Life Insurance Starts at 50

It's inevitable that when you enter that bracket of the over 50s, your financial future starts to loom large. Pensions in particular are just over the horizon, and it's usually at around this time that you start to truly assess the provisions that you've put in place for such a time as when you retire (either that or you curse your lack of forethought!).

But alongside this imminent financial upheaval, there is the question that's beyond that, thankfully still out of palpable reach - life insurance.

Inevitably, ones own mortality starts to be felt in more and more of your life, and consequently, thoughts turn to providing for your nearest and dearest in the event of your death. Although it's easy to shrug off the notion of dying, it pays to consider taking out a policy, or reassessing your existing one, at this stage - potentially before any personal circumstances change. Age, sex and health are the major contributing factors to how expensive the premium on your policy will be, so of course, when you start in to your fifties, insurers will change their offers to fit that watershed, half-century moment.

Many companies will offer a specific over 50s life insurance, with particular rates and guarantees entailed. Often there will a guarantee of acceptance without any medical check - mainly because your age has become the largest factor in deciding how much your premium will be - though it pays to be entirely honest with your insurer.

Closet smokers who are in denial will find it's too late, post-death, to convince your insurer that you only smoke occasionally - by which time the pay out may have been denied. However, due to your being over 50, the policy will be particularly easy to arrange, although it is still worth shopping around for the best offer for you.

Most insurers will incentivise their product, and it may have repercussions on the way that your bank or building society - if you decide to take out a policy with them - will treat you as customers.