What Can Life Insurance Do For Me?

Grandparents sitting with grandkids reading a book

Life can be complicated at the best of times – and that’s only when we’re thinking about ourselves. As we age, we start to think about how our plans for the future can also affect those we leave behind, which can make planning even more stressful. In fact, the 2021 British Seniors Funeral Report showed that 42% of respondents said they wanted to make sure their family were looked after once they passed away, but 84% agreed that the high cost of funerals could cause significant stress to grieving loved ones. 

The good news is there’s a way to help relieve some of this stress. British Seniors provide a range of different life cover to suit your needs and help you put a plan in place to provide some financial support for your loved ones when you’re gone.  

Who needs Life Insurance?

Nobody wants to think about a time when they will no longer be around but avoiding the topic and putting it off could leave your loved ones vulnerable. A little planning now could make a significant difference to your family when you’re gone. Unless you have substantial savings or assets available to your family immediately after your death, you may want to consider taking out a life insurance policy so that there’s some financial support in place for them.  

With British Seniors, there’s a range of protection to choose from, depending on what you want it to do for you. Whatever your needs are, you can feel confident that you’re doing yourself and your family proud when you secure cover. 

There are some common financial milestones that we experience when we reach later life, but we all have different priorities. That’s why each policy offers you a range of unique optional extras, like our Funeral Benefit Option, Increasing Benefit Option and FREE Will Kit. 

Our range of Life Cover at a glance

Over 50 Life Insurance – If you’re a UK resident aged 50-80, you’re eligible for this cover. You don’t need to provide a medical or answer any health questions. It’s a guaranteed, whole-of-life policy which means your loved ones are guaranteed a cash payout when you die. Depending on your age, you could get between £1,000 to £10,000 of cover. 

Seniors Term Life Insurance – This type of protection is put in place for a fixed term. The term lasts 20 years, or until the policy anniversary following your 89th birthday – whichever is soonest. Depending on your age, you could get up to £100,000 of cover. If you pass away during this term, your loved ones will receive a cash payout. If you outlive the term, your cover ends, and you get nothing back. You must be a UK resident aged 45-80 to apply and you need to answer some health and lifestyle questions to find our if you’re eligible for cover.  

Choosing the right benefit amount

Once you have decided what kind of protection you want to take out, it’s time to decide how much cover you need. This is different for each policy type, so let’s break them down… 

Over 50 Life Insurance:

£1,000 up to £10,000 (aged 50-69 at start date) 

£1,000 up to £9,000 (aged 70-74 at start date) 

£1,000 up to £6,000 (aged 75-80 at start date) 

Seniors Term Life Insurance: 

£10,000 up to £100,000 (aged 45-74 at start date) 

£10,000 up to £50,000 (aged 74-80 at start date) 

When it comes to choosing a benefit amount, you should think carefully about what you want this protection to do, how much you can afford to pay each month and what amount is available to you according to your age at the start of your policy.  

How much does life insurance cost?

The cost of life insurance will depend on a few factors. These factors can include the cover type, your age, whether it is a joint or single policy, how much you would like to be insured for, and how long the cover is in place. 

To help ensure that you choose the right cover amount for your lifestyle, it’s important to consider some of the potential costs that your loved ones could be faced with when you’re gone.  

For example, did you know that according to our Funeral Report 2021, the average funeral could cost more than £5,500? Would your family have this money readily available if you were to pass away suddenly? If you want your life cover to help your loved ones to pay for your funeral you should consider what kind of expenses may come up.  

Maybe you want to leave your benefit amount behind as a gift, so that your family continue to get the opportunities you wanted them to have? If this is the case you should think about how much money you would need to do this, and how long you want it to last. 

Taking the first steps

Now that you know what life insurance can do for you, why not explore your options further? You can request a quote online in no time at all. You can also call us free and speak to someone from our highly trained team of UK specialists. They can answer any questions you may have and help you to find the right policy for your needs and lifestyle.