Calculating Over 50 Life Insurance

When taking out life insurance, one of the first things you probably want to know is ‘how much will it cost?’. The truth of it is, there’s no direct answer. How much you pay on your monthly premium will depend on a few different factors, so giving you an average price isn’t going to be much use to you. At Zestylife, we want to give you a more tailored quote so getting the right cover is straightforward.

We’re here to help you work out how much cover you might want to take out for your own needs. That means considering things like what you want your life insurance to do, how much you want and what can you afford. Let’s have a look at how to calculate how much life insurance you really need…

So how much cover do I need?

Over 50 Life Insurance is a type of insurance that is designed specifically for people who are aged between 50-80. It pays out a lump sum when you pass away. It is also a ‘whole-of-life’ policy.  This means that as long as you continue to pay your monthly premiums, you’ll be covered for the rest of your life.

With a whole-of-life policy, the things you really need to consider when choosing a benefit amount is what do you want the protection to do, and how much can you afford.

If you want to help pay for your funeral and final expenses, you need to think about what kind of funeral you want, how much it could cost and how much you would like to contribute towards these expenses.

Do you want to make sure that your family has a financial cushion to help pay bills and other outgoings when you’re gone? In that case, think about what kind of financial obligations they’ll have immediately after your death, and how long you want to give a helping hand for.

Maybe you simply want to leave a gift behind for your loved ones so they can squeeze a little extra joy out of life? How much will they need for a holiday, or the chance to spend some quality time together?

How are my premiums calculated?

How much your cover costs will depend on your own needs and circumstances. When calculating your costs there are some key things to consider. Let’s break them down.

Age and benefit amount

Generally, the younger you are when you take out your policy, the cheaper the monthly premiums will be. This is because you’re considered less of a risk to insure. However, that doesn’t mean you can’t get the right life insurance at an affordable price. With Zestylife, a 50-year old non-smoker could take out £1000 of cover from just £4.26 per month. Something to bear in mind is that the amount of cover you choose will impact how much your monthly premiums cost.

You could apply to take out the following benefit amounts depending on your age:

  • £22,000 (aged 50-69 at start date)
  • £20,000 (aged 70-74 at start date)
  • £13,000 (aged 75-80 at start date)

Smoker status 

If you’re a smoker or e-cigarette user, your monthly premiums may cost you more than a non-smoker. This is because as a smoker you’re more likely to suffer from smoking-related health issues and so it’s riskier to insure you. 

Policy type 

The type of life insurance policy you choose could affect how much your life insurance costs. For example, whether you choose a single or joint policy will have an effect on the monthly premium. Another thing to consider is if you choose a level or increasing policy.

With a level policy, you’ll get the same amount of cover for a fixed monthly premium and it will stay that way for the duration of your cover. An increasing policy, on the other hand, means that every year your benefit amount will increase by 3%. This helps to combat the effects on inflation by helping your benefit amount to keep up with the rising cost of living. Your monthly premiums will also increase by 4.5% each year.

When is the right time to take out life insurance?

There’s not really a ‘right’ time to get life insurance. When it comes to your family, you want to make sure that whatever happens, they’ll be looked after when you’re no longer around. With Over 50 Life Insurance you can do just that.

Generally, the younger you are, the cheaper your premiums will be. But that doesn’t mean you can’t get the right cover at an affordable price if you take out a policy at an older age. With Zestylife, you can help put protection in place that could help your loved ones settle unpaid bills, pay for your funeral, or even be used as a gift. Even better, with Zestylife, there’s no waiting period. That means you and your loved ones are protected from day one.1 So, once it’s taken care of, you can go back to doing what you enjoy most.

Get protection sorted today

Choosing the right life insurance can seem confusing at first, but you don’t have to do it alone. At Zestylife, we care about you and your loved ones. That’s why we’re here to help you find protection for your family at an affordable price.

If you need some more help working out just how much cover you may need, one of our friendly team would be happy to talk you through your options. Or if you're ready to get a quote, simply apply online or give us a call to get covered in minutes, with no medical needed.


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1

Full payout from day one for death by any cause on policies with cover up to £5,000. Payout limited to £5,000 in the first 12 months for policies with cover over £5,000.