Family protection in your 40's and 50's
Life insurance has some basic rules.:
- The younger you are the cheaper the cover
- Health issues can result in an increased life insurance premium
- Smoking doubles the cost of cover
- Inflation reduces the value of cover over time
We generally recommend taking out cover when you are young, perhaps up to the age of 35 where cover can be very cheap given the potential payouts. Not surprisingly the same level of cover for a similar term rises dramatically as you get older. So somebody who is 30 years of age looking at 35 year policy to end at age 65 will see a very low premium.. However if you are 50 looking for a 35 year policy the cost will dramatically different..
But this 50 year old will probably not need cover to 85 but may require cover to age 65 as he or she may have dependent children. The price of cover for this crucial 15 year period can be very affordable.
See our life insurance comparison tables for more details Life Insurance Comparisons
We continue to recommend taking out cover when you are young but reduced cover levels is so much better than no cover at all.