Life insurance isn’t something we like to think about. After all, it can feel like a morbid subject in which we’d rather just ignore. The problem with this, though, is that with the average funeral costing a hefty £4,271, your loved ones can be left with expensive bills to cover when you’ve passed on.
This is where your over 50s life insurance becomes so important. It provides a financial cushion for your spouse and family that will help pay for both your funeral and any debts or bills you may have.
Despite this, many of us are still reluctant to take out life insurance cover as we’re put off by certain myths that are associated with life insurance. However, many of these myths don’t tell you the whole truth, and you might just be surprised at how false these myths can be.
Here are just some of these over 50 life insurance myths and why you shouldn’t take them seriously:
1: “Life Insurance is Expensive”
One of the most common reasons for over 50s to avoid life insurance is a fear of cost, with many vastly over estimating what the monthly cost would be for insurance. In reality, over 50s life insurance starts from as little as £24.20 per month, which is a lot more affordable for most people, especially considering the benefits.
Life insurance is essential to help with financial commitments when you’ve passed on. This can include your funeral costs or helping pay bills such as your mortgage. Think of your over 50s insurance payments as putting away money for your family, which will help them cope when you’re gone.
2: “I’m Not the Breadwinner”
Just because you don’t make the most money in your household, or don’t work at all, it doesn’t mean that you shouldn’t consider over 50s life insurance. Perhaps you still have children staying at home, or you look after your grandchildren while your children work. Activities such as cooking, cleaning, childcare and running errands all hold monetary value.
Think of it like this, would your spouse or family struggle without you there? Of course they would! This is where life insurance comes in, as your payment can help your family to pay for someone to help out when you’re sadly no longer here, allowing your family time to grieve.
3: “I had No Children, So I Won’t Need Life Insurance”
You may not have children, however, it’s likely that you still have loved ones in your life such as family members or a spouse. Your over 50s life insurance is there to help cover costs such as your funeral or any unpaid debts you might have, rather than leaving your loved ones to struggle with those costs.
4: “My Health is Currently Fine”
You might feel young and as fit as a fiddle, but you never know what tomorrow will bring. By choosing to take out a life insurance premium sooner rather than later, you will not only benefit from a less expensive premium, but you’ll also cover your family if the unimaginable happens.
Plus, as we get older, we become more susceptible to certain health issues. By taking an over 50s life insurance premium out as soon as possible, you’ll be covered for these conditions. Wait too long for your life insurance and you’ll face a larger monthly bill to cover pre-existing conditions.