You're over 50. What insurance do you need?
Of all the things we can term a necessary evil,
insurance has to be up there with the best of them. With
people living longer, over 50s insurance became the in
thing a few years back. Over 50, getting over 50s
insurance has to be cheaper right? – Hmm. Here are a few
we have to have, and what to look out for before
Over fifties Life Cover:
This one’s great, take it out between 50 and 85 years,
no medical necessary, lump-sum when you pass on – what
could be better? Well a lot actually.
None of us know if we’re going to be run over by a bus
tomorrow, so there’s always that element of risk.
However, if you’re 65 years old, reasonably healthy, and
from a long lived family, you’ll likely live another 10
to 15 years - or longer.
A five pounds a month policy will pay on average 750GBP
on death after the first two years. You will have paid
that 750GBP in 12.5 years, and you have to keep paying
until you die, or are 90 years old, to get the lump sum.
However, these plans can work in certain circumstances.
If you know you are in poor health, but reasonably sure
of surviving at least the initial two year period, your
dependants will receive a lump sum larger than you’ve
Over Fifties Car Insurance:
Best bought from a specialist over 50s car insurance
oversixties.co.uk, this one can be beneficial provided you do your
homework. With full no-claims, reach 50 and change to a
cheaper over 50’s policy. The emphasis is on cheaper,
compare different over 50’s providers to make sure you
receive at least the same cover as you were getting, and
it is actually cheaper.
Over Fifties Travel Insurance:
Are you fit and healthy in retirement, still rocking on
the dance floor? A greater number of over 65s still
enjoy at least one annual holiday abroad. Unfortunately
travel insurance tends to increase steeply over 65, but
it really is something we need to take out.
The older we get the greater the risk of something
striking us down, no matter how fit we feel. Even if
you’re booking a holiday six months in advance, book
your travel insurance at the same time. And not through
the travel company which will cost far more.
Booking early will provide cover should illness cause
you to cancel, that way you can claim the cost of your
lost holiday back. Even if you still enjoy two or three
holidays a year, single trip cover will often work out
cheaper. Again, hunt around for the best deals.
Over Fifties Home and Contents Insurance:
It’s surprising just how much valuable property we
accumulate in our home over time. If you are over 50 and
have never claimed against your house and contents
policy you should be able to find a cheaper premium.
Insurers have a history they can look at, and
statistically over 50s tend to make fewer claims. Again
shop around, and not just with the over 50s providers,
you’ll often find a mainstream company will offer a
With all things insurance, time spent checking through
the online comparison sites will often pay big dividends
in reduced premiums.