We’ve all heard of life insurance and we all know that there are different types of coverage out there, depending on your specific circumstances. But, just because the majority of us are familiar with life insurance it doesn’t mean that the same number of us actually have policies in place.
There are of course a variety of reasons why those over 50 don’t bother with life insurance, for many the entire process is simply too complicated or they believe that they’re too old and it’s too late to take out a policy that will leave anything to their loved ones. In reality, these statements couldn’t be further from the truth and the best life insurance for over 50 is only a few clicks away.
In this post we’ll explore the most common myths about over 50s life cover and why you should consider taking out a policy.
Myth #1:
You need to be in good health
While some life insurance policies demand an intensive course of questioning regarding your health and your lifestyle, an over 50s life insurance plan doesn’t require any intrusive medical underwriting, questionnaires, or medical examinations to get you approved.
In fact, if you are over 50 and your health isn’t as good as it once was, an over 50s plan could be a better option for you. For clarification, it’s always best to speak to an insurance advisor about your specific circumstances.
Myth #2:
Premiums start cheap but get more expensive
We all know that the cost of everything is going up, but when you take out a policy, you’ll be relieved to know that the cost of your monthly premiums is fixed and will remain the same throughout your policy. So there’s no need to worry about adjusting your monthly budget to meet your policy cost and these monthly costs usually start around as little as £5 a month.
Myth #3:
I won’t be able to build up a significant nest egg
Of course, it goes without saying that the earlier you start saving for a rainy day, the more you’ll have when the rain clouds start to gather. And while the same logic applies to life insurance, it makes sense to pay as much as you can into your over 50s life cover in order for your loved ones to benefit when the time comes.
Remember, the amount you pay each month as your fixed monthly premium will dictate how much your beneficiaries will receive when you die.
Myth #4:
The lump sum can only be used to cover funeral expenses
Another common misconception! In reality, when you die and your beneficiaries receive the lump sum, this fixed amount can be spent in any way they choose – in line with your wishes of course. Some individuals look to pay off outstanding debts, help with inheritance tax fees, or as a cash gift for those left behind.
Final Thoughts…
The world of life insurance and over 50s cover can seem daunting and confusing and there are plenty of misconceptions and misinformation out there that can stop us from making the right choice.
Now we’ve cleared up the most common myths, would you consider taking out over 50s life cover?