Life Insurance

Everything You Need To Know About Over 50s Life Insurance

Are you eligible? How is it different from the whole of life insurance? In this blog, we explain it all!

  • By Paddy Compare
  • 17 June 2023

Life insurance is a financial tool that gives you and your family a sense of security by reassuring you that your loved ones will be financially protected if the worst were to happen.

There are many types of life insurance available so it's important to stay informed about each type. Depending on your needs, you should pick a specific type of insurance policy that is more suited to your situation.

Other types of life insurance policies:

  1. Death in Service cover
  2. Joint Life Insurance
  3. Terminal Illness Cover
  4. Over 50s Life Insurance
  5. Critical Illness Cover
In this article

What is over-50s life insurance?

Over 50s life insurance is a type of life insurance policy specifically designed for individuals who are 50 years of age or older. It is a form of whole-of-life insurance but caters to the needs of those with pre-existing medical conditions.

Over 50s life insurance vs Whole of life insurance

Over 50s life insurance and whole life insurance are two different types of life insurance policies, each with its features and considerations. Here's a comparison between the two:

Over 50s Life Insurance Whole Life Insurance
Specifically designed for individuals who are 50 years of age or older. Available to individuals of all ages.
Does not require a medical examination or details on health. Requires a medical examination or health assessment to assess the insurability.
Offers lower coverage amounts and is designed to provide a modest payout to cover funeral expenses and immediate financial needs. Provide higher coverage amounts, offering more comprehensive financial protection to beneficiaries.
Fixed premium payments are paid until the insured person's death or a certain age, such as 85. Fixed premium payments are made for longer periods such as until the insured person reaches 100 years old or even for their entire life.
Typically do not have a cash value component or investment feature. Include a cash value component, which accumulates over time and can be accessed by the policyholder during their lifetime for taking out loans or making withdrawals.
Have simplified underwriting processes, making them more accessible for individuals with pre-existing health conditions or who may be considered higher risk. May involve more extensive underwriting, including medical examinations and detailed health questionnaires.

What is the purpose of over-50s life insurance?

The main purpose of over 50s life insurance is to provide financial protection to the policyholder's loved ones in the event of their death. This claim can be used to cover:

  • Funeral expenses
  • Outstanding debts
  • Financial obligations of the deceased

Why do people opt for over 50s life insurance?

People tend to opt for this type of insurance policy since it is easier to obtain than traditional life insurance policies. This is because they often do not require a medical examination or ask detailed health questions, making it accessible to people with health conditions.

Who is eligible for over 50s life insurance?

You are eligible for this type of life insurance if you are:

  • 50 years of age or older.
  • Below the maximum age limit, typically 85 or 90.
  • A resident of the country where the policy is offered.
  • Not terminally ill.
  • Able to meet the premium payment requirements.

As you learn about Over 50's life Insurance, it's worth checking the 2 primary Life Insurance policies, namely:

Advantages and disadvantages of over 50s life insurance

When choosing between over 50s life insurance and whole life insurance, it's important to consider your age, coverage needs, and health conditions. This is because are several advantages and disadvantages of this type of life insurance. These include:

Advantages of Over 50s Life Insurance Disadvantages of Over 50s Life Insurance
Comes with guaranteed acceptance, meaning applicants cannot be turned down based on their health or medical history. Provides lower coverage amounts compared to traditional life insurance policies. This means the payout may not be sufficient to cover all financial obligations.
Does not require a medical examination or detailed health questionnaire making it accessible to those with underlying health conditions. Has a limited payout period, such as paying out only until the policyholder reaches a certain age. If the policyholder lives beyond the payout period, there may not be a payout.
Comes with fixed premiums, which makes budgeting and financial planning more manageable. The premiums may be higher compared to traditional life insurance policies since there is a higher risk of insuring individuals without medical examinations.
Designed to provide a lump sum payment to cover funeral expenses, relieving the financial burden on the policyholder's loved ones during a difficult time. Over time, inflation can erode the value of the policy's payout. The coverage amount may not meet future financial needs due to the rising costs of living.

In addition to this, gain insight into what factors affect your life insurance policy and how they define what a life insurance policy covers in general.

Also, don't miss out on essential tips for getting cheap life insurance in Ireland.

Planning on buying life insurance?

Buying life insurance can be confusing. What is the best option for your specific situation? Are you too old to buy Over 50s life insurance? Should you opt for Over 50s or Whole of Life?

Use Paddy Compare's services to get a clearer idea of what to opt for. We will do the hard work for you and put you in contact with the best life insurance brokers who are suitable for your needs.


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