How to find Over 55 Life Insurance

Article published on 8th July 2009

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Finding life insurance for over 55s can, from a glance, appear to a long and drawn out process. But in actual fact the process of finding insurance once you are over 55 is no different from any other time in your life.

Over 55's are generally lead to believe that they are may not have access to normal life insurance and they need an over fifty plan but this is simply not the case. Life insurance is available for everybody until they are well over 80 and in most cases the only reason for accepting an expensive over 50 plan is on serious medical grounds.

Whats the difference between Over 55 Life Insurance and Over 50 Plans?

In basic terms the aim of both policies is the same, namely to pay your family a cash lump sum in the event of your death.

The differences between the two are shown below:

Over 55 Life Insurance Over 50 Plan
The payout to your family Depends the options you choose but you can opt for a level or decreasing policy. Directly linked to the premium you pay in and in most cases lower than you would receive from a level over 55 life insurance policy.
The period you need to wait before a claim can be made Claims can be made immediately from day one. You need to wait two years before a full claim can be made. If you die within the first two years you could receive anything between no payout and a refund of some of your premiums.
General Premiums Linked to age, sex and amount of cover required. Generally considerably lower than Over 50 plans. Linked to your sex and amount of cover required. Generally much higher premiums than a normal over 55 life insurance policy.
Required medical information Fully medically underwritten to provide peace of mind that the insurance company are fully aware of you medical history. This may involve an insurer writing to your doctor. A brief account of your medical background.
Available Options Options to index link, choose level or decreasing cover, add critical illness insurance, choose single or joint cover and a range of other options. No options other than choosing your amount of cover.
Critical Illness Cover For increased protection against Heart attacks, strokes, cancer and other illnesses, you can choose to add critical illness protection to your policy. Not available.

To summarise, over 55 life insurance policies generally provide considerably better value for money and should be the preferred choice for a vast majority of people. The only real reason to seek an over 50 plan is if you have suffered from very serious medical conditions which render a normal life insurance policy expensive. You can check if you conditions will affect your premiums by speaking to one of our advisors on 0808 17 82 777.

What do I need to do to get my over 55 cover?

Getting your over 55 life insurance cover couldn't be easier!

All you need to do is tell us a little about yourself and we'll search the whole of the insurance marketplace to find you the most competitive quotes. Quotes are gathered from industry leading companies such as Legal and General, AXA, Royal Liver and Bupa.

If you aren't quite sure which options are best for you or you'd simply like to clarify any questions you have, you can speak with one of our trained and friendly advisors who will be happy to help.

Click Here for an Instant Over 55 Life Insurance Quotes

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