Aged 50 Plus? It’s Time to Review Your Insurance


Jul 6, 2015
Aged 50 Plus? It’s Time to Review Your Insurance

For many people, reaching the age of fifty represents something of a watershed, where you stand back and appraise your lives to date and review your plans for the future. One area that will almost certainly fall for review is the insurance provision that you have made and, as this article demonstrates, there are few better times to conduct this review than when you reach the 50th birthday milestone. 

 

Life Insurance 

Probably the single most important insurance to review is your life insurance. However healthy you may feel, none of us lives forever and you will want to make sure that, when the time arrives, you have made proper insurance arrangements to ensure that your loved ones are adequately provided for. Although 50 plus insurance policies are likely to be a little more expensive than those that are taken out at an earlier age, there are still some really competitive products on the market. The key is to search carefully for the policy that best suits you, your circumstances and matches the level of cover that you require. If you have any pre-existing health condition, this will need to be disclosed to the insurer because failure to do so will invalidate the policy. However, there are some 50 plus insurance policies that provide life cover without the need to disclose medical conditions or undergo a medical assessment. Typically, these provide relatively small amounts of cover and require a minimum period of one or two years before any claim can be made. Despite the limits on the cover, this type of policy can be useful for those with no other life insurance policy, who have a history of health problems but still wish to make some insurance provision to help to pay for funeral costs and provide a small lump sum to their family. 

Property Insurance 

By the time you reach 50, many people will have paid off their mortgage and own their property outright. This represents the perfect time to review their property insurance to ensure that it is adequate to cover the value of the property. As we all know, house prices go up and down, so it is always sensible to keep the levels of your home insurance cover under review. 

Motor Insurance 

One of the advantages of reaching 50 is that your motor insurance is likely to be cheaper than for younger drivers. There are several insurance companies that specialise in providing great value 50 plus motor insurance, especially for those who are able to make use of a full no-claims discount.  Once again, the key is to shop around for the best deal for you. 

Travel Insurance 

When you reach 50, especially if you are lucky enough to take early retirement, you may decide to spend more time travelling. If you are likely to travel regularly, you may want to consider taking out annual multi-trip 50 plus travel insurance. Although the premium may seem high when compared to a single trip policy, the more trips you take in the year the better value you will receive. Once again, it is important to ensure that any pre-existing medical conditions are disclosed and, although some insurers will not cover these, there are several that specialise in providing travel insurance for those who have suffered or are suffering from a variety of medical conditions. 

Summary 

A review of your insurance needs when you reach 50 is likely to produce mixed results. Whilst some insurance products, such as motor insurance, are likely to be cheaper, others, like life insurance and travel insurance are likely to increase. Nevertheless, the importance of carrying out this type of review cannot be over-stated if you want to take advantage of the best 50 plus insurance products on the market.


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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