Life Insurance for the Over 50s: What you need to know

Rob O’Neill QFA, Senior Financial Advisor

A generation ago, most Irish people in their 50s had their childrearing over and were enjoying their empty nests. These days, 50 is the new 30, with many Quinquagenarians so active they would put those in their 20s to shame and many have children still in school.

Empty Nesters

Depending on your circumstances there are many life insurance products available for the over 50s, if your children have flown the nest and are taking care of their own needs, Irish Life offer a Life Cover plan starting from €15* a month, the cost of the payments will depend on your age and the amount of cover you choose, amounts up to €25,000 are available.

The lump sum is guaranteed and once you reach 90, payments will stop but your life insurance cover will continue. The payment can be left to your loved ones to help pay for your funeral, cover any loans or unpaid bills or provide a nest egg for children or grandchildren.

Dependent Children

If you are aged 50, but still have children who are a number of years away from leaving school or college, you will require a life insurance product that can cover the cost of raising and educating your child.

Term Life policies are insurance policies that pay out a fixed benefit if you die within a certain number of years. According to a Life Insurance survey, from the National Consumer Agency, a term life policy lastig ten years and €120,000** will cost an individual non-smoker between €26.88 and €33.60, however, a smoker could pay as much as €65.08. Life insurance like this could ensure that older parents can protect their family should the worst happen.

To find out more about over 50s Life Insurance, talk to Rob, our Life Insurance expert today by calling 01 822 8022 or by emailing rob@mcfinancial.ie

*excluding 1% government levy

**Examples have been prepared by the NCA and are used for illustration purposes only. Figures are correct as February 2014. Read more here:

http://corporate.nca.ie/eng/Research_Zone/price-surveys/Life-insurance-survey-2014.html