Hitting the age of 50 is a milestone for us all, you are no means over the hill, but at the same time it’s the age where we all take a step back and start to consider the plans we need to put in place for the future. As, no matter how morbid it feels, it’s incredibly important that we consider financial protection for our loved ones when we’re no longer around.
The easiest way to achieve this is through an over 50’s life insurance plan that will pay out a lump sum on our death, which can then be put toward funeral costs and/or other expenses. This is something that is vital when you consider the average cost of a funeral in the UK is £4561, a price tag few of us can afford.
Yet, still an alarming number of us are yet to consider taking out an over 50’s life insurance plan. Perhaps it’s simply that we don’t feel old enough, or maybe we’re scared that our current health and lifestyle will prevent us from being accepted on a plan. Whatever your reason for avoiding life insurance, it’s essential that you take the dive before it’s too late.
For one, it doesn’t matter what your health or lifestyle is like, as residents in the UK aged between 50 and 80 are guaranteed to be accepted for life cover, usually without the need for a medical. So, there is absolutely no excuse to avoid cover just because you’re a smoker or have some medical issues.
Keep in mind, though, that over 50’s life insurance cover comes with a waiting period – known as a moratorium – between when you take out cover and when a full cash payment will be made. This period is usually between 1 to 2 years from your first payment, another reason to take out cover sooner rather than later. You also need to ensure you keep up with your payments or your cover will become null and void.
Yet these are just two small cons that are totally outweighed by the benefits of life insurance. Most beneficial being, that unlike term life insurance, your over 50’s plan is guaranteed to pay out your cash sum on death, as long as you’re past the initial waiting period. Even then, many providers will pay out the premiums you’ve already paid as a minimum if something tragic happens before your 1 to 2 years are over. This pay-out is usually very quick too, meaning your funeral can be paid for quickly and stress-free without your family having to worry about paying all the bills and then waiting months for your cash sum.
To ensure you get the best waiting period and that you opt for a company that pays out fast, you should be diligent when you look at quotes. As the cheapest quote isn’t necessarily the best option for over 50’s life insurance. It is vital that you look at the terms and conditions of every quote you consider, as the cover that provider gives may not be suited to your needs.
Be sure to look up reviews for each company you’re considering too, as there is absolutely no point in a cheaper monthly cost if you choose an insurance provider with a poor waiting period, pay out time or even poor customer service. The last thing you want is for your loved ones to be hassled or miss out on the cash sum you planned.