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If you are over the age of 50 and have not yet purchased Life Insurance, a number of companies offer Life Insurance for pensioners that pays out a lump sum after you pass away. Premiums are generally higher for this age group as they are more likely to claim sooner, unless you take out Life Insurance that better suits the budget available at this time in your life.
Advantages of Life Insurance for Over 50
Life Insurance policies for those over the age of 50 most often don’t require a medical examination. When you’re over the age of 50, you’ve most likely experienced a small illness or had some form of surgery, and the older you get, the more chance there is that you’ll need to claim. Another advantage is that depending on the company and policy you choose, premiums can be fixed, which means you won’t be faced with yearly increases as a pensioner whose income is also fixed.
Keep in mind that Life Insurance policies for those over 50 do not build up over time like an investment, so if you decide on this type of policy it is important to keep up with monthly payments, otherwise the policy becomes worthless. As with all policies though, it’s best to do your research before you decide if it is the right policy for you. Compare Life Insurance quotes online with Hippo.co.za.