To help you explore the amount of over 50s life insurance coverage you might need, we’ve created a simple calculator. Input your financial obligations and future expenses to see an estimate of coverage amounts others in similar situations have considered.
Consider factors such as:
- Outstanding mortgage or rent
- Personal debts including loans and credit cards
- Future family expenses you’d like to contribute to
- Funeral costs
Please note: This calculator is for illustrative purposes only and should not be relied upon as financial advice. Everyone’s circumstances are different, and you may want to speak with a financial advisor about your specific needs.
Why Consider Over 50s Life Insurance?
Over 50s life insurance offers a straightforward way for individuals aged 50 and above to leave a financial legacy for their loved ones, particularly to cover funeral expenses and outstanding debts. The guaranteed acceptance without medical questions makes it accessible to those who might otherwise struggle to obtain life insurance coverage.
However, it’s important to carefully consider whether this type of policy represents good value for money in your specific circumstances. For some, especially those with health conditions that would make traditional insurance expensive or unavailable, over 50s life insurance can provide valuable peace of mind and financial protection for loved ones.
When choosing a policy, compare different providers, check for additional benefits, and ensure the premiums are affordable for your long-term budget. Consider speaking with a financial advisor who can help you determine if an over 50s policy is right for you or if alternative financial products might better meet your needs.
Use our calculator to get an initial estimate of coverage amounts, and then we can connect you with experienced independent advisors who can guide you through the process of finding the right over 50s life insurance policy for your specific requirements.
FAQ: Over 50s Life Insurance
Yes, most providers have an upper age limit, typically between 80 and 85 years. However, once you have a policy in place, coverage continues for life as long as premiums are paid.
With most over 50s policies, if you stop paying your premiums, your coverage will end, and you won’t receive any money back for the premiums you’ve already paid. Some policies may offer a paid-up value if you’ve held the policy for a certain period.
Unlike some insurance policies, standard over 50s life insurance doesn’t accumulate a cash value and cannot be surrendered for a lump sum during your lifetime.
Most over 50s policies have a waiting period (typically 12-24 months) before they’ll pay out the full benefit for natural causes. However, most will pay out immediately for accidental death. After the waiting period, full coverage applies regardless of the cause of death.
The payout itself is tax-free, but it may be considered part of your estate for inheritance tax purposes. Writing the policy in trust can help avoid this.