Life Insurance over 50

What is life insurance over 50?

Life insurance over 50 is an underwritten policy between you and an insurance company and is best suited for people between 50 and 59. You agree to pay premiums that don’t increase because of age. In addition, the insurer agrees to pay a death benefit to your beneficiaries, i.e. the person named on your policy who’ll receive a payout, usually your partner and/or children.

The death benefit is tax-free since there is no income tax in New Zealand on life insurance and can be used for whatever you like, from funeral costs to paying off existing debt or even as a gift to those you care about most.

Key Points

  • Premiums that don’t increase because of age
  • No income tax is paid, and benefit is tax-free in New Zealand
  • Your beneficiaries receive the death benefit, which can be used for funeral costs, paying off debt and funding retirement for a spouse.
  • Best suited for people between the age of 50 and 59.

Over 50s Life Insurance could be an affordable way for you to leave some money for your loved ones after you die. 

It serves as peace of mind for you and your loved ones if you pass away or fall terminally ill during the length of your policy.

Life Insurance over 50

Is there guaranteed acceptance?

No, life insurance over 50 is an ordinary policy, and you will be asked about your medical history.

Other ‘simple’ policies offer guaranteed acceptance. For example, guaranteed approval policies might be proper if you have poor health and are over 50.

For example, if you have an already diagnosed medical condition, or you’re a smoker or seriously obese, guaranteed acceptance plans can be a good gamble because you don’t need a medical even though your life expectancy will be substantially lower. But ‘simple’ guaranteed acceptance policies have huge holes and risks.

Life insurance over 50 for healthy people with medical offers far more options, including guaranteed premiums.

Do you need over 50 life insurance?

If you’re looking to leave a little something when you’re gone, you might want to consider life insurance with premiums that don’t increase. The lump-sum payout could be used towards the cost of your funeral, retirement supplement for your spouse, a holiday or anything else.

If you only need cover for a fixed amount of time, rather than your whole lifetime, you can keep your cover until a certain age.

How much life cover can you get?

There is no limit as to how much life cover you can get. It depends on how much you want to pay each month in premiums and factors like your age, health and smoker status.

Let us know how much you want to pay in premiums each month and how long you need cover, and we’ll tell you the cover amount we can give you. We compare New Zealand’s Top Insurers, and the cover is available from only $20 a month.

You need to decide if the cover amount is enough for what you want it to do, like provide a little something for your loved ones. We offer free personal life insurance advice and can help with suggestions to find a suitable cover. If it’s not enough, you’ll need to increase the amount you pay each month in premiums.

What over 50 life insurance covers

Your level premiums policy is guaranteed not to increase with age, fixed with full medical disclosure, and your loved ones will receive money when you die. Here’s more about what’s covered.

What this cover offers:

  • Guaranteed Premiums
  • Worldwide cover 24/7
  • Tax-free benefit
  • Accidental Death Cover
  • Terminal Illness Cover
  • Funeral Benefit

Things you need to know:

  • No cash value
  • Suicide isn’t covered during the first 13 months
  • Inflation Adjustment option

What Are the Expected Costs of Life Insurance Over 50?

The cost of life insurance will vary, whether you’re over 50 or not, based on some personal factors.

Everything from your age to your health, family history and job/hobbies can play into the premiums you’ll pay for coverage.

With that said, here’s a look at what a 50-year-old woman in excellent health, who is a non-smoker, could expect to pay for term life insurance:

Policy TypeMonthly Payment
Fixed 10 years, $250k$147 to $170
Fixed 15 years, $250k$165 to $180

Other Insurance covers for over 50's

Critical Illness

Health Insurance

Income Protection

Over fifties life insurance quotes

When you compare over 50s life insurance quotes, the cheapest quote isn’t always what’s best for you – as the policy that suits you best will depend on your specific requirements.

What is the best life insurance for over 50?

Buying life insurance is one of those things that is ideally done when you are younger. That’s because purchasing a life insurance policy can become more challenging and expensive as you get older.

Life insurance over 50 providers offer cover specifically for that age range and circumstances.

The best life insurance providers for people over fifty offer competitive prices, comprehensive coverage, and a good reputation for paying claims. They also provide a variety of policies to choose from.

Life insurance advice over 50

Our financial advisors can help answer any questions you or your family might have regarding financial protection.

Over 50s FAQs

Yes, you will be covered if you pass away because of coronavirus.

It depends on your health. Initially, we will help you submit a personal application. And once an underwriter has assessed your application, we will know if the insurer wants further medical information.

The Funeral Benefit Option is built into the life cover and is usually paid out within 48 hours.

Inflation means prices go up over time. For example, in 2000 you could buy a litre of petrol for $1.20¹.

Inflation will reduce the buying power of your cash payout over time. Therefore, when taking out your insurance, you should consider whether it will continue to meet your needs in the future.

You can select to inflation adjust the cover, i.e. the cover amount will increase with inflation. Then the cost will also increase with inflation.

No, your premiums won’t go up for our Over 50s Fixed Life Insurance.

If you select to increase the cover with inflation, your premiums will increase with inflation.

If you miss a payment on your policy, it could lapse. Therefore, it is essential to get in touch with your broker and apply for a premium holiday if you are experiencing financial hardship.

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