Understanding The Costs Of Over 50s Life Insurance

With life insurance, everyone wants to strike that balance between getting the right policy and getting something affordable. Coming into retirement can mean trying to cut down on costs. Fitting in the cost of a life insurance policy can seem like a step too far. While it might seem like a good idea to rely on savings it could leave your loved ones exposed to financial troubles.

It’s only natural to have reservations when it comes to life insurance. It can seem intimidating at first, but we are here to make things easier for you. 

How much does Over 50s life insurance cost?

The costs involved with Over 50s life insurance can vary and are influenced by a couple of key factors. One of these factors is whether or not you are a smoker. As we all know smoking has a negative impact on your health so it would, therefore, make your policy more expensive. Another factor is your age at the time of application. Over 50s life insurance is for people aged 50-80. So the benefit amounts you have access to depend on where you fall on this spectrum of age.  

One of the principal factors, however, is how much of a pay-out you are looking for. This is what’s known as the benefit amount. When applying for the insurance it’s important to make considerations on what you would like the benefit to be used for. Some of the things it can be used for are funeral expenses, a gift, or debts. 

Why is it important to understand the costs of Over 50s life insurance?

It may be hard to face up to but unfortunately, there are some pretty stark figures around funerals in the UK. As it stands the average cost of a funeral with a burial comes to around £4,300. It is worth remembering as well that this figure is estimated when you take into account a standard funeral. If you wanted a more personalised send-off or if your loved ones tried to give you one it could end up costing more than that figure.  

In times of high stress or sadness, it can be difficult to deal with questions about funeral costs. Not being prepared for a funeral could end up causing upset for those that you care about the most. Getting a future plan in place can help make sure that this does not end up being the case.

I am in poor health - Will my Over 50s Life Insurance cost a lot?

Suffering from poor health is one reason why a lot of people might not even try and get life insurance. With Over 50s life insurance you are guaranteed acceptance as long as you are aged 50-80 and a UK resident. This means that no matter your health conditions you will be eligible for this type of insurance. 

Of course, it’s not a case where insurance providers will give you money for nothing. There are certain conditions with some policies that mean that you won’t have access to money straight away.

Many life insurance providers will have conditions on when you can get the payout. It's important to bear this in mind.

Why choose Over 50s Life Insurance?

There are plenty of benefits to choosing Over 50s life insurance. For UK residents who are aged 50-80, it can offer protection without having to worry about things like medicals. One of the benefits that appeal to some people is guaranteed acceptance. No matter your current health situation you can avail of this type of insurance. While there is every chance it might not cover the entire cost of a funeral, having something in place can give you peace of mind. 


Compare, choose and buy life insurance with Choozi