As life goes on, your priorities evolve. What might once have been a distant chore can quickly climb its way up the to-do list
Life Insurance is something that often gets put off until tomorrow, but you could find that as your circumstances change it becomes cheaper to protect your loved ones and secure peace of mind for yourself.
Updating your cover to match your lifestyle
Of course, you might not have gotten this far without at least some experience of getting cover. You could have needed Life Insurance as a condition of your mortgage, or you may have taken it out to protect your family while they came of age.
But now? Some cover is better than none, but by this point the hard work is done and you’re no longer shouldering so many of life’s burdens yourself.
If your mortgage has been paid off and your children have flown the nest, now could be the time to reassess how much you pay for Life Insurance. These days you may only need to cover a small lump sum rather than the more costly premiums you paid, for example, as a safety net for a mortgage. Instead, you may now wish to have a smaller amount, perhaps less than £10,000, that you can leave to your loved ones, and that could mean cheaper premiums.
A Life Insurance policy tailored to people over 50 provides the security of a cash lump sum when you die, without mammoth premiums. That lump sum can then go towards easing the financial burden once you’re no longer here to take care of things.
Securing your family’s future
Most people get life cover for one simple reason: protecting their families. Of course, no two families are alike, so the idea that Life Insurance is a one-size-fits-all deal simply doesn’t make sense.
Planning for the future can take many forms such as writing a Will, considering the inheritance you’ll leave, and thinking about your funeral wishes and expenses.
Here’s where the flexibility of an over 50s Life Insurance policy really shines. By now, you’ve got a good idea of what your loved ones will need a hand with, so you can take out a policy which neatly covers those circumstances.
Your Life Insurance policy could be used to settle any joint debts, safeguarding your family against finding themselves out of pocket. Alternatively, you might use it to leave something behind to help a family member, perhaps a child or grandchild.
Compare this to a funeral plan, which is a different type of product that (you guessed it) only covers the cost of a funeral service. With Life Insurance, those funds can go wherever they’re needed. If you still want to ring-fence a little extra for your memorial, a funeral benefit option on your Life Insurance policy makes that easy.
It’s all about choice, peace of mind, and staying in control of your finances.
Straight-talking Life Insurance for over 50s
Specialist over 50s provider FiftyLife can help you benefit most from Life Insurance with a policy to match your needs.
Prices start from as low as £8.52 per month for £3,000 of cover.
Plus, for a limited time, you’ll receive £100 of gift vouchers – choose from Tesco, Love2Shop, or Pizza Express. To claim this offer, get a quick quote on the FiftyLife website or call their friendly, UK-based team for free on 0800 048 4301 and quote ‘Reader’s Digest offer’. Terms and conditions apply.
If you’re a UK resident aged between 50 and 84, FiftyLife guarantee acceptance without a medical exam. Just answer a few simple questions and you’re on your way.