Over 50’s life insurance will provide peace of mind and financial protection in the form of a lump sum payment or benefit on your death. 

There are many reasons for purchasing a new life insurance policy later in life. You may find that your personal or financial circumstances have changed over time or that you are concerned about leaving something behind for your family or loved ones. 

As you age, it can be difficult to find life insurance cover but it is possible and it is important to find life insurance that best suits your individual circumstances.

Life Insurance for Over 50’s

Over 50’s life insurance

Specific over 50’s life insurance is a type of insurance specifically for over 50’s who have pre- existing medical conditions that would struggle to find standard life insurance cover.

Specific over 50’s life insurance may also be whole of life insurance which will offer you financial protection whenever you die, rather than up to a certain age or for a certain term.

This can offer peace of mind that you will not leave funeral expenses, or unpaid debts behind for your family or loved ones.

Guaranteed acceptance

Specific over 50’s life insurance has a simplified underwriting process and is typically available without you providing medical information. This is known as guaranteed acceptance. 

Guaranteed acceptance allows you to find life insurance cover, even if you have a pre-existing medical condition or you currently have or have had health issues in the past. This may make life insurance accessible to those who may struggle to find standard life insurance cover.

Funeral insurance

Funeral insurance is available which is essentially a form of over 50’s life insurance. 

Funeral insurance offers financial protection in the form of a lump sum when you die in order to pay for your funeral and to provide for immediate financial necessities for your family or loved ones. 

This ensures that you will not leave anyone who is involved in planning your funeral or any other  immediate financial demands after your death out of pocket.

Funeral insurance
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Drawbacks to Over 50’s life insurance

Although being able to access life insurance when you are over 50 without providing medical evidence may be the best option for some there are disadvantages to specific over 50’s life insurance policies.

Some of these are as follows:

Typically, premiums for specific over 50’s insurance are higher than for standard whole of life insurance and even more so than for standard term life insurance. However, standard life insurance will require you to provide medical information.

Standard whole of life insurance is life insurance which is guaranteed to pay out when you die, whereas standard term life insurance will pay a benefit if you die during the time period or term of cover in the policy.

Premiums may be fixed and payable until you die, or may cease at a certain age, depending on the over 50’s life insurance policy you choose. 

Fixed premiums can make it easier to budget but can also become financially onerous over time.

It is also possible that you will pay more in premiums than your family will receive in benefit.

Over 50’s life insurance generally offers lower coverage amounts than standard whole of life or term life insurance policies.

This may suit you if you have few remaining financial commitments such as mortgage payments or debts. 

However, it may not suit anyone who leaves behind a younger family or has outstanding financial obligations which their family or loved ones would struggle to pay for.

There is limited availability of specific over 50’s life insurance on the Irish market, so you may find it difficult to get specific over 50’s life insurance that meets your needs.

Two providers An Post, and the Credit Unions, offer guaranteed acceptance funeral insurance.

Specific over 50’s life insurance may not offer protection against the effects of inflation.

This may mean that the benefit provided by this type of insurance is worth considerably less in real terms when it is paid out with the rapidly increasing costs of living.

Options for purchasing standard life insurance over 50

Standard term life insurance and whole of life insurance may be available to over 50’s, although you may pay slightly more each month for cover.

You may also find that you will be offered a shorter term for standard term life insurance. So if you were to purchase a new life insurance policy in your 20’s you may be able to avail of a term of 40 years, whereas if you purchase a new life insurance policy in your 50’s or 60’s you may be offered a 15 or 20 year term depending on your age on taking out the policy.

Royal London, for example, offers new policies to customers aged up to 85, with term life insurance cover available up to the age of 91.

Whole of life cover may be subject to age limits at the point of purchase but will offer protection until you die, as long as you continue to pay premiums.

Life insurance and pre-existing conditions

Another factor affecting the price and availability of life insurance which may impact over 50’s is the increased likelihood of having a pre-existing health condition.

Insurers use the underwriting process to determine what life insurance cover they will offer new customers and how much they will charge for this cover.

The underwriting process considers the risk you present to the insurer in terms of your mortality. This is based on age and also any pre-existing, historic, or currently presenting health conditions or concerns, as well as your family history.

Depending on your health, insurers may ask you to complete a health questionnaire, provide them with a nurse or GP medical, or ask you to attend an insurer medical.

Underwriting decisions

Based on the results of any medical questions, or medical, the potential insurer may offer you cover at a standard price, at a higher price (a loading), or with exclusions that limit the circumstances under which they would pay the benefit if you die.

Life insurers may postpone a decision on your cover, if you are awaiting test results for example.

Insurers may also decline you for cover on the basis of the underwriting process. If this is the case, this may not mean that it is impossible for you to obtain life insurance.

Insurers vary in their treatment of various health conditions and ailments, as well as other factors such as smoking and lifestyle so it is best to seek advice and shop around for life insurance.

Other factors that affect life insurance for over 50’s

There are other factors that may affect the availability and monthly premium you will pay for over 50’s life insurance.

These include:

Your lifestyle may affect the price you pay for life insurance over 50. If you smoke or vape, you will pay more and insurers may limit your life insurance cover.

Alcohol or substance use, abuse, or addiction and recovery from addiction may affect your life insurance.

If your hobbies are considered high risk, such as aviation or equestrian pursuits, this may affect the life insurance cover that you are offered.

Generally, moderate engagement in field sports or other activities that are non competitive should not affect the terms of your life insurance.

The job you do and its perceived risk may affect the price you pay and the terms of your life insurance over 50. Some jobs such as paramedic, soldier, or professional sportsperson may exclude you from life insurance cover.

As with other factors, different occupations may be treated differently by various life insurance companies so shop around.

Benefits of life insurance for over 50’s

Having life insurance in place when you are over 50 can give you peace of mind that your family and loved ones will be protected financially should you die.

With both standard and specific over 50’s life insurance you may be able to purchase a joint life policy which will pay a benefit if either you or your spouse should die, or a dual life insurance policy will pay a benefit twice should both you and your spouse die.

If you choose, or can obtain, standard life insurance you may choose additional options such as inflation protection, or a conversion option which may allow you to make changes to the policy without providing new medical evidence.

Critical illness cover may be purchased alongside a standard life insurance policy and will provide financial protection if you are diagnosed with a specific illness.

Life insurance for over 50’s may be expensive but, especially if your financial obligations are less than when you or your family were younger and a lower coverage amount would be sufficient, it can be obtained and can also be affordable.

Have you got your life insurance quotes yet?

If you would like to receive life insurance quotes from every provider in Ireland, follow our 3 step process below.

  • Take our online assessment
  • Our team will review your information
  • Have a free consultation to discuss your life insurance options

All consulationats are 100% cost and commitment free.

How much is over 50’s life insurance?

Here are some examples of life insurance for over 50’s.

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Example 1

An Post Funeral Insurance

  • Whole of life cover – will cover you for the rest of your life once you pay the premium.
  • Available with no medical information.
  • Lump sum benefit with fixed premium.

Cover for 55 year old, bank staff, smoking or health not relevant.

€12,430 cover, €50 per month

Example 2

Royal London term life insurance

  • 35 year term.
  • May require additional medical information and/ or medical.
  • Lump sum benefit with conversion option (meaning that policy can be altered without new medical evidence).

Cover for 55 year old, occupation not requested, non smoker.

€12,430, €19.29 per month

Example 3

Laya term life insurance

  • 25 year term.
  • No medical information required, smoking status requested.
  • Lump sum benefit with fixed premium, no conversion option.

Cover for 55 year old, occupation not requested, non smoker.

€15,000 cover, €10.53 per month.

Contact us today

If you are interested in exploring your options for over 50’s life insurance, or you wish to discuss getting life insurance over 50 with pre-existing health conditions, contact us today.

The security of life insurance may still be available in your 50’s, 60’s, and even 70’s.

Fill out our online assessment and our qualified financial advisers will discuss your circumstances and needs with you to find affordable life insurance options for you.

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