Over 55 Life Insurance
Over 55 life insurance is a form of whole of life assurance, offering a guaranteed payout throughout your lifetime as long as you are paying your premiums. Adults over 55 can benefit from the flexible cover and affordable premiums of over 55 life insurance, which may cost as little as several pounds per month. Specialist life insurance policies recognise the fact that older individuals have active, rewarding lives well into their 50s and beyond. Members of this age group should have the opportunity to purchase life insurance that suits their circumstances.
The decision to purchase life insurance at any age is a very personal one. Some individuals choose to invest insurance from a very young age, whilst others may not see the need for cover until they are considerably older. These days, adults over 55 are leading full social lives, engaging in hobbies and forming new relationships. A marriage or the formation of a new civil partnership late in life may cause you to reconsider your need for cover. Fortunately, select insurers offer over 55 life insurance at reasonable rates, with no medical screen required.
Insurance Rates Over 55
Over the age of 55, finding affordable coverage may become more challenging. Insurers consider a number of important risk factors when they calculate your rates, including your age, health status, pre-existing conditions, occupation, pastimes, and lifestyle habits such as smoking. Whilst age is not the only factor that is taken into account, being over the age of 55 may affect your chances of getting affordable rates. Because of the increased risk of mortality, premiums for adults over a certain age are almost invariably higher with traditional policies.
Over 55 life insurance addresses the need to provide affordable financial protection to men and women who are considered a high risk due to their age. Rates for this specialist cover are generally quite competitive, and you may adjust the cost of your policy by modifying the size of your death benefit. The higher the payout you wish your beneficiaries to receive, the higher your premiums will be. Consider also whether you wish to have your benefits cover the cost of your funeral and burial or pay off any debts that remain after you are gone.
Even if you have no serious health concerns, the cost of coverage may make this option unaffordable. Healthy, fit men and women who are approaching state pension age may feel more active and energetic than they've felt in ages, yet insurers still consider them to be a higher risk. With over 55 life insurance, you can receive the benefits of a lifelong assurance policy at rates that won't stretch your budget. Leave a legacy to your family by investing in a policy that will help them remain comfortable after you're gone.
Applying for Life Insurance
For some older individuals, the application process is a barrier to seeking coverage. Applicants who have had a severe illness in the past or who have had a chronic condition for years may be reluctant to face the possibility of being turned down for cover after completing an application and a medical screen. With over 55 life insurance, many of these barriers are removed. The application process is quite simple, and you may apply at banks, through an agent or broker, at some supermarkets or online.
If you apply for traditional coverage when you're 55 or older, you may be required to complete an extensive health questionnaire or pass a medical screen. An underwriter may request medical records from your GP, and you may be turned down if you have any serious health conditions in your past. With over 55 life insurance, no medical screen is required. For the majority of applicants, acceptance is guaranteed. After paying your premiums for a certain period of time, typically 2 years, your insurer will pay out the full cash benefit to your survivors.
Once your application has been accepted, premiums will typically remained fixed throughout your lifetime. As you plan your budget for the months or year ahead, you can feel more comfortable knowing that your payments for over 55 life insurance will not increase. Upon your death, the payout that your survivors receive will not be subject to income tax. However, if your benefit is rolled into your estate, it may be subject to inheritance tax. To avoid this eventuality, you may have the policy written in trust.
Your decision to purchase over 55 life insurance may give you greater peace of mind about your loved ones' financial security. If you are concerned about how your spouse, adult children or grandchildren would cope with your death, this form of protection can offer a great sense of reassurance. Compare online quotes from several of the leading providers to find a plan that fits your unique requirements.