Over 50 life insurance for peace of mind
When a person reaches the age of 50, the risk of becoming ill or passing away naturally increases. If you have no arrangement in place to protect your family in the vent of your death, now is the time to consider over 50 life insurance.
Usually available without having to undergo a medical, such a policy will pay out a lump sum on the death of the insured individual. The premiums are typically fixed, ensuring they do not become unaffordable as the insured gets older. They will be determined by the age of the person when they take out the policy and the total amount of cover required.
While a standard policy is often taken out for a specific period of time (such as the term of a mortgage or, for instance, 25 years), over 50 policies are available that will provide whole life cover, meaning a pay-out will be made regardless of how long the insured lives.
When it comes to protecting a family in case of illness, income protection insurance is the answer. There are several different types of income protection. Short term policies usually cover illnesses and accidents that leave a person unable to work; as a rule, they will only pay out for a maximum period of two years.
Long term policies are altogether more complex, but essentially come in two variations. One of these is the own occupation type, which will pay out if the insured is unable to work in their normal occupation. The second (working task variation) pays out only if the policy holder is unable to perform certain tasks.
The best way to decide on what will be the most suitable solution is to carefully examine and compare a selection of possible options.