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Over 50 life insurance - How to avoid the pitfalls

Date Added: December 17, 2012 11:59:14 PM
Category: Finance

As we all get older and start to recognise our own mortality, the question of whether we have sufficient life insurance cover to protect our families becomes increasingly pressing.

Turning fifty is a key milestone in many people's lives and is a very popular time to start considering your life cover and the value that it brings.

However, because more and more individuals are now looking to take up life insurance policies when they are over fifty, the market for such products has exploded and it is essential that you can see your way through the minefield that such a development has created to obtain the best life cover policy that you can.

Consider What You Are Buying

Though there are many companies that now offer specific life cover for individuals of a more discerning age, the creation of such products has come as a direct result of a changing in demand from the over fifties rather than from an innovation in the insurance market.

There is no real difference in the way that you would insure a standard individual who is over fifty and someone below that age, which is why so many suppliers have just repackaged existing products and given them a new name rather than create an entirely new product.

With this new name usually comes a new price tag. It can be far higher than a standard policy but, for most people, the actual product they are buying is exactly the same as the standard life cover package that they could obtain far cheaper from a traditional policy.

By offering guaranteed life cover for over 50s without the need of a medical, these providers are usually offering an inferior product. Most life insurance applications will not require a medical report anyway, and those that do, you can be rest assured that the insurance provider has all the information they need and this will actually help you should a claim be made.

Compare Your Products

In actual fact three quarters of over fifty year olds would qualify for a standard life insurance policy if they applied.

As such insurance products generally offer a higher level of protection and a lower premium, not only will you feel better that you don't need 'old persons' life cover, but you could also save yourself money while getting better protection.

Shop Around

As with all financial products the more investigation you do, the more likely that you are to get the best possible deal.

Balance out the cost of life insurance premiums with the value of the lump sum offered to find the best financial package available. Consider any relevant terms and conditions to ensure that your product covers you adequately and you can find some fantastic offers which are available no matter what your age.

Independent online comparison sites such as are a great way to find the right policy for you. They provide some packages that are not available elsewhere and can also offer discounts and reductions that you won't find on the high street.

A comparison site will also save you a lot of time and effort as they display the most appropriate products for you in a clear and easy to read format and make the entire experience quicker and easier to manage.

But most importantly of all, when choosing life cover for the over 50's or insurance policies of any type, don't be taken in by the bells and whistles or promise of free toys by celebs such as Michael Parkinson, compare the bare facts and you could discover a much better policy at a much better price.

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