Over 50s Life Cover Buying Guide
If you are over 50 and looking for life assurance, you will probably need to seek the help of an insurance broker. Life insurance for over 50s is different from other types of cover, as it offers a variety of options and terms which can differ from company to company. An experienced life insurance broker will be able to offer you the best options based on your circumstances. The broker will be able to advise you on whether or not you should choose term life, whole life or endowment.
Term life cover is the cheapest form of life cover and is usually taken out by those who are close to retirement age. It offers the lowest premiums but gives the longest period for which you pay. A few years after you stop receiving pension payments, the amount you paid will be deducted. Whole life cover is taken out for a fixed period of time, for example until death. You pay more at younger ages, so the cost of the premium is higher.
You are able to take out an endowment life cover for those who are close to retirement age. Endowment life insurance protects your dependants financially when you die. Your dependents will get regular payments based on a percentage of your lifetime income. Your dependents will also be able to take out loans against your policy. You will need to pay a lump sum payment if you die, but the payments will not decrease with time. A professional insurance broker will be able to give you the best option for your needs.
Another useful type of life insurance is variable life insurance. This differs from a traditional life insurance in that the payout level is variable. The level is usually set by how well your family is doing economically. If they do not live as well as you do, the payout will be lower. If they do better, the premium will be higher.
Variable life cover combines your investment capabilities and your death benefits to be able to provide a suitable income stream for your family when you are no longer around to receive them. You may want to consider investing in a pension scheme to supplement your life cover. These schemes are tax free and you can make a reasonable return on your investments in a relatively short period of time. Your premiums will remain level for the duration of the cover.
There are many different types of insurance available, and it may be necessary to check around for a policy that meets your individual requirements. It is important to shop around for the best deal because this is an important decision. You are able to take out cover that will protect your loved ones financially for the future or you can opt for a standard policy that will run for your lifetime. This will help you plan ahead for your golden years.
You can use the Internet to find the best deals and cheapest life insurance quotes for over 50s. You will be able to compare policies and their terms and conditions easily online. A life insurance broker may be able to assist you with this. Most broker companies will be able to give you a quote over the phone, and this is usually much cheaper than using their office service in your local area. You should ask for a quote over the telephone and make sure that the insurance broker that you are dealing with has a good reputation and is fully authorized to give you this kind of insurance.
You should choose a life insurance company that has the best reputation and experience. You want to be confident that you are dealing with a reputable company that will give you good value for money. If you are in good health and have an excellent history of staying in good health then you may well be able to get a very competitive rate for life insurance. It is also worth enquiring about any additional features that can be included in your policy such as cover for critical illness and accidental death.