Life insurance for older people
Taking out a life insurance policy, no matter what age you are, is important if you have a family and people that depend on you for financial support.
Many people put off taking a decision about a life insurance policy for various reasons. However at each stage of your life it is worth assessing whether you should be buying or changing a life insurance policy.
There are a number of life insurance policies that are specifically designed for people aged between 50 and 85 but most of them offer whole of life plans that guarantee to payout a lump sum to your estate when you die as long as you meet all your payments. This sum may be fixed and therefore there is a risk that inflation may reduce the value of your payout.
Policies vary in the amount they will pay out in the event of death in the first two years of your policy so be absolutely clear on the terms and conditions of your policy. This may vary from just repaying the premiums you have paid, to 150% of the premiums paid to triple accident cover that pays three times your fixed lump sum if you die in an accident.
When planning make sure you can cover the monthly payments as failing to do so may mean that your policy ends and you are no longer entitled to a payment.
Over 50s life insurance is generally considered to be essential if you have dependents or a partner and you do not have life insurance cover already.
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