Getting Life Insurance Over 50 Years of Age
Finding suitable life insurance over 50 is not as difficult as it may appear at first glance. Providers are aware of the fact that young people rarely consider the possibility of an untimely death and will leave considering this kind of protection until later on in their life. While this is obviously not really a good way of thinking, as the unexpected can strike even at a young age, most companies now offer policies for those over 50.
Premiums are typically a little higher than comparable cover would cost for a younger person, and will depend on the applicant’s age at the time of taking out the policy. They will, however, remain fixed, meaning it is unlikely for them to rise to a point where it is no longer possible to afford them. In addition, such a policy usually does not require a medical. At an age where it is possible to already have pre-existing medical conditions, this can be of advantage. Unlike standard policies, which usually cover the insured for a certain amount of time, over 50s insurance provides whole life cover.
While considering this, the individual may also think about getting income protection. As a person gets older, the risk of developing an illness that will make it impossible to continue working increases significantly. With an income protection insurance policy in place, this risk will be covered, ensuring that a sudden illness will not spell financial disaster for a family.
Short term options only pay out for up to two years, but typically offer protection in case of unemployment as well. The long term policies rarely cover unemployment, but are more likely to pay out for extended periods.
Naturally, it is important to compare all available choices in order to determine the most suitable option for personal circumstances.