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How much you pay in life insurance premiums is invariably influenced by a number of factors. Your health, your lifestyle and your age are a few of the main ones.
Life insurance doesn’t have to cost you a fortune if you’re in your 50s though, and there are ways you can bring those pesky costs right down.
There is no such thing as a universal cheapest type of policy when it comes to getting life insurance in your 50s. It really depends on your situation. Below we go over the two main options though.
Depending on your lifestyle, your age and your health, a term life insurance policy might be the cheapest deal on offer.
With this type of deal, you pay monthly or annual premiums for a set length of time and, if you die during the insurance period, the insurer will provide a payout to your beneficiaries.
However, if you have any pre-existing medical conditions or the insurer simply sees you as too high-risk, it may hit you with higher premiums or even refuse you cover.
Should this happen you can turn to an over-50s life insurance policy. You often don’t even need to answer any questions about your health and premiums generally aren’t extortionate.
A word of warning though. If you live for a decade or so you’ll probably pay more in than the policy will pay out. Likewise, inflation can erode the value of an over-50s insurance payout over time.
By the end, the payout might not even be sufficient to pay for your funeral, let alone leave money behind for your beneficiaries to use.
You might opt for the cheapest life insurance simply because you’re working on a tight budget. If you’re paying off your mortgage, credit card debts and have mouths to feed, you might not have money to blow on an expensive life insurance policy.
Another reason is that you want to get a term life insurance deal while you’re still in your 50s. Once you’re in your 60s it can be harder to get accepted onto a policy like this. Buying one now might also be a good idea if you just want financial protection until your mortgage is paid off and your children have fully grown and moved out.
For more on what type of term life insurance you should go for, see our guide.
When you apply for life insurance the provider will ask you a range of questions, trying to work out what level of risk you pose. They’ll be particularly interested in the following:
There are many ways to lower your insurance premiums including:
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