Over-50s life insurance is guaranteed to pay out, so is a kind of whole of life cover and, as a result, the premiums could be higher. Your reasons for choosing life cover, therefore, might be geared towards covering funeral costs or leaving an inheritance. If youвЂ™re aged 50 or over, your circumstances could be quite different to those in your 20s, 30s and 40s, especially if youвЂ™ve paid off your mortgage or your children have left home. Increasing life insurance might be an option if you think you need a greater amount of cover as the term goes on, such as to meet university fees or if youвЂ™re worried about the cost of living rising dramatically. Potential pay-outs are reduced for each year of cover to reflect, for example, a decreasing balance on your mortgage, and as a result it can be one of the cheapest life insurance options. This is a type of term insurance and can be a cost-effective option if you need a decreasing level of cover throughout the duration of the policy. Whole of life cover is also known as life assurance.

It is therefore guaranteed to pay out but premiums tend to be more expensive as a result. Whole of life cover runs continually, or until you pass away. ItвЂ™s a good option if, for example, you want to make sure dependants will be provided for until they reach 18 or until you retire. This kind of policy runs for a set number of years and pays out if you die within the term. Types of life insurance include: Fixed or вЂtermвЂ™ life insurance: Buying life cover is a big step and itвЂ™s wise to seek independent advice before committing to a policy. There are a number of different types of life insurance and the right one for you depends on your own personal circumstances. ItвЂ™s a good idea to compare life insurance quotes with a number of providers to make sure your policy covers your individual circumstances at a price you can afford.

Life insurance starts from as little as ВЈ5 per month, although lifestyle choices such as smoking could increase the premium. The amount of cover needed is based on factors such as the number of dependants and their ages, whilst premiums are calculated taking into account things details your age, your health and your lifestyle. Your policy will run for a set term, which could be until you retire or until your children leave home. Life insurance might not be needed if you donвЂ™t have dependants, although it is wise to look into other types of insurance such as critical illness cover and income protection insurance. Policies are available for adults between the ages of 18 and 80. Should you pass away, life insurance could enable your loved ones to remain in the family home and keep to a familiar routine, as well as providing the financial means for your spouse or partner to be at home with children for as long as is needed. A life insurance policy pays out a lump sum of money on the death of the policyholder, with the sum insured depending on agreed terms.

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