Is it worth getting life insurance in your 50s?
The simple answer is yes!
If you don’t have life insurance in place it is essential to think about how your family will pay things such as funeral costs, any debts you have or the inheritance tax.
Life insurance gives you and your family peace of mind financially.
What type of life insurance is best for over 50s?
The best type of life insurance for over 50s is based around your personal circumstances and also your monthly budget.
While whole of life policies will give you a pay out if you die at any point, they are very expensive.
A life insurance policy can be tailored to an affordable monthly cost by changing the length of time the policy is in place and the amount of the payout.
Why should I take life insurance out?
Commonly people look at their expenses when considering whether they need life insurance in place. Things to consider when thinking about taking out life insurance;
Do You Have Anyone Financially Dependent?
If you have children who are financially dependant or grandchildren, you should take this in to consideration.
Even if they are not financially dependant on a day to day basis. Consider if you would like to leave them some inheritance or financial support
.png)
Mortgage or Rent
Payments
Could your family afford to pay these monthly costs including all of your bills without your income. Even if you live alone, you need to consider how long your relatives might need to sort out your belongings or sell a house.
.png)
The Cost of Your
Funeral
The average cost of dying in the UK was £9200 in 2022*. At a time when your family are grieving, you don’t want them to be worrying about this expense.
.png)
Inheritance
With the level of people’s savings dropping as the cost of living goes up, a life insurance policy can be a way of leaving your family a lump sum to give them some financial stability for their future.
.png)
Outstanding Debts In Your Name
As the cost of living rises and there is a lot of reliance on debts, it is important to ensure you are not leaving your family with debts.
.png)
Inheritance Tax
If you have built up your estate to leave your family anything from money to houses, they will be liable to inheritance tax on this over the thresholds. An insurance policy to cover the inheritance tax can ensure your hard work is left to your family debt free.
-
Can you take out life insurance at any age?Yes, life insurance can be taken from the age of 18 up until 85 years old. The cost of life insurance does increase with age as well though as you are more likely to claim on a policy as you get older. You cannot take out life insurance if you have been diagnosed with something that is likely to lead to your death. There is a medical questionnaire which is checked against your medical records when you make a claim.
-
How much life insurance do I need to protect my family?You should factor in things such as; The cost of raising any children you have. Your funeral costs and the cost of dying – the average funeral cost is £3953 with the average cost of dying at £9200 which includes things such as a wake, professional costs, catering and flowers **** Any debts you have – cars, loans, credit cards, overdrafts, hire purchases. Inheritance tax – if you are leaving more than £325,000 in your estate there will be inheritance tax payable if it is not all left to your spouse. You should seek tax advice to find out the amount that is likely to be payable for any assets you would like to leave. Your income – the household will be reliant on your income so it is common to leave at least 2 years of your salary for time to adapt. Living expenses for your family or partner – mortgage/rent, utility bills, quality of life costs.
-
Should I have life insurance if I own a house?If you want to protect your deposit and leave your house to someone you should have adequate life insurance in place. Most joint mortgages rely on both of your incomes, so if one of you pass away the other person would have to sell the house if they cannot take the full mortgage out in their own name.
-
Why speak to insurealife for your life insurance quote?We have a panel of insurers so we can ensure you have the best cover in place and also the best value for money. We only work with reputable insurers so if you family need to claim on the policy you can rest easy that they will get a pay out quickly and smoothly.
-
Can I change my plan in the future?Life insurance plans are flexible to your requirements. You might want to increase the cover in the future if you have more financial responsibility or have a nice lottery win that means you want to cancel the policy. We believe that life insurance should be flexible with your life so we offer a free review at any time during the life of your policy.
-
Can I take out life insurance while pregnant?Yes, this is a prime time to look at taking out life insurance, as you are soon to have someone financially dependent on you. You can add critical illness cover which covers some pregnancy complications and also your children from birth as well.