Over 50's Life Insurance? 11 July 2012 at 11:54AM in Over 50s MoneySaving 5 replies 2.4K views

diabetescouk

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

hethmar

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

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.

jannowretired

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

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

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?