Turning 55 is a landmark birthday. Everyone teases you that your age is approaching the speed limit, and your birthday cake will likely have a tombstone to give everyone a few giggles.
You are not getting any younger; if you do not have life insurance yet, time is running out on reasonable rates.
Isn’t it time you started shopping around for the best over 55 life insurance policies for your needs and budget?
Instead of looking at standard life insurance policies, age-specific policies can be more budget-friendly.
Instead of evaluating everyone on a case-by-case basis, insurance providers develop their policies using the mean of the age bracket.
No Medical Underwriting Required For Life Insurance Over 55
One significant benefit of an over-55 life insurance policy is that you do not need a medical exam.
With acceptance guaranteed, even those with health problems can secure a policy.
In addition, most providers will continue offering guaranteed coverage through age 75 and sometimes longer.
While acceptance is guaranteed, some factors are taken into consideration that will affect the premiums.
These include the amount of coverage needed, whether you are a smoker or a non-smoker, and your current health.
One condition to be aware of is that virtually all of these policies will have a “no pay” term.
This is the period of time between the first premium payment and eligibility for a benefit payout.
This period can range up to 24 months, so check the fine print before signing a contract.
Click To Compare QuotesHowever, if the insured were to pass before this period is exhausted, most companies will return the premiums paid to that point in lieu of a benefits payout.
Are There Drawbacks At All?
As everything in life has its positives, there are also some negatives. As stated above, there is generally a blackout period during the early stages of the contract.
However, most of these policies will pay out benefits if the death was accidental and not caused by health issues or a suicide.
Policies such as this may have higher premiums and added restrictions. Unfortunately, this is common for insurance policies where no medical exam is required.
Because these policies are more expensive, you will want to shop around for the best price to ensure that you do not end up paying more in premiums over the policy’s life than the policy is actually worth.
When premiums cease to be paid, the covered loses all benefits and forfeits all premiums paid to that point.
A policy like this has no payout value other than if the covered is deceased.
If you want a policy with a payout in circumstances such as this, you would need to look at whole-life policies.
Benefits of Over 55 Life Insurance
The fact that you do not have to take a medical exam is a significant perk for many people, especially those with some type of health condition.
Individuals like this find that they often save considerable money on traditional life insurance policies (whereas a completely healthy person may risk paying higher premiums).
Click To Compare QuotesPeace of mind can never be overrated. Having a policy in place for your children or spouse can make life after your death much easier on them, especially if your salary is the only salary in the household.
To find out just how much coverage you should secure, continue below to our Decision-Making section.
Making The Right Decision
The first decision to make is whether you want whole of life or a term life insurance policy. A whole-life policy has no expiration date, but premiums are significantly higher.
However, this type of policy is also often considered an investment, as the policyholder can cash out the policy without having passed away.
A term policy is only suitable for a stated amount of years and will have no cash value for the holder once that period expires.
The next decision is exactly how much cover you will need. There are many considerations in figuring out the proper amount of money.
Some of them are:
• Mortgage
• Secondary Medical Care
• Continued Educational Costs
• Burial Costs
• Household Bills
• Childcare
• Inflation
While some of these costs may fall off over the years, there are likely other costs to consider.
For instance, right now, you may have an automobile loan as well as a mortgage.
Both may be paid off in ten years, but your spouse may require home nursing care or some other type of medical care.
You should literally sit down with a pen and paper to consider not only your current costs but also future costs and account for inflation over the years before deciding on a final cover value.
Comparing The Policies…
In order to get the best policy, you will need to compare prices from multiple providers.
We provide a comparison tool on the website to help you narrow your choices. You can also contact us online or via telephone to get help comparing prices.
In addition to price comparison, you should consider the terms of the policies before making a decision.
For instance, a policy may cost £15 less per month but have an extended blackout period.
If you need more assistance, we have a team of insurance experts on call to assist you.
Please note that we are not financial advisors; we merely present the various options that fit within your specifications so that you can make a more educated decision.
You are free to take this information and present it to your financial or investment advisor before making a final decision on your policy.
Claybrooke realises this is a significant decision, and we want you to take your time until you are entirely comfortable with your policy.
This decision will offer both you and your family peace of mind for many years to come, so we want you to make it carefully.
Please contact us via phone or our online contact form if you have any questions or concerns regarding over 55 life insurance cover.