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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.

Life Insurance for those over 50

Victoria Quain

 

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 stops today. 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, including:

•           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 term. 

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:

Guaranteed acceptance

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 demise.

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.

Conclusion

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!

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About the Authors

 
Billy and Akaisha Kaderli are recognized retirement experts and internationally published authors on topics of finance, medical tourism and world travel. With the wealth of information they share on their award winning website RetireEarlyLifestyle.com, they have been helping people achieve their own retirement dreams since 1991. They wrote the popular books, The Adventurer’s Guide to Early Retirement and Your Retirement Dream IS Possible available on their website bookstore or on Amazon.com.

contact Billy and Akaisha at theguide@retireearlylifestyle.com

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