Even though interest rates are currently very low, you might decide that you’ll be better off paying money into a savings account each month rather than paying monthly premiums for over 50s life insurance. That way you know that your loved ones will get back all the money you’ve paid in, plus extra interest, however long you live for.
It’s also worth noting that there are several other different types of life insurance available, so it’s a good idea to explore all the various options and how much they are likely to cost you before deciding which kind to go for.
For example, you might want to consider term life insurance, which, in return for you paying monthly premiums, provides you with life cover for a set period of time, or ‘term’. Monthly premiums will be higher the older you are.
Alternatively, you could consider whole of life cover, which is designed to protect you for your whole life, so you’re guaranteed to receive a payout. As a result, this type of policy is much more expensive than term life insurance. Both these types of cover require you to provide details of your medical history and lifestyle.
You can find out more about the different kinds of life assurance that are available in our article Different types of life insurance explained, and why having cover is important in our guide to Why life insurance matters.
When buying any type of insurance, it’s always a good idea to shop around first, so you can be certain you’ve found the best possible deal to suit your needs. If you have any pre-existing medical conditions it can be helpful to use a fee free specialist life insurance broker to help you navigate the various acceptance criteria and find the right insurance cover for you.
There are a number of fee free brokers available in the market, but if you’re looking for somewhere to start, we’ve partnered with Anorak to offer fee free advice to our members. All you need to do is answer a few simple questions about your life and finances to get personalised fee-free advice and quotes from the whole market instantly.