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Once most Brits get to their 60s they start thinking about retirement, and with this it might be worth looking at taking out life insurance too. Whether you have outstanding debts, you want to prepare for future medical expenses or funeral costs, life insurance can ensure your loved ones will be taken care of when you die.
You may have paid off the mortgage and your children have moved on from the family home, so you might feel less concerned about the financial security of your loved ones should you die.
However life insurance could still have a number of benefits, and you can make sure your spouse and even grandchildren will be looked after. Plus you will save those dearest to you having to pay thousands of pounds for funeral expenses.
There are plenty of reasons why you should consider buying life insurance:
You can still benefit from life insurance once you’ve retired. While you might have paid off the mortgage and your children might have left home, life insurance can still help those financially dependant on you, or aid them with funeral costs.
Generally, you can choose between two types of life insurance: either you can opt for a “whole life” policy or a “fixed term” one. Below we go through the two options.
Most over-60 life insurance policies will be “whole life” insurance deals. This will give your loved ones a lump-sum when you die, although payouts are unfortunately smaller with whole life insurance.
Most people take them out to cover funeral costs, to pay off debts like mortgages, or for leaving money behind for children or grandchildren. Here are other key features:
The other type of life insurance you can generally get is fixed term, which will cover you for a certain number of years – typically for terms ranging from between 10 to 30 years.
The downside of going down this route? You’ll face greater medical scrutiny, although you might get cheaper premiums. Here are the different types of fixed term deal you can get:
As an optional extra, you can often take out critical illness insurance too, which will protect you and your family should you get seriously ill. It can help cover rent, mortgage payments, living expenses or even childcare costs.
You can still get life insurance if you have a pre-existing medical condition, with many over-60 policies insuring you without requiring a medical exam. Obviously, this means high premiums, however it means your loved ones will be financially taken care of.
As there are many different aspects to life insurance policies, there are a number of things related to your life and health that largely determine the premiums, such as:
If you’re over 60 and have had a pre-existing medical condition, the good news is that there are plenty of over-50s and over-60s life insurance deals which will cover you – no medical exam required. However, it’s vital you look over the policy with a fine-tooth comb and look at any limitations or exclusions the policy might have.
If you’re looking at cutting costs on your premium it might be worth looking at fixed term life insurance. Get some quotes and see if they will offer the cover you need. Ultimately it doesn’t hurt to do some shopping around.
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