The rise of the over 50s life policy
There are certain things in life we try our hardest not to think about. Our own mortality is certainly one. But at some point it is essential to face your fears, and seriously consider how you will protect the financial security of your loved ones once you are gone. When you come to realise the peace of mind that life insurance products can provide, it is essential to carefully consider which policies are right for you.
So firstly, who needs life insurance cover?
Life insurance is a product that makes a great deal of financial sense in a wide range of circumstances. You should seriously consider the protection provided by life cover if you have:
* A partner whose standard of living would be at risk without your income;
* Children who will not be financial dependent for a number of years;
* Any other dependents who rely on your financial support;
* Concerns about burdening your loved ones with expenses after your death, such as the cost of your funeral.
Despite at least one of the above criteria applying to the vast majority of us, it is surprising, even after reaching the age of 50, just how many people still do not have a policy in place. If you have come to the realisation that a life insurance policy is essential to protecting the future of your family after you have gone, then now is the time to act.
One of the main advantages that has made over 50s cover such a popular product, is the fact that, if you are between 50 – 80 years old, you are guaranteed to be accepted onto a policy regardless of your health. In fact, unlike traditional term life insurance, you will not be required to undergo a medical or complete a lengthy and intrusive questionnaire.
Both of these factors make over 50s insurance particularly appealing to people who have been diagnosed with a serious illness or have suffered from ill health in the past. If you are considering a term life insurance policy and have experienced ill health, you will find you are faced with astronomical premiums, or worse, refused cover completely. In these circumstances, over 50s life insurance is the most appropriate solution for you.
