Is Over 50s Life Insurance Really Worth It?

As you approach the age of 50, it may become wise to consider purchasing over 50s life insurance. After all, it is of paramount importance to the most of us that our loved ones are protected against any financial eventuality after we sadly pass away.


When weighing up the pros and cons of purchasing a life insurance policy, it becomes important to understand exactly what life insurance is and how it works. After all, you are investing in your family’s financial future.

What Is Life Insurance?

Life insurance policies act in the best interest of the policy holder by providing their beneficiaries with cover once they eventually pass away.


The funds acquired from a life insurance pay put can offer loved ones with the financial means to cover funeral costs, mortgage payments, and any other household bills. In cases where the beneficiary may not be a direct family member, policy holders can opt for a life insurance policy that pays out to a charity. The legacy or charity will receive the pay-out upon the person’s passing as a family member or alternative beneficiary would.

How Does Life Insurance Work?

Depending on your policy and the guidelines attached, each life insurance policy will have its own period of cover attached- whether it be 10, 20 or 30 years in the instance of a Term Life Insurance agreement.  Upon purchasing a life insurance policy, you will receive your policy documents which will specify the payment your beneficiaries will receive once you have passed away. The amount paid out will depend on the policy you have purchased, and the amount of coverage selected.


By maintaining your policy with monthly or annual premium payments your funds will reach your chosen beneficiaries once notified of your death.

Over 50s Life Insurance Plans

Over 50s life insurance is a specific type of life insurance policy that has been designed to cover those over the age of 50 years old. Unlike other types of life insurance, no medical assessments are required o be approved for a policy- the screening goes no further than a small selection of basic health questions to that the policy provider can gain an insight into your medical background so far.


As with other alternative policies, over 50s life insurance will pay out a lump sum to your chosen beneficiary on the occasion of your death. Once again, the lump sum pay-out total depends on the coverage you opt to purchase.


It is known that some over 50s life insurance policies offer guaranteed acceptance, meaning that providing you meet the age criteria set out, you will be accepted to purchase an over 5os life insurance policy when you need it.


It is important to note that due to the fact acceptance rates are high, premium rates are higher than average with over 50s life insurance plans, due to the risk of death being higher in these particular age brackets.

Why Over 50s plans are great Plans If You Have Medical Issues

Due to minimal medical assessments, over 50s life insurance plans are a good option for individuals with medical issues or a particularly extensive medical history. The most favourable selling point for over 50s with medical issues is that over 50s life insurance offers a considerable higher acceptance rate than other life insurance policies available on the market. This way, you can still protect your family after your death regardless of your medical history.


Eligibility requirements will vary based on the company you wish to purchase your policy from. It is beneficial to shop around and find a policy that meets your needs fully. This is particularly useful as you can expect to pay considerably more for this type of policy.

The Difference Between Over 50s Life Insurance Policies and Alternative Policies

As discussed previously, the key difference between over 50s life insurance and other types of life insurance is that you will not need to take a medical examination as part of the qualification process. In addition, the higher premium rates make it a more expensive alternative to differing life insurance policies. Furthermore, over 50s life insurance plans are known to have lower overall coverage amounts, meaning that your beneficiaries will be paid less once you pass away than they would with a different policy, for example.


Comparing policies before purchasing will allow you to ensure that you purchase the best suited policy to you and your family’s needs.

How To Buy Over 50s Life Insurance from Life Expert

Life Expert offers a broad range of life insurance products to suit everybody’s specific needs. Purchasing over 50s life insurance through Life Expert will allow you to get the very best over 50s life insurance plan that is suited to your personal circumstances and budget.


Simply input some details into our quote form in order to get a free quote. If you choose to purchase your over 50s life insurance policy with Life Expert, you will receive up to £100 on a gift card at no extra charge.


Once quoted, we can assist you to find the very best over 50s life insurance policy to suit your personal circumstances and financial status. Life Expert goes above and beyond to ensure you are getting the very best deal.


In addition, you can live peacefully knowing that your over 50s life insurance policy premiums will never go up once you have purchased your chosen policy. This provides you with peace of mind should you face any financial difficult in the future.

Is It Worth Getting Life Insurance at 50?

Ultimately, whether or not it is worth getting life insurance at the age of 50 will depend on each person’s personal situation. It is important to consider factors such as dependents, personal savings, any debts or mortgage payments and your overall health.


For example, if you have dependents and any outstanding debts, it could be wise to purchase a life insurance policy to ensure that your dependents are financially supported in the event of your death.


Click the button below to get your free quote for over 50s life insurance.