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Have I Passed the Life Insurance Qualification Age?

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 31st December 2023

Some things are more accessible to young people; traditionally, life insurance was one of them.

life assurance qualification photoPeople older than 50 found it difficult to qualify for life cover.

Life is a valuable asset no matter how old we are, so people in their 50s and beyond should be able to get life insurance without excessive requirements and at a reasonable cost.

More insurance companies are making this possible by offering specialized life cover for individuals older than 50.

How Age Affects Life Insurance Premiums

Age is one of the main factors affecting life insurance rates because the risk of death increases with age. In exchange for assuming higher risk, insurance providers charge higher premiums. Some providers will not offer older applicants traditional life cover because they believe the risk is too significant.

This makes it more difficult for older adults to provide their loved ones with financial security. Without the pay-out from a life insurance policy, beneficiaries may be forced to use their own savings to cover funeral and burial costs and repay debts.

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Why do people delay getting life insurance?

People often delay getting life insurance for a variety of reasons. One common excuse is the perception that it is too expensive.

Many believe that life insurance costs are beyond their budget, causing them to put off purchasing a policy. Additionally, some people think life insurance is overly complicated, and navigating the various options and policies can be overwhelming.

Finally, age is another factor that leads individuals to delay getting life insurance. Many young people feel they do not need coverage at their current stage in life and, therefore, postpone the decision to invest in a policy.

However, it is essential to note that delaying the decision to obtain life insurance may not be wise in the long run.

By examining how life insurance works more closely, people may realise that delaying coverage could be a “false economy.” It is crucial to thoroughly consider the potential risks and financial burdens loved ones may face during an unexpected tragedy or loss.

When should you get life insurance?

Life insurance is a financial product that protects loved ones in the event of the policyholder’s death.

It is natural to wonder when it is best to get life insurance. While there is no specific “best age” to obtain life insurance, certain factors can help you determine the right time.

Being over 18 is generally the minimum age requirement for purchasing life insurance. However, the timing of when you should get life insurance depends on your specific needs and circumstances.

One important consideration is that life insurance becomes more expensive as you age. This means that delaying the purchase of life insurance can result in higher premiums later.

Consequently, if you require coverage, it may be wise not to put it off and obtain it sooner rather than later.

One advantage of getting life insurance at a younger age is the possibility of securing lower premiums for the duration of your policy. This can make the cost of protection more within your means and provide financial security for your dependents.

Many people opt for life insurance, while others depend on their income.

For instance, buying a property with a partner, getting married, or starting a family are common life events that prompt individuals to consider life insurance.

Ultimately, the decision of when to get life insurance is a personal one. It’s important to evaluate your financial situation, obligations, and the financial security of your loved ones when making this choice.

Consulting with a reputable insurance provider or financial advisor can also provide valuable guidance tailored to your needs.

Life insurance is not a one-size-fits-all solution, so take the time to assess your situation and make an informed decision.

Life Policies for People Over 50

Life insurance policies designed for people over 50 allow mature adults to protect their loved ones financially. Over 50 life cover is typically whole life insurance, so as long as premiums are paid, a pay-out is guaranteed.

This allows people over 50 to provide an inheritance for their children or grandchildren or leave money to support a surviving spouse during the golden years. The money can be used to repay a mortgage balance, pay off a car loan, or to cover daily living expenses.

Insurance providers specialising in this cover usually accept applications from people up to age 75, but some extend this to age 80. Standard life insurance requirements include the ability to pass a medical examination.

However, life insurance policies for people over age 50 do not have this requirement. Applicants answer several questions, a few of which are medical-related, and providers accept most applicants.

The prospective policyholder selects the cover limit, and this determines the premium. Smoking status and age at the time of application are other factors that may affect premiums. However, rates are typically very reasonable and by using an insurance comparison site like Insurance Hero, consumers can compare premiums from different companies offering over-50s life cover.

This makes it easier to find the lowest price for the desired cover.

 A Budget-Based Approach to Over 50s Life Cover

Money is a concern for many adults, and those living on strict budgets may prefer to shop for life cover another way. After determining how much they would like to pay for life insurance each month, they can review the cover limits available at that price.

An Insurance Hero representative will scan the market to find cover available at the desired premium and provide personalized quotes from each provider within that price range. Consumers can then select the policy with the best terms and highest cover limit for what they can afford to spend on life insurance.