Saturday, January 12, 2013

Life Cover for the Over 50s, There's No Better Time

Life Cover is the best way to ensure that your family is looked after should you pass away unexpectedly or prematurely. There are different types of cover and your circumstances, including age will have a bearing on the type most suitable for you. Shop around and get the best deal available.
If you don't have life insurance or life cover, you could be leaving your family open to so much more than mental grief should you pass away unexpectedly. Even though we all know that people die unexpectedly every day, so many of us manage to deny that it could happen to us.

Unexpected costs

If the worst does happen, there are so many costs to be met. At a time when a family least needs to worry about money, without life cover, simply meeting the cost of the funeral can be a struggle for some families. If you haven't got life cover, it is not too late. Most companies offer great deals on over 50life cover plans meaning that, at the very least, you can ensure that funeral expenses are covered.

There was a time when most people had paid off their mortgage by the age of 50 but these days it is not unusual to still be paying off this loan well into your 50s and 60s. This is yet another reason why you should have life cover. Could your partner afford the monthly mortgage payments alone? Over 50 life cover plans are available that will take care of the mortgage should the unexpected happen.

Most plans for the over 50s tend to be whole life cover, rather than for a fixed term, a lump sum being paid to a named beneficiary on the event of the policy holders death. Increasing policies are also popular with this age group, where the amount of cover, as well as the premium will increase incrementally over the life of the policy. As we get older, the risk of dying or developing a life threatening disease increases, a policy which grows to cover these risks is therefore a good idea.

You may be thinking that life cover for the over 50s group will be too expensive but this is far from true. There are some great deals available for the over 50s, many even guarantee to accept you and in many cases, you won't need to undergo a medical, another thing that puts many off.

Get a quote

Getting a quote could not be easier, you can get a quote quickly and simply online, just by answering a few questions. This is by far the easiest method and some sites will even allow you to compare quotes and cover, making your choice easier to make. If online forms aren't your thing, then you can get a quote on the phone or even request a paper application form.

It might very well be the case that you have gotten away without life cover until now and you may be tempted to carry on hoping for the best. Whilst no one likes to think about their own mortality or enjoys contemplating dying in an accident, these things do happen and you can't do anything about it after the fact. Taking some steps to prepare for an event which we all hope will be a long time off, is just good sense.


Shannen is a finance expert and advisor. She also writes regular advice columns for a range of finance magazines and websites where questions on life cover frequently arise, particularly over 50 life cover plans.

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