For most people life insurance is something they think about when they're in middle age
, knowing that it makes sense to provide cash for their family should they die. However very few review their situation as they get older; either to see if the sum assured will provide enough funds when the day comes or even to check if the policy term has in actual fact ended after a couple of decades.
Many of us may assume that when we get over the age of 50 that it's too late to take out extra life insurance, add a new policy if the previous one is now no longer in operation or, for even more of us, whether we can take out a life policy for the very first time.
The reality is that with many of us living longer and the need for some financial planning greater than ever, in view of the economic climate, no-one can afford to ignore the need for some life insurance cover to make sure that our families aren't left with a financial burden when we've gone.
However for once there is good news for those of us aged over 50! There are now over 50s life insurance policies on the market aimed exclusively at those of us aged between 50 and 75 with the very real benefit that there is no medical and there are no complicated health questionnaires to complete.
These specialist policies let you select a final cash lump sum that you would like your family to receive on your death, with a gurantee that your agreed monthly premiums will never rise and the lump sum will never be reduced.
You can start an over 50 life plan from as little as 10 a month and at least that will give you peace of mind that you will be providing funds to help pay for a decent funeral or to go towards paying off any unsettled family debts when the time comes.
It seems a small price to pay to provide your family with some financial reassurance and with no medical required, there's no need to worry about your general state of health as you're getting older. At last there's a benefit as we reach old age!