Compare life insurance providers
Compare life insurance providers
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Your life insurance needs change as you enter different life stages, making it important to review your policy each year. This will ensure that you don’t have too much or too little coverage in place.
While everyone’s needs may be different, some typical expenses that life insurance can cover for people 65 and over include the following:
Perhaps you’re worried about certain debts or you want to get some investments in order? If so, term life insurance might be suited to you and your needs. Term life insurance is ideal if you only want protection for the next 10 to 15 years or so.
Here are the key features of a term life deal:
Before you commit to buying a term life insurance policy, you should consider whether you would be financially stable if you outlived your policy. For example, if your partner will be left with considerable debt even after your policy ends, maybe you should opt for a whole life insurance deal instead.
Whole life insurance policies will cover you for more than just a term. As the name suggests, they’re for life. So if you continue paying your premiums until you die, you know the insurer will pay out to your beneficiaries.
Once you’re in your middle-to-late years, these whole life deals are branded as “over-50s policies.” They can be useful to pay for funeral costs, to cover your debts like mortgages or to leave behind a gift to your loved ones.
Here are some key features of an over-50s deal:
Critical illness cover is a type of policy that pays out a tax-free lump-sum if you are diagnosed with a serious illness or condition. Often, you have to buy critical illness cover as an add-on to life insurance, although there are some standalone deals out there.
Unfortunately, it’s a fact of life that the older we get, the more likely we are to fall sick. So critical illness cover could offer you a much needed financial buffer.
Which conditions are covered will depend on the provider, with some insurers protecting customers for more than 60 medical issues. Generally, a policy will cover heart attack, stroke, coma, out-of-hospital cardiac arrest and loss of independence.
So you should now have a fairly clear idea about the types of policy on offer and their key features and benefits. Here are a few other tips to use when comparing quotes for life insurance policies.
These are a few useful tips to use when comparing life insurance policies. However, you’ll need to do some digging once you’ve whittled your decision down to a few deals you like. Look at the small print in their policy documents and see what exclusions the insurer has before applying for good.
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