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Life Insurance for Over 50s

It’s never too late to ensure your family is taken care of after you pass. If you’re unsure what options will be available to you if you choose to take out a policy later in life, there’s no need. Over 50s life insurance policies might just be the thing you’re looking for.


This does not constitute advice and advice should be sought in all instances before acting on it.


Over 50s life insurance

Just like regular life insurance, an over 50s plan will give you the peace of mind knowing your family won’t have to worry about finances after you pass. You can still take out a normal life insurance policy until 65, but the monthly payments might prove too high, especially if your health isn’t perfect.


An over 50s policy will cover you right up until your death and doesn’t take your medical history into account.


How do they work?

Policies work a bit differently compared to normal life insurance plans – they’re only available to people between the age of 50 and 80. The money you pay into the plan isn’t invested so the lump sum received is fixed.

You’re guaranteed to be accepted by a provider so an over 50s life insurance plan is really for everyone and anyone who needs it.

There’s usually a waiting period after taking out the policy, usually 12-24 months, wherein if you die, the lump sum won’t be paid out. Your premiums, however, will be refunded. Exceptions might be made if your death was accidental, but be sure to review the fine print on your policy so you’re prepared for all eventualities.


Over 50s policy benefits

Besides providing peace of mind for you and your family, over 50s life insurance plans pay out a guaranteed lump sum to your beneficiaries when you die.

Even if your children are grown up and your partner has their own income, there will always be unexpected costs or expenses that you don’t want to pass along to them when you die. They can use the money to pay for your funeral, pay off your debts, or even use it as an inheritance.


How much coverage do you need?

As usual, how much coverage a person needs is dependent on their individual needs.

Ask yourself:

  • What will the money be used for?
  • Does anyone depend on you financially?
  • Do you have loans or other outstanding debts that won’t be paid off before you die?
  • How much can you spend on monthly premiums?

Don’t forget to include inflation in your decision about how much you’d like the lump sum to be.

Although sometimes it can’t be avoided, it’s possible you might end up paying more into the policy than your beneficiaries will receive. You’ll need to keep paying your premium until you reach the maximum age, which is usually 80 or 90 with most policies, otherwise your family won’t receive any pay out.


How much does Over 50s life insurance cost?

Based on the coverage you want, the cost of your policy will change. Premiums are usually lower than a normal level-term life insurance policy with a fixed lump-sum pay out. But it’s difficult to directly compare because coverage works differently.


We’re here for you

The last thing you want your family to be worrying about after you pass is finances. Life insurance policies can help your loved ones deal with a variety of expenses with the payout they receive. And the good news is that you can take a policy out at any point in time – even if you’re over 50.

To review your coverage options, speak with your trusted financial adviser. We’ll help you find the best policy for your needs, so get in touch today.


Is it time to consider life insurance options?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

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