When it comes to life insurance, starting early is always a sensible plan. However, that doesn’t mean that if you didn’t start a plan early on in life, you cannot still reap the benefits of a policy now. You don’t want to miss out on a good plan that provides protection for your loved ones just because some time has passed!

If you are still unsure whether a life insurance plan is right for you because of your age, here are three key reasons why it’s never too late.

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1. There Are Over 50s Plans Available

When it comes to life insurance, there are several different types of plans available, so the chances are, you will find a policy that matches your exact needs. Specifically, there are over 50s plans. These over 50s plans are, as the name suggests, specifically for individuals over the age of 50 who want to leave some money to their loved ones when they pass. The benefit of an over 50 plan is that there is guaranteed acceptance, and you don’t need to go through a medical examination. Plus, you pay fixed premiums, which means you’ll be making the same payments each month for a set period of time.

If you are looking specifically for over 50s plans, there’s no better place to start than at Reassured. Reassured allows you to compare different life insurance plans from a variety of insurance providers. You’ll be able to easily view quotes from various insurance companies, so you can find affordable cover that makes sense for your age and other circumstances. The service is free to use, so it’s worth checking out.

2. Your Dependents Will Be Grateful

Everyone wants to know their loved ones will be okay after they pass away. Not only will a life insurance plan make sure your dependents are covered financially so they can pay for things like your house’s mortgage payments or the cost of your funeral, but it will also leave them endlessly grateful. Losing a loved one is never easy, and with that grief comes a lot of legal and logistical tasks. Having access to a lump sum of cash makes that process far easier.

Knowing all of that, it makes sense to seek out an insurance policy no matter your age. You don’t need to be under the age of 50 or in the best health of your life – you just need to make monthly payments to secure a payout for your loved ones when you pass away. It’s a gift that truly makes a difference.

3. You Can Find Cover that Works with Your Budget

As mentioned before, there are several different types of life insurance plans available, so you can pick one that works with your budget. The two main types are:

  • Whole of life
  • Term life

Whole of life is when the plan covers you for your whole life, whereas term life insurance only provides the payout if you die within a certain time frame. As you’d expect, term life is the more affordable option. It is important to determine your exact needs and calculate how much you can pay towards life insurance before settling on a plan. A budgeting app can help with this.