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Here, the experts at moneyguru.com explain life insurance and how it is different for those over 50.
Life insurance makes sure your nearest and dearest are looked after in the event you are no longer around to support them financially. As with all insurance, you need to do your research and find out what kind of payment is going to be the most beneficial to you and your family.
Standard life insurance is often used to ensure your partner or children are not burdened with the cost of paying off your mortgage after your departure. However, specific over 50s insurance takes into account that this might no longer be an issue.
When you have worked your whole life to look after your family, you don’t want to leave them with financial worries after you are gone. Whether you’d like to leave a lump sum to make sure your children and grandchildren are comfortable, or pay for funeral arrangements, we know that priorities change as you get older and one size insurance doesn’t always fit all.
As you probably know, life insurance prices rise with age so it’s worth looking for a specific over 50s plan that’s going to give you the coverage you need, while still being affordable and fitting in with your lifestyle. Specific plans for over 50s are also a great idea if you have specific health issues that may prevent you from taking out a standard plan, or might boost your premium to an unaffordable level.
As always, there are a few red flags to watch out for when you’re looking to purchase over 50s life insurance, such as do you need a medical check? Is the amount you are paying equal or less than the amount you’ll receive? With some policies the amount your family will receive is fixed, however you’ll still pay the same amount each month – that means the longer you live, the more you pay in, which in some cases might be more than the final pay-out. Not ideal.
With three simple steps, you can find the policy that’s going to be right for you – just visit moneyguru.com, fill out your details and The G will seek out a deal for you.