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 committing oneself.

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 paid in.

Over Fifties Car Insurance:

Best bought from a specialist over 50s car insurance sitesite, like 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 better deal.

With all things insurance, time spent checking through the online comparison sites will often pay big dividends in reduced premiums.