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What is Over 60s Life Assurance?

 

I’m not going to lie to you: if you’re in your sixties and you haven’t got Life Insurance sorted, you’re probably gonna be in a bit of a pickle.

It could be that you never really thought about it and now it’s occurred to you that you should probably get it sorted.

Or it could be that you had another policy that you cancelled because it was too expensive (#thoughtsandprayers)

Maybe your policy ran out and it didn’t have a conversion option to renew it without having to hand over medical information (shame on whoever sold you that pup)

Today, you’re likely a couple of decades older than you were when you took out your first policy and it’s also likely that your clean bill of health isn’t quite so clean anymore.

You may think you’re up the proverbial without a paddle, but with the right info, you can get it sorted.

Over 60’s Life Assurance is one option; basically it’s Life Assurance without the need for medical information.

You sign a form and you’re accepted immediately.

If you know anything about insurance, you’re probably thinking,

Hang on a minute there, Nick. That sounds too good to be true…

Well.

It is.

And a heads up for those reading who are a spritely 50-odd, it’s also known as over 50s non-medical insurance – so you can keep reading.

Onto the big question: should you buy it?

Spoiler alert: no

Over 50s/60s non-medical Life Insurance is the last chance saloon. If you’re really ill, it’s a good idea. For everyone else, it’s reallllllllllly expensive.

Yes, anyone can get it regardless of health and it’s a Whole of Life policy so it lasts (as the name suggests) as long as you keep paying. And, once you hit 90, you stop paying premiums and your cover continues for free.

I mean you’ll be 90, so I don’t know how much you’ll care but your kids will probably still be interested in this little fact.

So all being said, if you’re in ill health, this policy sounds like a decent option.

Look, I’m not telling you outright *not* to do it, especially if you’ve exhausted every other option, but there are a bunch of catches to look out for:

  • Because everyone is offered the same price regardless of health, it’s a lot more expensive than the alternatives.
  • Only accidental death is covered in the first two years of the policy so if you die of an illness in the first two years, only what you’ve paid in will be paid out.
  • The maximum sum assured is €25,000 for Over 60s Life Assurance.

Basically, it’s not great is what I’m saying.

What are the alternatives to Over 60s Life Assurance?

So now that we’ve established that Over 60s Life Assurance probably isn’t right for you, you’re likely scratching your head in bafflement and thinking that you won’t be able to get cover and that your children will be sentenced to a life of destitution, despite the fact they’re probably grown-ass adults with lives of their own.

Anyway.

Your options aren’t as restricted as you might think. You can still apply for regular Life Insurance, meaning : Term Life and Whole of Life.

1. Term Life Assurance

Having health issues doesn’t necessarily mean you can’t get cover. I’ve talked about that a load on this blog. Now, I’m not gonna presume you’ve read all my blogs, so I’m gonna point you to a link where you can see everything I’ve written about getting Life Insurance if you’ve got an illness.

Now, it could be that you’ve looked after yourself impeccably and are in great health. It could also be that you’ve mainlined a bottle of whiskey a week since you were 12 and are somehow in great health too.

Either way, the easiest way to find out if you can get Life Insurance is to get in touch with me. Give me a call and I’ll go to all six insurers on your behalf to see what kind of deal we can get you.

And just to recap, Term Life covers you for a set term up to age 89. As you’re in your sixties, it’ll be more expensive than the cover you took out in your 30s – but it’s still a better idea than Over 60s Life Assurance.

2. Whole of Life

Everything I said in point numero uno applies here too, except that (as the name suggests) Whole of Life covers you for your whole life.

Naturally, that makes it more expensive than Term Life. It’s underwritten (assessed) on the same basis as Term Life, so you’ll have to complete a full application form answering questions about your health.

It will be more expensive, so a lot of clients tend to use it for funeral insurance instead of a more traditional nest egg for your family.

(Just make sure you avoid Reviewable Whole of Life, because that’s a trap offered by asshole insurers. Trust me on that one!)

The moral of the story here is that you shouldn’t take Over 60s Life Assurance unless you have no other options. Term Life or Whole of Life will be less expensive – and less likely to trip you up!

Over to you…

If you’re considering Life Assurance and have health issues, please complete this questionnaire or call me directly on 05793 20836.

I’ll speak with my underwriters to assess your chances of getting regular Life Insurance and a fair price.

If I can’t then by all means, we can apply for Over 60s Life Assurance. Whatever you choose, I promise I’ll do my best to get you cover at a decent price!

Nick McGowan
lion.ie | making life insurance easier

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