Today, 45 is still considered young, but it is a time when you seriously need to consider your and your family’s future financial security.
You are finally reaching your full earning potential in your chosen profession, but what would your family do if something unexpected were to happen to you?
While nobody likes to think about things such as this, it is necessary to prepare for them.
Now is the time to secure your family’s future by purchasing an over 45 life insurance policy.
You still have time to avoid the higher premiums associated with insurance over the age of 50. You will also have more flexibility regarding the types of underwriting required for a life insurance policy.
If you live in the UK and are looking for cover, you will be happy to know you have plenty of options available.
Claybrooke has life insurance policies of all types, including special coverage such as critical care and mortgage protection.
If you are over 45 and looking to secure a policy that is budget-friendly and provides your family with financial protection, we are here to help!
Why Do I Need Over 45 Life Insurance?
One common fact about insurance is that the older the person being covered, the higher the premiums. However, these premiums are reasonably low up until the age of 50.
While they are still affordable after the age of 50, the premiums pale compared to policies for those under 50. If you are over 45, now may be the last opportunity to take advantage of these lower rates.
You must also look at how much your family depends on your salary. Most of us are finally coming out of debt and earning much more than we did in our 20s at the age of 45.
Click To Compare QuotesYou are now erasing debt quicker than ever and finally building up savings for your retirement.
If your salary were suddenly taken away from your spouse, how would the family survive? This alone is reason enough to seek over 45 life insurance cover.
When deciding how much coverage is needed, consider the cost of current bills and future expenses.
Your policy should cover household and everyday bills, such as groceries, educational, and secondary care costs.
You will need to figure in the inflation costs to estimate your policy’s cover value.
What Will My Over 45 Life Insurance Policy Provide?
One benefit of over 45 cover is automatic acceptance. For applicants that meet all requirements, no medical underwriting is required.
In most cases, this will extend through the age of 75 and possibly even into your 80s.
This is a significant benefit in that you are guaranteed cover without the need for medical exams throughout the coverage period.
With life insurance over 45 plans based on the group rather than the individual, you can avoid the high costs of coverage.
This enables you to save significant money on premiums throughout the policy.
There are also policies created where the premium ceases after a certain age while you retain the right to benefits.
As one gets older, income is often limited to savings, creating a very tight budget.
For someone older than 85, this could result in significant savings while still allowing you to leave a legacy for your loved ones.
What Do I Need to Be Aware of Regarding Over 45 Life Insurance?
A restricted cover clause during the first two years of a life insurance policy is a common clause.
In other words, an accidental death may be the only type of payout received if the covered individual dies during that time.
This is done to protect the insurance company against individuals with existing conditions that could result in death during that initial period.
Click To Compare QuotesIn some cases, accidental death is acceptable for benefits payout.
If the insurance company does not offer full benefit payout, they will often offer a reduced benefit payout or a refund of premiums.
It would be best if you discussed this with one of our life insurance experts to ensure you are getting the proper coverage on your policy.
It is advised to shop around for different policies because of the life expectancy of people today.
If healthy, someone in their mid-40s likely has 25 or more years remaining. Today, it is not uncommon for people to live into their 80s and beyond.
While this is excellent news, it also means that if you are getting insurance at this age, there is a very good chance you will end up paying more in premiums than the benefit is in case of death.
Again, use our team of experts to help you find the best policy with a more beneficial premium.
Once you secure cover, you must also make sure premiums are never missed
If this happens, the policy becomes null and void and no benefit will be paid in case of death.
If something happens where you cannot make payment for any reason, you should contact the insurance company immediately to see if temporary arrangements can be made during this time.
If the policy expires, you will have to secure another policy and the terms may not be as beneficial as the terms on your current policy.
You should also check to see if the policy beneficiary would be required to pay inheritance tax on the payout.
If the insurance is being used to cover bills, you may want to increase your coverage to compensate for any taxes that must be paid upon collection of the benefit.
Final Cover and Premium Considerations
As briefly mentioned above, the amount of cover will remain the same throughout the policy’s term.
If you have a policy today valued at £500,000 but do not pass for 30 years, this amount will hardly cover the same expenses then as it will now.
This is something that must be considered when securing a policy.
Click To Compare QuotesIt would be best to look at the expenses due from this day forward and the expected expenses in the future.
For example, your spouse may not have a mortgage payment to deal with in 30 years, but he or she may have some extended medical care or home care not covered by insurance.
If you have children, there could be educational costs in 20 years that are not there today.
Claybrooke will work tirelessly to ensure that you receive the best policies to fit into your budget and needs. You can use the comparison tool on our website and then give us a call to finalize your purchase.
We look forward to hearing from you and, more importantly, to helping you secure your over 45 life insurance coverage.
Further Questions People Have Asked Us
Does Claybrooke Term Cover offer Life Insurance?
Yes, Claybrooke Term Cover does life insurance at £10.3 per month for £234000 of cover.
Does Claybrooke Term Cover do Life Cover?
Yes, Claybrooke Term Cover life cover is £11.76 per month for £260000 of cover.
Do Claybrooke Term Cover do Life insurance over 45?
Yes, Claybrooke Term Cover Life insurance over 45 is £8.47 per month for £278000 of cover.
Does Claybrooke Offer Income protection insurance?
Yes, Claybrooke Term Cover Income protection insurance is £6.17 per month.
Does Claybrooke Term Cover do mortgage life insurance?
Yes, Claybrooke Term Cover mortgage life insurance is £10.08 per month for £246000 of cover.
What are Claybrooke Term Cover rates for critical illness cover?
Claybrooke Term Cover rates for critical illness cover is £10.1 per month for £251000 of cover.
Does Claybrooke Term Cover have excellent reviews for life insurance?
Yes, Claybrooke Term Cover reviews are tiptop for life insurance.
Does the Claybrooke Term Cover life insurance calculator show the monthly costs?
Yes, the Claybrooke Term Cover life insurance calculator shows excellent monthly premiums.
Does a Claybrooke Term Cover life insurance advisor charge a big fee?
No, Claybrooke Term Cover life insurance advisors are free.
Does Claybrooke Term Cover do whole of life insurance?
Claybrooke Term Cover Whole Life Insurance is £7.69 per month for £299000 of cover.
Does Claybrooke Term Cover do Joint life insurance?
Yes, Claybrooke Term Cover Joint life insurance is £8 per month for £238000 of cover.
Does Claybrooke Term Cover do Terminal illness cover?
Yes, Claybrooke Term Cover Terminal illness cover is £10.57 per month for £262000 of cover.
Does Claybrooke Term Cover do Term life insurance?
Yes, Claybrooke Term Cover Term life insurance is £9.65 per month for £206000 of cover.
Does Claybrooke Term Cover offer Decreasing term life insurance?
Yes, Claybrooke Term Cover does decreasing term life insurance at £9.41 per month for £253000 of cover.
Does Claybrooke Term Cover offer Increasing term life insurance?
Yes, Claybrooke Term Cover does increasing term life insurance at £6.16 per month for £245000 of cover.
Do Claybrooke Term Cover offer Level term life insurance?
Yes, Claybrooke Term Cover does level term life insurance at £8.86 per month for £225000 of cover.
Does Claybrooke Term Cover offer Family income benefit life insurance?
Yes, Claybrooke Term Cover does family income benefit life insurance at £10.28 per month for £279000 of cover.