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Over 50's Life Insurance?

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Do you struggle to get life insurance with low premiums if you're over 50?

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  • hethmar
    hethmar Posts: 10,678 Forumite
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    First thing to ask is do you need any life insurance if you are over 50? I always went on the premise that once the kids were off hand and your mortgage paid up, why would you want to spend out for life insurance at all?
  • McKneff
    McKneff Posts: 38,839 Forumite
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    hethmar wrote: »
    First thing to ask is do you need any life insurance if you are over 50? I always went on the premise that once the kids were off hand and your mortgage paid up, why would you want to spend out for life insurance at all?

    I agree with this totally.

    I'm 62, as long as I have enough to send us both off to the next world and pay for 2 funerals then that's all we need.
    Its in a seperate account, gathering interest.

    You could be paying thousands and thousands of £s to line the pockets of some insurance company and get a pittance back.

    The kids can have the house, car etc.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • jannowretired
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    as long as I have enough to send us both off to the next world and pay for 2 funerals then that's all we need

    I haven't even got that, just enough to pay for one funeral.

    I told my 2 children to sell the house or sell the car, it should bring in enough to pay for the other.

    I won't be around to care.
  • sheep-ali
    sheep-ali Posts: 573 Forumite
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    hethmar wrote: »
    First thing to ask is do you need any life insurance if you are over 50? I always went on the premise that once the kids were off hand and your mortgage paid up, why would you want to spend out for life insurance at all?

    Because not all of us own a house or any other property :(
    Nor do we all have any savings so we are in the position of leaving a huge financial burden to the person who arranges our funeral as the DWP do not help in every situation ( as I found out to my cost ).
    In answer to the original question, yes I have struggled to get life insurance at a reasonable cost with a decent amount of cover. What I would say is to get it sooner rather than later because the older you get the more expensive it becomes.
  • Mojisola
    Mojisola Posts: 35,559 Forumite
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    sheep-ali wrote: »
    Nor do we all have any savings so we are in the position of leaving a huge financial burden to the person who arranges our funeral as the DWP do not help in every situation ( as I found out to my cost ).

    Why not buy a funeral plan and then you know everything is going to be covered?
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