Life Insurance – It’s Never Too Late

If you want to leave a cash sum to your family when you die so that they can cover funeral expenses, or just have a legacy from you, a life insurance policy is a good way to provide for them. Many people think that once they reach a certain age, they won't be able to access a life insurance policy, but with people living longer, insurers have a range of products to help.

Finding the Right Life Insurance

No matter what your age, you can find a life insurance policy that works for you. In general, people over 80 may have more trouble finding a range of policies, but for people up to that age, there are policies that exist to help you provide for your families, clear your mortgage or pay for funeral costs - and it doesn't have to cost you a fortune:

Dedicated plans - many insurance providers now offer dedicated life insurance for the over 50s. Their plans work for people of any age - the only difference is how much you pay into the plan and for how long. Life insurance is payable on death, so there is no cash value to the plans; if you choose to cancel the policy before you death, you won't get any money back. On the other hand, these life insurance policies can be very generous if you die either from natural causes or through an accident whilst the policy is in force. Always check the terms of the policy to make sure it's the right one for you.

Variable premiums - providers may differ when it comes to setting your premium. For some, your age and health may be a factor, whilst others let you choose how much you can afford to pay each month and then calculate your benefits accordingly. As many older people are living on lower incomes, you may want to look for a provider that gives you the cover you need, but at a reasonable price.

Paying out - if you're taking out a life insurance policy it's because you don't want to leave your family in financial difficulty after your death. That means that you will need to nominate how you want the money paid out and to whom. You can change this during the course of the policy if you want to, as long as you follow the proper procedures, so that you are confident that the money will go to the right place at the appropriate time.

Life Insurance for All at The Insurance Service

If you're looking for life insurance later in life, talk to us at The Insurance Service. We're not tied to any insurance company, so we can search the market for the policies that are most suited to you, and tell you why we've selected them for you. That gives you all the information you need to make your choice. You can look at our site and request an online life insurance quote today, or call us on 0845 053 3404 and we'll be happy to answer any questions you have.

Back to all Health Insurance Articles