Living Gems

Insurance for over 50s

When it comes to insurance for over 50s, it’s important to make sure you’re fully protected. Because insurance policies can vary based on a number of factors, including age, circumstances and history, it’s wise to do your research before taking out any insurance. 

Here’s a general guideline of things to consider when deciding what insurance you may need as you get older.

Health Insurance

Unfortunately, private health insurance doesn’t get any cheaper as you get older. However, it can pay off when you really need it. The key factor to getting value for money is to make sure you’re covered for the things that will most likely affect you as you age.

For example, you may want look at policies that cover vision impairment, dental needs, chronic illnesses and other common conditions that are associated with ageing. If you know there are pre-existing conditions in your family, such as diabetes or certain types of cancer, be sure to take this into consideration as well.

Life Insurance

Whether or not you need life insurance as a senior is dependent upon your individual circumstances. The premium does go up as you age, so it’s vital that if you have a policy, it fully covers you and your family, should you die.

Insurance for over 50s

When deciding on life insurance, here are a few key questions to ask:

  • Do you have any unpaid debts or mortgages?
  • Are your children or any family members still dependent on you?
  • Do you want to leave a legacy for your family after your death?

The answers to these questions will give you valuable guidance on your life insurance needs. It’s also wise to obtain specialist advice from a qualified financial advisor. 

Home & Contents Insurance

Don’t forget home and contents insurance even after you’ve downsized. This insurance offers you security and protection. 

It’s important to review your home and contents insurance policy each year. You want to make sure you are fully protected, should you need to make a claim. Annual policy reviews also help determine if you are over-insured and paying a higher premium than you need. 

There are a range of home and contents insurance policies, some of which may offer senior discounts – so be sure to do your research.

Car Insurance

While a number of insurers offer discounted premiums for seniors (generally based on good driving history), they may also take the driver’s age into account. So while you may save with a discount, you could be paying a higher premium because of your age. 

Make sure you read through your car insurance policy and review it each year, to ensure it’s best suited to you and your needs at this stage of your life.

This article is a guideline only and its contents should not be taken as advice. We recommend you speak with a professional advisor before taking out any insurance.