In the UK we are living longer but more importantly we are living healthier and more active lives. With the retirement age continually being raised we are also working longer. They say 70 is the new 50 and someone who is fifty years of age is no longer considered old.
When it comes to getting life insurance, over 50s are finding it easier to be accepted for a policy and they are finding it is a lot less expensive than they thought it would be. This makes it a good investment to be able to take care of your family financially or help cover the cost of funeral arrangements and other expenses.
Insurance companies are all about risk, they want to limit their exposure to it and thus increase their profits. When it comes to life insurance they are very matter of fact about it so do not be offended if they treat you like a product rather than a person. On the plus side if you take out a policy with them they really will be rooting for you and will not want you to pass on too soon.
With over 50s life insurance they have to calculate the amount of premiums you will likely be paying into a policy and the amount they are likely to pay out at the end. Obviously they will want you to live as long as possible to keep paying those premiums.
For life insurance over 50s there is usually a limit to when you will stop paying premiums but get the maximum benefit. Once this paid up limit is reached you will continue to receive the benefits of the life insurance policy but will no longer have to pay the premiums. The age you need to reach for this to happen is generally 90 years old.
So what can you expect if you are thinking of taking out a policy. You should be able to get accepted up to the age of 75 although the older you are the more expensive the premiums will be. This is not only because you will be physically older but there are potentially less years for you to pay premiums for. Generally you need to have paid premiums for 2 years before you can make a claim, the only exclusion to this are claims due to accidental death.
