Over 50 life insurance

breadstead

breadstead

breadstead

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Joined
13 May 2013
Posts
17
Hi. I'll be 50 in January and am considering setting up some life insurance.

It seems like the right time to do it, as the ads on TV say there's no medical.

I'm a light smoker & moderate drinker but can't be bothered going through it all.

So can anyone make any suggestions on which firms are trustworthy & reliable?

I was thinking of maybe taking out a couple of policies... one offering cover should anything to me short term, and a second perhaps covering me if I (hopefully) live a longer life.

We've no mortgage to pay off and I'll be having a direct creation funeral which is the cheapest option, so I'd just like my long-term girlfriend to have some cash if she had to take some time off work after my departure.

Thanks.
 
Get some online quotes and select a recognised institution
Don't go to a Bank
The sooner you get it, the cheaper the premiums
Be prepared to have a medical, or at a minimum, let the insurance co have access to your medical records
Most people are done with life insurance in their '50's, largely because they are running down decades old policies they took out when they had kids and not replacing with with newer policies because of the eyewatering cost
Think about the risk you are trying to cover - what you are saying seems a bit muddled...short term cover for you should you die (or do you mean illness cover)?, longer term cover should you die, illness cover for your girlfriend
Separate illness cover for your girlfriend may be more appropriate than life cover
 
Make a will if not done so already. It will make your intentions clear both in term of funeral and support for girlfriend, plus anything else you've not put in your post.
 
peterwalkley said:
Make a will if not done so already. It will make your intentions clear both in term of funeral and support for girlfriend, plus anything else you've not put in your post.
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And update the will as/when circumstances change as I believe it is extremely hard to successfully challenge a properly written will so you want it up to date (IIRC my local solicitor only charged about £150 for mine, and charges less for minor updated versions).
 
First things first - Why life cover?

If you have no mortgage and no debts, why bother with it?

Do you have dependent children? Again if not - why life cover?

Life cover is generally taken out for the help/financial cover of others family members or to clear mortgages.

Assuming your girlfriend would survive financially on her own with your wage? If so, again why life cover?

Premiums over 50 are likely to be expensive and with no obvious need for cover (unless there is other needs not disclosed) - pay the money into an ISA or something and leave a lump sum via your will.
 
booyaka said:
First things first - Why life cover?

If you have no mortgage and no debts, why bother with it?

Do you have dependent children? Again if not - why life cover?

Life cover is generally taken out for the help/financial cover of others family members or to clear mortgages.

Assuming your girlfriend would survive financially on her own with your wage? If so, again why life cover?

Premiums over 50 are likely to be expensive and with no obvious need for cover (unless there is other needs not disclosed) - pay the money into an ISA or something and leave a lump sum via your will.
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Yes, I think you may be right. I'll start putting some into another account and make a will.

Thanks.
 
I can't get life insurance because I've had depression! So I can't leave my kids anything. I have funeral cover but that's it.
 
burtie said:
I can't get life insurance because I've had depression! So I can't leave my kids anything. I have funeral cover but that's it.
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You certainly can get life assurance despite having depression - You might need a specialist company or pay a bit more than standard.

Lots of companies will consider any sort of illness/medical conditions - they may "load" the premium more than normal but plenty of places will quote for you. You'll then need to provide evidence of the illness/medication etc.

I've got cover for plenty of individuals with all sorts of medical issues in the past.
 
+1 for a will. The house is mortgage-free, so it can go fully in the girlfriend's name. Presumably the GF is of a similar age so will have 15+ years left to work. Has she got a pension plan?
 
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