Life insurance covers the death of the insured, regardless of their age. However, it is possible that when the insured is older, insurers will not allow you to contract additional guarantees such as serious illness or permanent disability, among others.
With Getlife, if you are over 50 years old, you can take out life insurance policy with permanent and absolute disability. You can choose the desired capital; pay the premium month by month without any type of surcharge. In addition, it is a life insurance without permanence; you can cancel it whenever you want.
What does senior life insurance not cover?
Before hiring life insurance, make sure of the limits and exclusions that the insurer stipulates in the contract and that can influence your policy. For example:
- Time limit. Sometimes the companies establish a time limit in the insurance to cover their backs in certain cases. For example, you may be covered for death for longer than the Permanent Disability guarantee.
- Exclusion of death due to the practice of risky sports. If you are a person prone to risky and adventure sports that endanger your health or your life, the insurer can put a clause so that the life insurance is not effective if death occurs in this case.
- Exclusion due to serious illness. If you want to take out insurance when you are over 50 years old because you have a previous ailment, if this is prior to signing the policy, you must inform the insurer about it. It is possible that it entails an extra premium or that you cannot contract the policy. If you do not notify about this previous ailment and the insurer discovers that it is prior to the signing of your insurance, it could be canceled and the compensation would not be paid.
Advantages of taking out life insurance at age 55
Although it may have a higher price than if you contract it with 30 or 40 years, it also has certain advantages to sign your life policy from the age of 50. For example:
- You may have already finished paying your mortgage and do not have as many debts. That means that the capital to contract may be less.
- Although you still have family responsibilities, your children are getting older and you want them to have a backup in case something happens to you.
- You are thinking about retirement and want to have extra money from the age of 65. Here a savings life insurance can be a good option.
- All of them are very good reasons to decide to sign your new life insurance for people over 50 years of age.
What is the best life insurance for people over 50?
The best and most suitable life insurance for people aged 50 or over is the one that suits their situation, needs and goals. For this reason, at Getlife we have created a product adapted to all ages. You can choose the guarantees and the capital you need. Also, if your situation changes, you can change your conditions.
Getlife life insurance is a modern product without permanence that you can take out and manage 100% online.
What factors influence the price of life insurance?
Although you can take out life insurance if you are over 50 years old, there will be many factors that influence the final price, as seen with age. Other factors also influence, such as the capital to be insured:
- The age of the insured
- The profession and leisure activities practiced by the insured.
- Your health status and habits.
- Contracted guarantees.
- Method of payment of the premium. (With Getlife the payment of the premium will be monthly without surcharges)
Here we tell you how you can calculate the price of your life insurance.
The chosen capital greatly influences the price of the insurance, it is not the same that the policy covers you €50,000 than €300,000. The choice of capital usually depends on some factors such as family responsibilities, payment of the entire mortgage or a large part of it, older children who are still studying or people who depend financially on you, among others.
Above all, always consult with professionals who can advise you correctly in case you want to take out for people over 50 years of age. Remember that from Getlife we offer you free advice. If you want, you can also calculate your price with our life insurance simulator.