What is the best type of life insurance for over 50s?

Collaborative Post | Your 50s can be a very fulfilling time in your life and can often bring stability, peace and the freedom to do as you please. However, a lot of people in their 50s also worry about their nearest and dearest and want to make sure they have the best life possible as well. One of the best ways to ease these concerns is by taking out life insurance, as this can provide your loved ones with financial support after you pass away. But what kind of life insurance is best for those in their 50s?

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Understanding life insurance over 50

While it’s possible for over 50s to take out life insurance, it can pose some unique challenges that many younger people don’t face. For example, some people over 50 may have more health conditions than they did a decade or two ago and others may be approaching retirement and have limited funds. However, everyone is different and the most important thing is to find the best life insurance for your specific needs by learning about the options that are out there. Here are some that you could consider:

Over 50s life insurance

​There are specific life insurance plans designed to help over 50s get the cover they need. Typically, these plans don’t need you to undergo a medical examination, which is great for anyone who is worried about their health driving up their premiums or making them exempt from cover. The catch is that over 50s plans can be more expensive than standard life insurance, so if you think you may qualify for a different policy and are in good health, that may be a better route for you.

Term life insurance

If you’re worried about the cost of life insurance, a fixed term policy could help you to stay within your budget more easily. This is great for you if you’re worried about your partner covering the last 10 or 15 years of your mortgage, as you can take out life insurance to cover this period and no more. However, do keep in mind that if something unexpected happens and your mortgage needs paying for longer, your term policy won’t cover the extra few years. You may need to take out a new policy or speak to your provider to find out your options.

Whole life insurance

To have cover for the rest of your life, you’ll need a whole life insurance policy. This means that no matter when you die, your loved ones will receive a payout. Like an over 50s plan, it is more expensive, but you do benefit from having complete security and protection. If your grown-up children rely on your support or your partner needs your income or pension to survive, a whole life policy may be worth the extra cost.
 
Finding the right life insurance when you’re over 50 can be difficult, but it’s definitely possible once you figure out your priorities. Spend some time understanding exactly what you want and then go out and search for a policy to match.


Disclaimer: this is a collaborative post.