If you are over the age of 50 and don’t have life insurance yet, you might assume that an Over 50s policy is your only option. However, Over 50s life insurance is only suited to those who might struggle to be accepted for standard cover
If you have a major pre-existing medical condition Over 50s life insurance can help. This is because a policy of this kind guarantees acceptance, no matter your current health condition.
In this section, we’ll explain what Over 50s life insurance means and how it compares to other types of cover on the market.
- What is Over 50s life insurance?
- Who is Over 50s cover suitable for?
- Over 50s vs Level Term life insurance
- Over 50s vs Whole of Life insurance
- Cost of each type of cover?
What is Over 50s life insurance
Over 50s life cover can be taken out if you are between the ages of 50 and 75. It can provide a lump sum pay-out when you pass away, offering financial help for your loved ones. As you get older, it can be more difficult to secure standard life insurance, particularly if you have health problems.
Who is Over 50s cover suitable for?
If you are over the age of 50 and don’t have life insurance yet, you might assume that an Over 50s policy is your only option. However, Over 50s life insurance is most suited to those who might struggle to be accepted for standard cover.
If you have a pre-existing medical condition, Over 50s life insurance can help. This is because a policy of this kind guarantees acceptance, no matter your current health condition.
Over 50s vs Level Term life insurance
With Level Term life insurance, you will likely have to answer some basic health and lifestyle questions in order to gain an accurate quote. Over 50s insurance guarantees acceptance without any medical information.
Both Over 50s and Level Term life insurance will provide a lump sum pay-out, unless you pass away after your Level Term policy has ended or you do not maintain payment of your premiums
It's worth noting that even if you are over the age of 50 and have existing medical conditions or illnesses it is usually possible to get Level Term Life Insurance.
Over 50s vs Whole of Life insurance
Over 50’s life insurance will have a moratorium period, usually lasting 2 years. This refers to the amount of time you must wait before the full benefit amount will be paid out.
Whole of Life insurance will cover you from the moment you take out the policy for the rest of your life.
Whole of Life insurance is like Level Term insurance in that you will need to answer some basic health and lifestyle questions, before accessing cover. With Over 50s life insurance, you will be guaranteed acceptance. So, if you are older, suffer from major ill health Over 50s cover may be the more suitable option.
However, this means that typically Over 50s life insurance can be the more expensive option.
How much is each type of cover?
The easiest way to show the difference in premium with each over is with a couple of examples.
Example 1
A 55-year-old
Non-smoker, with no major health issues
Life Cover Benefit- €25,000
| Type of Cover | Premium |
| Over 50’s Life Insurance | €100 per month |
| Level Term (20 years) | €14 per month |
| Whole of Life | €43 per month |
Example 2
A 65-year-old
Smoker, with no major health issues
Life Cover Benefit - €20,000
| Type of Cover | Premium €per month |
| Over 50’s Life Insurance | €150 per month |
| Level Term (20 years) | €33 per month |
| Whole of Life | €91 per month |
As you can see Over 50’s Life Insurance is expensive, however, it may be the only option for certain clients.
Our advice is to speak to one of our professionals who will advise you on the most appropriate plan to suit your needs.
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