Life Insurance for Over 60s 2023
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Life Insurance for Over 60s 2023
When you are over 60 you can feel that the time is right to start getting life insurance in place. There can be a lot of reasons to take out life insurance and this reason will change the type of insurance that you need.
You can sometimes find that as you get older your age can lead some firms to consider you to be vulnerable. Once you get close to 70 they might even ask you to sign a form to say you are of sound mind to discuss your finances! We do not automatically see you as vulnerable. We will look at you and your circumstances and give you advice, regardless of your age.
Why would I need life insurance?
The reason for needing life insurance is that there will be someone financially worse off, if you die.
There are many reasons that someone might want to take out life insurance. A lot of the time it is quite clear, like these:
- A mortgage or other debt
- Funeral cover
- Long-term care needs of a dependent child
- Gift liabilities
- Inheritance tax
There can be other reasons too. It could be that you have a parent that has care home fees and they rely on you to pay for them. A life insurance policy could be used to help cover these fees if you die.
It might be that you are an integral part of a business and it would significantly suffer if you were to pass away. Your business could arrange a life insurance policy that would pay some funds into the company upon your death. Life insurance can be a useful part of your risk management strategy.
You might be arranging a pension annuity and be worried that if you die your partner won’t have access to the funds. A life insurance policy can be used to provide protection against this.
What are my options?
Your options for life insurance will change depending upon the reason that you need it. Here are some of the most common ways of arranging life insurance:
- An Interest Only mortgage – Level term life insurance
- A Capital and Repayment mortgage – Decreasing term life insurance
- Funeral cover – Over 50s cover
- Care needs – Family Income Benefit
- Inheritance tax planning – Whole of life insurance
- Gift planning – Gift Inter Vivos or a series of decreasing term life insurance
This list is just an example and there are many ways of arranging life insurance, so you might find that what you are recommended will look differently. The life insurance that you need has to be tailored to meet your exact requirements, to make sure that it does what you intend it to do.
This is where our advisers standout as they will advise you on the life insurance you need, to give you the peace of mind that your family will be taken care of when you are not here.
What about health conditions?
As well as specialising in life insurance we are also highly trained in medical underwriting. All of our advisers are trained to have similar knowledge to the underwriters that will make the decision as to what price you will pay for your life insurance and if you can have it.
There are some medical conditions that are seen as being part and parcel of getting older:
We will talk to you about your health and ask your questions that we know can affect your choice of insurer and type of life insurance. This means that we can give you a clear picture of what the insurance market can offer you early on, before you have gone through the full application process.
There are times that health conditions can mean that an insurer will increase the premiums for life insurance. Honestly, it can be anything from quite a small amount right up to levels that can make your eyes water.
No matter what when you speak with us to get a quotation you are not committing to anything and we are not going to charge you a fee. We will give you a quotation for you to then decide what feels right for you. There’s no hardship in asking us for a price.
What are the tax implications?
When it comes to personal life insurance there usually isn’t tax implications. This is life insurance that you pay for yourself to cover the needs of your loved ones e.g. funeral expenses.
We write life insurance policies into Trust* at no charge to you. The key thing with a Trust is that it means that the person you want to get the money gets it, and they do so far more quickly than having to wait for probate. The other advantage is that it ringfences the life insurance claim payout from inheritance tax calcuations.
For business life insurance policies there can be quite serious tax implications, if you choose the wrong one for what you need. You might want to read our pages on key person cover, shareholder protection and relevant life insurance for more details.
How do I get life insurance?
When you speak with one of our advisers we will talk through your circumstances so that we can tell you what life insurance you need and what we expect the price to be. Then once you are happy with the life insurance quotations we will go through an application for you.
Your policy will then be underwritten by the insurer and if you are like the terms that they offer, you simply tell us to start the policy.
Our multi award winning advisers will find you the right insurer that can support you and your family. Get a no obligation quotation from us today.
*Where insurers offer a Trust with their products.
Categories: Life Insurance
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What We Offer?
- Experienced and knowledgeable advisers
- Specialist advice with no fees to pay
- Full assistance with all of your paperwork
- Put your policy into trust at no cost
- A dedicated insurance adviser for you