Naturally when we reach a certain point in life we are likely to become more concerned about what will happen to our loved ones when we are gone. Unfortunately, when we reach the later years in life there is an increase in the likelihood of developing health issues and therefore reducing our life expectancy.

It’s for these reasons that life insurance can become a costly expenditure for those over 50 years of age. Put simply; the older you get, the more likely you are to make a claim on your life insurance policy.

Specialist life insurance for the over 50's

Life insurance for over 50’s accommodates the issues surrounding taking out a life insurance policy later in life. As with a standard life insurance policy a lump sum will be paid out on your death. There are, however, conditions in place with an over 50’s life insurance policy to counteract the increased risk. All of which vary depending on the provider you use.

Conditions of over 50's life insurance

  • The sum you can be insured for may have a maximum threshold that is considerably lower than a standard life insurance policy – usually a maximum of £20,000.

  • Your policy may not pay out if a claim is made within the first 12 or 24 months of taking out the policy.

  • You may not receive your maximum amount of cover if a claim is made in the first 3 years of your policy.

  • You don’t always have to be medically underwritten.

The importance of financial advice

It’s often worth speaking to a financial adviser, not simply because they can search the market looking for the most competitive offering, but they can also take into account the terms of the policy and how it suits your individual circumstances. Remember, an over 50’s life insurance policy is not suitable for everyone.