Unsurprisingly, perhaps, the Association of British Insurers (ABI) stresses the importance of having the protection of life insurance, since it may help to safeguard your family and loved ones against a number of financial hardships.

The death benefits payable under a life insurance policy may help to:

• contribute towards the cost of your funeral;
• pay off outstanding debts, including any mortgage you may have; or
• contribute towards the daily living expenses of your surviving family members.

In a story dated the 5^th of February 2018, the Express newspaper echoed many of these arguments about the value of life insurance.

Life insurance as you get older

Despite the recognised value of life insurance in easing the financial burden on surviving family members – in helping to meet funeral costs or other debts – if you are fifty plus or so you might be discouraged from buying it because:

• life insurance generally becomes more expensive the older you get; and
• most life insurance plans require you to complete a detailed medical history – from which the cost of your premiums is likely to be determined.

Over 50 life insurance

The exception is over 50 life insurance – which, just as the name suggests, is specially designed for those who are aged fifty plus.

Here are some tips on why to consider it and what to look out for:

• unlike other types of life insurance, over 50 life insurance typically requires no medical declaration at all – no questions about your state of health or lifestyle;
• in fact, in return for your agreeing to pay the monthly premiums, your acceptance for cover is guaranteed;
• premiums may cost as little as just a few pounds each month – and there is an assured cash benefit payable whenever you die;
• the price of the premiums you pay of course determines the amount of the death benefit payable, but that cost is fixed from the very start and does not increase over the life of the policy;
• depending on the particular policy you choose, cover – and entitlement to full death benefits – begins after you have been paying the monthly premiums for between one and two years (so that, if you die within this period, instead of the death benefit being paid, your premiums are refunded);
• some over 50 life insurance policies may increase the amount of death benefit payable if you die in an accident;
• others may include an optional funeral benefit plan – providing an additional cash sum (of between £250 and £300) or a 10% increase in the death benefit paid if you agree to it being paid directly to a funeral plan provider);
• free gifts may also be offered by some over 50 insurance providers;
• remember that premiums are payable for the remainder of your life and that there is no cash-in value on over 50 insurance;
• the value of the death benefit may be affected by inflation so that it may not cover as much of your funeral expenses, for example, as the day on which you first took out the policy;
• There is also a possibility that, over your lifetime, you may have paid more in premiums than the value of the eventual payout – although this clearly depends on how long you live.

If you are fifty plus, you may be in a better position than ever to arrange the protection that comes with over 50 life insurance.