If you are over 60 you may be considering a life insurance policy, this may be your first policy or an additional policy. Contrary to popular opinion it is possible to get over 60 life insurance cover, moreover you can get a policy that is affordable.
You may be considering a policy as you reach retirement so as you can have something in place to cover the costs and expenses of care if you need it when you get older or to help cover funeral costs. It is a sensible move as it helps remove the financial burden from relatives.
If you are considering taking out a policy it is very important that you do your research. Do your online research to find out the range of costs, level of cover and any exemptions that you may encounter. After that seek independent financial advice from a properly affiliated independent financial advisor.
A life insurance policy is going to be a big commitment so you want to make sure it will pay out. Insurers can refuse to pay out on a policy if they find a pre-existing condition or if you pass on too soon after starting the policy. Some insurance companies may offer to provide a no medical questions policy which may seem a good idea at the time but may prove costly in the long run.
Many advisors suggest getting a properly underwritten life insurance policy, whilst this may be more expensive it may make more financial sense in the long run. Taking a medical will ensure that both you and the insurer are both aware of any pre-existing conditions. You will then be clear on if your policy will pay out if your death is as a result of this known condition.
There are two main types of policy, term life insurance and whole life insurance. In fact they are more often known as assurance as you are assured a payment after a specified length of time. Insurance on the other hand is to protect you or your family from financial hardship such as covering the cost of your estate, care costs or to cover the cost of funeral expenses.
