Retirement; like your parents, but way cooler
In 1991 Billy and Akaisha Kaderli retired at the age
of 38. Now, into their 4th decade of this
financially independent lifestyle, they invite you
to take advantage of their wisdom and experience.
Insurance for those over 50
Are you aged between 50 and 80 years and have been looking for the regular life
insurance cover without success? If the answer is YES, then this post is for
you! A lot of people struggle getting a life policy once they reach 50, but that
Over 50's insurance is specially designed to cover you without
having to go through the longer process of applying for a regular policy.
We prepared this quick explainer to answer common questions about this policy,
• What is over 50s life insurance?
• How does it work?
• Who is it suitable for?
• Why should you consider the policy?
Let’s dive straight in!
What is over 50s life insurance?
Over 50s insurance provides affordable coverage to anyone above 50. The policy
pays out a lump sum amount to your loved ones when you pass away. They can then
use this support to offset various financial obligations such as funeral costs
or outstanding debts. You can also take out over 50s life cover if you wish to
leave behind a gift or inheritance to your loved ones upon your demise.
What makes this cover attractive is that you’re sure of getting accepted.
There’s no medical examination required while you won’t be asked any
health-related questions. This means even if you have a pre-existing condition,
you can still get protected, unlike in a standard life policy.
How does over 50s life insurance work?
So long as you’re between ages 50 and 80, you can take out over 50s life
insurance policy without being subjected to a medical assessment. When it comes
to payment of premiums, over 50s plans charge a fixed rate throughout the entire
period of coverage.
When taking out the policy, you decide how much payout you’d like. This benefit
comes in a fixed lump sum upon your demise.
Since you know exactly how much the policy is worth, it’s easy for you to plan
adequately depending on your needs. For example, you can decide what to allocate
to funeral expenses, inheritance, long-term debts, etc.
Finally, the closer you are to 80 years when you take out the policy, the higher
the amount of premium you’re likely to pay. Starting early is always a plus
especially considering that premiums remain unchanged throughout your contract
Who is over 50s life insurance suitable for?
There exists a common misconception that the over 50s plan is the last option of
getting insured if you’re above 50 years. This is not entirely true as there are
many other life policies that accept seniors. However, we highly recommend this
cover if you are struggling to get accepted to standard policies.
For example, if you have a pre-existing condition or just don’t like the hassle
of answering medical questions, over 50s life insurance is the right policy for
you. So besides the need to leave your loved ones financially secure, you also
want to consider this policy if your health condition is compromised.
Why should you consider the policy?
Are you still unsure whether or not over 50s life insurance is worth taking out?
Here are a few benefits that might help you change your mind:
Unlike most standard life policies that compel you to undergo a medical
assessment, over 50s cover accommodates anyone above 50 years regardless of
their current state of health or lifestyle.
Guaranteed lump sum payout
Some standard life policies like level term and decreasing term insurance only
provide a benefit payout if you pass away within a specified period, but there’s
no such a thing in an over 50s plan. So long as you keep up with the premium
payments, your beneficiaries are guaranteed of getting a payout upon your
Whole of life coverage
The over 50s plan provides coverage from the moment you take out the policy
until the day you breathe your last.
Are you ready to take out the over 50s life insurance plan and guarantee your
loved ones’ financial security? The first step is to compare as many insurance
providers as possible and choose one with the most favourable terms and pricing.
You also want to review the policy document carefully to look out for any
possible exclusions or limitations before signing the contract. This is
essentially all you need to do to get the best cover for your needs. Good luck!
About the Authors
Early Lifestyle appeals to a different
kind of person – the person who prizes their
independence, values their time, and who doesn’t
want to mindlessly follow the crowd.
Retire Early Lifestyle Blog
About Billy & Akaisha