When someone turns 40 there is typically a lot of fanfare. The next big birthday is 50 but every birthday in between should be a time to reflect on the life lived and look forward to the future. For many people over age 45, this means thinking about loved ones.
Considering Your Children…
How will your spouse or children carry on if you die? Beneficiaries will find the future much easier to handle if they are financially secure. One way to ensure this is to purchase a life insurance policy. Special cover is available for people over 45, making it simple and affordable to provide this protection.
The cost of life insurance increases with age but many people in their 40s do not think about this. By the time they focus on end-of-life arrangements, cover may be too expensive for them. With no way to provide financial security for their beneficiaries, they put themselves and their loved ones in a bad position. Upon their death, these individuals leave behind bills and debt that surviving beneficiaries must repay with their own savings.
Reduce Stress by Purchasing an Over 45 Life Policy
Life insurance is one item that should be purchased today rather than tomorrow. Though the lump sum payout it provides may not be needed for many years there is peace of mind in knowing that this money will be available. Policy premiums become more expensive as the applicant ages so buying cover now will save money. Since the added expense is less than it would be were the purchase delayed, it is easier to fit into the household budget.
A policy with a sufficient limit will provide a payout that covers final expenses, debt balances, and mortgage payments. Beneficiaries will have enough money left over to support themselves while they look for ways to restore the income that the deceased once provided. Breathing room provided by a life insurance payout drastically reduces the amount of stress placed on survivors. Knowing that this cover is in place provides comfort because you know that loved ones will be cared for financially.
What Makes Over 45 Policies Different?
Unlike conventional plans that require a medical examination and tend to carry high rates, special policies for people over age 45 offer guaranteed acceptance and low rates. Health status may be a concern when purchasing life insurance over 45. With this special type of cover, a medical examination is not required and approval is guaranteed provided that the applicant meets the age and residency requirements. This means that even people with compromised health will be approved.
Special life insurance over 45 cover also features reasonable premiums. Since risk is not assessed individually, it is spread over the applicant group that includes all individuals who fall within the designated age range, which can extend to age 85.
Rates are calculated based on this single category, making it easier for people over 45 to afford the amount of cover they need. Based on the provider, they may also be able to stop premium payments at age 85 or 90 without losing cover. This provides the opportunity to save additional money for beneficiaries to use.
Some Caveats You Should Consider
Life policies designed for people over 45 have many attractive features but they also have drawbacks. The insurance provider may consider the first one or two years of cover a no-claims period. A lump sum benefit will not be paid if the insured dies during this time unless the death is caused by an accident. However, some insurance companies mitigate this by returning previously paid premiums to beneficiaries.
Though over 45 life policies are set up to run for a lifetime, premium payments must continue or cover will end. If the insured stops making payments before the permitted age and then dies, surviving loved ones will not receive financial benefits. Cover will instead be cancelled and premiums paid will not be refunded. Therefore, it is extremely important to maintain payments.
Life expectancy increases with each generation so even people over 45 may end up paying life insurance premiums for several decades. They could reach the point where total payments surpass the cash benefit provided by the insurance policy. This is why consumers should always compare cover and prices to find the best deal on this type of insurance. They should also consider whether inheritance tax will be applied to their estate, reducing the financial benefit of a life insurance payout.
Simplifying the Search for Life Insurance Over 45
It could take weeks or even months to research every company providing life insurance to UK residents older than 45. In addition to being time-consuming, this approach requires a high level of organisation because the individual must visit multiple websites and may need to make phone calls. Genesage eliminates these steps by providing quotes from multiple insurance companies through a single website.
Our network of providers spans the industry and includes the top companies in the business. The premiums they charge are based on cover limit and the age and smoking status of the applicant. When deciding how much cover to purchase, consumers should realise that the real value of the payout will decrease over time due to inflation.
Though a high level of cover will cost more, rates for over 45 life cover are usually more reasonable than the cost of conventional life insurance policies. This allows people over 45 to provide enough cover for minor children without damaging their own budgets.
When completing an electronic quote request form on the Genesage website, consumers should consider how much cover will be necessary to handle funeral and other final expenses, outstanding bills and debts, and at least some of the mortgage payments.
If they have children, they should also think about future university tuition and child care expenses incurred by a surviving spouse. After selecting the desired level of cover and submitting the request form, they will receive quotes that make it easy to find the best deal for this guaranteed acceptance life insurance.