Over 50’s Life Insurance is a different plan from term or whole life insurance. It is basically a protection feature to cover bills and expenses for your loved ones once you have moved on. It’s insurance payout to your family after you pass can be in the area of up to €25,000. It’s a life insurance policy set up to allow your loved ones greave and moarn over your passing by securing any funeral or legal costs you may leave behind when you die.
This life insurance is totally guaranteed and your regular payments stop when you turn 90 and your cover remains intact.
Probably the best Life Insurance plan for anyone over 50 years of age is with IrishLife. The plan is designed for 50 – 80 year olds and is only available to residents in Ireland. The plan guarantees to pay your family, spouse or loved ones a specified cash sum when you pass from this life.
Some key things to know about the Over 50’s Life Cover
- There are no medical questions required.
- You have guaranteed acceptance
- It’s only available in Ireland
The over 50’s life policy can provide you with up to €25,000 in cover which is a nice pot to leave behind to your family or loved ones. People sometimes criticise the need for life insurance stating reasons like “what’s the point, I won’t be around to spend it”. What some people don’t realise is your death can be extremely hard for your family to deal with and a cash sum can give them time to grieve.
What kind of costs would my policy cash sum cover?
- Bills and general family expenses.
- Funerals cost quite a lot of money.
- Children’s education.
- Mortgage Payments.
- Subsidise family income for a short period.
So if some of these costs are something you might worry about after you die you should consider getting in contact with an insurance broker.
Why is Life Insurance for Over 50’s so expensive?
If you’ve go searching for a lot of different insurance policies and been declined for health reasons then you still have the option of over 50’s life insurance, if you’re over 50 obviously.
The reason these policies can be so expensive is due to the fact they are the same for price for everyone. If you’re in good health / bad health it doesn’t matter on this policy.
You’re going to pay the same amount as someone who is dying due to the fact these policies are riskier for an insurance company because they may end up paying out sooner than expected.