Over50Choices - 10 top tips for saving money on choosing your Over 50s Life Insurance

1. 10 Tips for choosing Over 50s Life Insurance

2. 10 Tips for choosing Over 50s Life Insurance
When buying over 50s life insurance it is important to you buy the most
suitable plan at the most competitive price. But with so many plans on offer,
it can be difficult knowing where to start.
Here are ten top tips to get you on your way …

3. Tip 1 - Check whether you are eligible for more life
cover
Don’t automatically opt for a guaranteed over 50 life insurance plan –
a whole of life insurance plan may be more suitable
• If you are in good health and happy to answer health and lifestyle
questions, you could get at least 40% more life cover by choosing a
whole of life insurance plan instead
• Whole of life insurance provides immediate life cover but your
acceptance does depend on your health and lifestyle.

4. Tip 2 - Consider when you would like the cover
start
• All guaranteed over 50 life insurance plans have an initial period of
either 1 or 2 years before guaranteeing to cover you for the full
cash sum
• If you die during this initial period, all providers refund premiums
already paid. (Some also pay back a little more)
• Compare the cash sums paid out on plans with a one year waiting
period against those with two years to see which option is most
suited to your requirements.

5. Tip 3 – Are you a smoker?
• Some over 50 life insurance providers don’t question whether you smoke
and therefore offer the same rate of cover for both smokers and non
smokers
• As a smoker it may be worthwhile seeking one of these companies out as
they could offer a greater cash sum.

6. Tip 4 - Take advantage of better rates if you are a
non smoker
On the flip side, those companies that question your smoking status will offer
preferable rates for non smokers, so do shop around
• It’s also worth noting that if you are turned down for regular life
insurance, you can then apply for the guaranteed over 50 life insurance
option with no questions asked.

7. Tip 5 - Review the payment terms
• Some over 50 life insurance providers require you to pay your monthly
premiums for life
• Others require you only pay monthly premiums until your 90th birthday.
Your payments will stop but your cover will continue.

8. Tip 6 - Get free additional cover if you looking for
help with funeral costs
• Most over 50 life insurance providers offer a free funeral benefit option
• You agree for your cash sum to be paid directly to a specified funeral
director in return for free additional life cover
• This is typically either around £250 or a 10% increase on your cash sum.

9. Tip 7 - Tailor your plan if you want it to keep in line
with inflation
Guaranteed over 50 life cover offers fixed monthly premiums and a
fixed cash sum which means the value of the life cover will be reduced
by inflation over time.
• Some people like the simplicity of this as they always know where
they are in terms of budget
• However, increasing options are available with some companies if
you prefer life cover that keeps in line with inflation.

10. Tip 8 - Consider whether cover for terminal illness
is important to you
• Some over 50 life insurance plans pay out the full cash sum if you are
diagnosed with a terminal illness
• There may be some differences in how the money is paid so make sure
you read the terms and conditions if you are interested in this service.

11. Tip 9 - Look out for additional perks
A number of providers offer additional perks to customers such as discounts
on other insurance products or free elderly care advice and support.
• Your decision to buy should be based on the life cover provided so don’t
be swayed by the ‘bells and whistles’ but this could be something worth
looking out for.

12. Tip 10 - Compare, compare, compare
At a glance most comparison sites will filter your results and show you the
above options – although not all companies will be included, so you may have
to go direct for some providers
• The only way you can be sure of getting the most appropriate over 50 life
insurance plan is by comparing quotes
• It’s free, quick, easy to do and could mean extra life cover.

13. What next?
• You can compare life insurance plans, review the features and benefits
and get free quotes in minutes at Over50choices
• If you prefer to talk to an adviser, please call 0845 145 0070 for free
advice.
• Visit www.over50choices.co.uk