with things like funeral costs, outstanding debts or everyday living expenses. You can choose how much cover you need and how long you need it for, and you can pay for your policy in monthly payments.

How does life insurance work?

You'll pay monthly premiums (monthly or yearly payments) to keep the policy active, and the amount you pay will depend on factors like your age, health and lifestyle.

Subject to the specific terms of your life cover, if you die while the policy is active, the life insurance provider will pay out the lump sum assured (the amount of money you're covered for) to your beneficiaries (the people you've chosen to receive the money). Some policies exclude death within the first 1-2 years, although most include accidental death within this period.

If you don't die during the term of the policy, then it will simply expire.

Do I need life insurance?

You should think about whether or not you actually need life cover. It might not be right for everyone, and there are other ways to provide for your loved ones financially if you die. Depending on your personal circumstances, you might decide that another option better suits your family.

For example, if you have savings or investments that could be used to cover expenses in the event of your death, then you might not need additional cover. Or, if your mortgage will be paid off when you die, then your loved ones might not need the financial support that a life insurance policy lump sum payment could provide.

It's important to weigh up all of your options before deciding whether or not life insurance is right for you.

Is it worth having life insurance after 50?

Life insurance can be a valuable asset for people of any age, but it's especially important for those over 50. This is because this is the age when most people start to think about retirement and their financial future.

Having life insurance gives you peace of mind that your loved ones will be taken care of financially if you die. It can also help to pay off debts, such as a mortgage, and to cover funeral costs.

If you're over 50 and you don't have life insurance, then it's worth considering taking out a policy. Our team at Echo Finance can help you find the best policy for your needs and budget. Give us a call today to get started.

Benefits of life insurance

There are a number of benefits that come with taking out a life insurance policy, including:

• It can give your loved ones financial security in the event of your death
• It can be used to cover things like funeral costs, outstanding debts or everyday living expenses.
• You can choose how much cover you need and how long you need it for.
• You can pay for your policy in monthly instalments.

Drawbacks of life insurance

Of course, there are also some drawbacks to life insurance that you should be aware of before taking out a policy, including:

• You'll have to keep up with the payments to keep the policy active, which might not be possible if your circumstances change.
• If you die before the policy expires, your loved ones might not get all of their money back.
• If you live to a ripe old age, you might end up paying more in premiums than you ever receive in payouts.

What to consider when choosing life insurance

There are a few things you'll need to consider before taking out a life insurance policy, such as:

How much cover do you need? This will depend on things like your mortgage, debts and dependents.

How long do you need the policy for? This could be until you retire, or for a set number of years.

What can you afford to pay? Premiums will vary depending on the amount of cover you need and the length of the policy.

Do you have any pre-existing medical conditions? This could affect both the cost of premiums and whether or not you're eligible for cover.

What are the exclusions? Every policy will have certain exclusions, so it's important to check these before you apply.

What happens if you die within the waiting period? Different policies have different waiting periods, so it's important to check this before you apply. Most with cover accidental death within the waiting period.

Do you have any other life insurance policies? You might not need more than one policy, so it's worth checking if you're already covered.

It's important to get expert advice when choosing life insurance, which is where our team at Echo Finance can help. We'll compare quotes from across the market to find you the best deal possible

How much does life insurance cost?

The cost of your policy will depend on a number of factors, such as:

How much cover you need

The amount of cover you need will depend on things like your mortgage, debts and dependents. If you have a family, then you might need more cover than someone who doesn't.

The length of the policy

The length of the policy will also affect the cost. For example, a shorter policy will generally be cheaper than a longer one. This is because there's less time for something to go wrong.

Your age

Your age is another factor that will affect the cost of premiums. The younger you are, the cheaper your life insurance is likely to be.

Your health

Your health is another important factor that will affect the cost of your cover. If you have a pre-existing medical condition, then you might have to pay more for cover.

Your lifestyle

Your lifestyle can also affect the cost of premiums. For example, if you smoke or drink heavily, then you're likely to pay higher monthly premiums than someone who doesn't. This is because smokers and drinkers are at a higher risk of death than non-smokers and non-drinkers.

What type of life insurance is best for over 50s?

There are a few different types of life cover, and the best one for those over 50 will depend on their individual circumstances. However, some of the most popular types of life cover for people in this age group include:

• Whole of life cover: This type of policy doesn't have an expiry date and will pay out no matter when you die. It's one of the most expensive types of life insurance, but it does offer peace of mind.
• Term life cover: This type of policy is cheaper than whole of life cover and can be taken out for a set period of time, such as 10 or 20 years. It's a good option if you're looking for temporary cover or if you're on a budget.
• Over 50s life insurance: This type of whole life policy is designed specifically for people aged 50 and over. It doesn't require a medical examination and can be taken out for a set period of time, such as 5 or 10 years. These policies are sometimes offered with guaranteed acceptance if you're a UK resident.

What happens if I stop paying premiums?

If you stop paying premiums, then your policy will lapse. This means that it will no longer be active and you will no longer be covered. If you later want to reinstate your policy, then you will have to reapply and go through the underwriting process again

How much life insurance do I need?

The amount of cover you need will depend on your individual circumstances. Some things to consider include:

• How much debt do you have?
• Do you have a mortgage or other loans that would need to be paid off if you died?
• How many dependents do you have?
• Do you have any children or other family members who would be financially dependent on you if you died?
• What is your lifestyle like?
• Do you have any risky hobbies or habits that could affect the cost of premiums?

Speak to an expert

Our team at Echo Finance can help you find the right life insurance policy for your needs. We'll compare quotes from across the market to find you the best deal possible. Get in touch today to find out more.