If you’ve never taken out a life insurance policy, it’s only natural that you may find yourself asking many questions. The first question is an obvious one: how much is my over 50 life insurance going to cost? It can be hard to get a figure right away, with many different factors to take into consideration. Because everyone is different!
At Cover Today we are ready to help find the answers you're looking for. Our Over 50 Life Insurance is flexible, yet straightforward. We aim to provide cover that you're comfortable with, so when you’re ready, you can buy in confidence knowing that you’ve found the right protection for your own situation.
Different insurance policy types for different needs
One deciding factor on the cost of your cover is the type of policy you want to choose. Let’s have a look at the different protection types available.
Level premium policy
Purchasing our level premium policy is a straightforward route to ensure your protection. This may be a preferable option if you like to budget. As long as your simple, fixed monthly fee is paid, you’re protected. The amount you pay each month and the amount we pay out stays fixed for the duration of the policy. If you pass away, your loved ones will receive the cash amount that you agreed to.
Increasing benefit option
With the increasing benefit option, the premiums you pay will increase annually. So why choose this over level cover? Well, as you pay more each year, how much we pay out increases also. This option may be preferred by those who want cover that can help fight against the rising cost of living and the effects of inflation. Choosing this option helps address this, with a benefit increase of 3% year-on-year and a monthly premium increase of 4.5% each year. When you pass away, your legal beneficiary will receive a cash amount.
Whichever you decide, Cover Today will find the type of protection you’re looking for, at a rate you’re comfortable with, with cover starting from £4.42 per month1.
What can affect my insurance premiums?
While the type of policy you decide will be one factor in determining cost, there are other factors to consider that will influence your premiums.
Your age
Your insurance premiums will be cheaper the younger you are. Simply put, it’s better to purchase an over 50s life insurance policy sooner rather than later if cost is a major factor for you. It’s just like the old proverb about trees: the best time to plant a tree is 20 years ago. The second-best time to plant a tree is right now.
Just take a look, at Cover Today, you can choose a benefit amount between £1,000 - £22,000 depending on your age:
- Age 50 to 69 – up to £22,000
- Age 70 to 74 – up to £20,000
- Age 75 to 80 – up to £13,000
Your smoker status
With Cover Today, you won’t have to deal with the hassle of completing blood tests, medical checks, or annoying trips to the doctor to take out a policy, just a few simple health questions. It's important to disclose your smoking status, as smokers will generally have to pay more due to the health risks associated with smoking.
Your benefit amount
How much you pay in monthly premiums will be largely decided by how much cover you want to take out. As a general rule of thumb, the larger your benefit amount, the more you can expect to pay in monthly premiums.
How do I find out how much life insurance I need?
We understand that you want absolute certainty and assurance when taking out life insurance. If you’re not yet sure of how much cover you need, have a look at this guide we’ve put together to help you understand how much life insurance you may need. What's more, you can use Cover Today's Life Insurance Calculator to find out how much protection you may need quickly. This way you can get a better understanding of what to expect if you feel like you want to speak with one of our representatives.
How can I save money on my life insurance?
Getting the best insurance policy is about striking the balance of finding a fair and affordable price while guaranteeing the right amount of protection to ensure your loved ones are taken care of. Peace of mind is not just found in the latter, but in knowing that you’re paying the right price for the protection you’ve asked for too.
If you have a level of protection in mind but are looking for ways to reduce the cost of your premiums, there are a couple of things you can do. Being considered a non-smoker is a great help in reducing the cost of your policy. To be classified as a non-smoker with Cover Today, you must not have used any nicotine products, including cigarettes, e-cigarettes, cigars, pipes or nicotine replacement products such as gums, patches or sprays in the last 12 months before taking out a policy.
Honesty is vital during the application process, as if you were to pass away as a result of a condition you did not disclose during your application, your cover may be deemed invalid.
Also, while there’s unfortunately not much we can do to impact the way age affects our premiums, it’s important to remember that the present is always the best time to take out an insurance policy and save money.
Other reasons to choose Cover Today Over 50 Life Insurance
Once you’ve purchased an Over 50 Life Insurance policy with us, there’s nothing left to fret over. When you choose Cover Today, you’re protected from day one2, and you can get back to living life with peace of mind. As a way of saying thanks for choosing us, you will receive a £125 gift card from Amazon.co.uk, M&S, or Tesco3. Not only this but you’ll also receive a legal Will Kit worth £100 free of charge.
Secure peace of mind today
Arranging life cover for your family shouldn't have to be complicated or stressful. At Cover Today, we'll provide fair, straightforward protection quickly and easily. Once accepted, you're covered for life and you can enjoy peace of mind right away. Maybe Over 50 Life Insurance is not something that everyone needs, but we want to make it available to you if you want that peace of mind of knowing that your loved ones will be taken care of in the event of the worst happening.
Lastly, it's important to remember that when you choose Cover Today, you've chosen instant protection2 that will help leave something in place for your loved ones when you pass away. Visit our quote page to learn more about securing cover from day one with Cover Today.