It’s never too late to buy life insurance

The ideal time to take out life insurance is when you are young and the earlier you start, the cheaper your life insurance quotes will be. Many people however, do not consider the importance of life insurance until they reach their fifties.  Being over fifty doesn’t mean insurance has to be expensive.  Many people today 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.  If you are over fifty and don’t have life insurance but do have dependants and/or personal debts then the old saying still rings true…..better late than never.

Life insurance is there to provide financial protection for your dependants in the event of your death.  Although no one wants to think about dying, it is a fact of life and some satisfaction can be gained in the thought that you won’t be leaving your loved ones out of pocket once you’re gone.

If you are in your fifties or older and you’re thinking of buying life insurance there’s a good chance that some health scare or medical problem has sparked your curiosity.  Whatever event has led you here, it’s good that you are considering the future security of your family’s finance.

There are some benefits of being in your older years when taking out your insurance.  For starters most companies will not require you to take part in any medical screening.  Acceptance is therefore guaranteed if you’re a UK resident typically for customers age 50 to 75 and some will accept up to age 80.  The reason your insurance premium may be higher than that of a younger person is that the Insurance companies will calculate the amount of premiums you will likely pay into a policy and the amount they are likely to pay out in the event of your death.

Policies vary in the amount they will pay out in the event of death in the first two years of your policy so be absolutely clear on the terms and conditions of your policy.  Some insurance for example, will pay out a cash sum upon your death after the policy has been in force for two years.  If however, you were to die as a result of an accident before the two years has passed you may still be covered.

As with any insurance product it is worth making sure you have a good deal for your money but you’d be well advised to put a good amount consideration into your policy choices and not just simply opt for the cheapest deal. It is important to take time to consider your needs and what life insurance policies might be best suited to your own unique circumstances, rather than simply looking for the lowest premium.

Because people are living longer and having more full and active lives they often forget about life insurance. You don’t have to be over 50 to consider life insurance but it can act as a reminder to start evaluating your options.