No one likes to get old, but it is a stage of life that can't be avoided. As you get older, life insurers are at a greater risk, hence they charge a high premium. No doubt, life expectancy has increased due to the development in medical science and research, but you still remain at a higher risk of contracting diseases.
Polices like over 50 life insurance is designed to take into account your ailments and other health related concerns. These policies also have additional riders that are beneficial for over 50's age group.
Advantages of Over 50 Life Insurance
Over 50 life insurance policy is generally obtained as a whole time cover- it means your whole life will be covered in this policy. It is not like other term policies that will provide you coverage for a specified period.
No doubt, you can also obtain term life insurance quotes, which will cover you for a specified amount of time, but it will not have same benefits as of life cover over 50.
This policy provides you additional riders or benefits like for instance, you get guaranteed benefits. The guaranteed benefits aspect is of great vitality if you have any health issues. You will get the policy without divulging any medical information; no medical examination makes your life simpler, isn't it?
Although life cover over 50 cannot be categorized as cheap life insurance policy, yet the policy offers so many additional benefits like your policy cover won't be expensive as the premium remains the same. But it means the payout will not rise in context with inflation, so it may leave your family worse off.
Obtaining life insurance quotes is quintessential because it safeguards you against funeral expenses. With the spurt of inflation and global uncertainties funeral expenses have soared to £7000, according to research of Sun Life Insurance company, any assistance in this regard is a welcome step.
One more rider of this policy is you will get an additional cover after you will attain the age of 90 years, again depending upon your insurer. However, you should read the terms and conditions carefully. Some insurers will pay you in initial years because they don't want to encourage those people who have an existing condition to claim the policy immediately.
The big but is terms and conditions. If you are happy and contented with the policy, then sign up the policy.
Points to Ponder
If you are in the best spirits or good health, consider taking a standard life insurance cover. They can provide you more benefits in contrast with over 50 life insurance policy.
Compare life insurance policy-Choosing the best insurance cover can be bit daunting. In order to get best insurance cover or cheap life insurance policy, you need to compare at least 3 quotes from 3 different companies.
Affordable premiums- compare life insurance policy and find the life insurance company that provides whole range of options.
So, are you ready for a new start in life? In the midst of din, policy holders should realize that life insurance over 50 can be the trump card of their life.