If you are over the age of 50 and have not yet purchased Life Insurance, a number of companies offer Life Insurance for pensioners that pays out a lump sum after you pass away. Premiums are generally higher for this age group as they are more likely to claim sooner, unless you take out Life Insurance that better suits the budget available at this time in your life.
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Life Insurance policies for those over the age of 50 most often don’t require a medical examination. When you’re over 50, you’ve likely experienced a minor illness or undergone some form of surgery, and the older you get, the higher the likelihood of needing to claim. Another advantage is that, depending on the insurer and policy chosen, premiums can be fixed — helping pensioners manage costs on a stable income without worrying about annual increases.
It’s important to note that Life Insurance policies for those over 50 do not build up value over time like an investment. If monthly payments are not maintained, the policy may lapse and become worthless. As with all policies, it’s best to research your options before deciding if this is the right cover for you. Compare Life Insurance quotes online with Hippo.co.za.
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Clear answers to help you understand Life Insurance for people over 50 and what to consider before choosing a policy.
Yes. Many insurers offer Life Insurance specifically designed for people over the age of 50. These policies usually pay out a lump sum after you pass away and are structured to suit later-life financial needs.
Premiums are generally higher because insurers consider older applicants more likely to claim sooner. However, many providers offer policies with benefits and cover limits that help keep premiums more affordable.
In many cases, no medical examination is required. Life Insurance policies for those over 50 often use simplified underwriting, making it easier to qualify even if you’ve had previous illnesses or surgeries.
Yes. Depending on the insurer and policy, premiums can be fixed. This means you won’t face yearly increases, which can be especially helpful for pensioners with a fixed monthly income.
No. Life Insurance policies for over 50s generally do not build up value over time like an investment. The policy only pays out if you keep up with monthly premiums and pass away while the policy is active.
If you stop paying your premiums, the policy may lapse and become worthless. It’s important to choose a policy with premiums you can comfortably afford long term.
It can be, especially if you want to cover funeral expenses or leave a lump sum for loved ones. Comparing different policies helps you find cover that suits your budget and financial goals later in life.
Compare Life Insurance quotes designed for people over 50.
Find cover that fits your budget and provides peace of mind for your family.
Explore our Life Insurance guides, from basic policy explanations to specialised cover like Mortgage Life Insurance, joint cover and high-risk options.
What is a Life Insurance policy? Find out how Life Insurance works, what it covers, and how to choose a policy that fits your needs.
Life Insurance for Parents Learn how to take out cover for your parents when they can’t do so themselves, or add them to your existing policy.
Life Insurance for Children Understand how cover for children works, how value builds over time, and when these policies pay out.
Life Insurance for Over 50 Explore Life Insurance options for people over 50, including cover that pays a lump sum to your beneficiaries.
High-Risk Life Insurance See how insurers assess higher-risk jobs, hobbies and health profiles, and what that means for your premiums.
Joint Life Insurance See how one policy can cover you and your partner under shared terms, and when a joint policy makes financial sense.
Traditional Whole Life Insurance Learn about lifelong cover (often up to age 95), fixed premiums and guaranteed payouts to your beneficiaries.
Term Life Insurance Understand fixed-term cover, how it works for temporary needs, and what happens when the term comes to an end.
Pre-Existing Medical Conditions Find out how existing health conditions affect your Life Insurance application, waiting periods and exclusions.
Mortgage Life Insurance See how this type of cover protects your bond by paying off the outstanding home loan if you pass away.
Critical Illness Cover Learn how Critical Illness Cover works, what conditions may be covered, and how payouts can help with treatment and recovery costs.
Universal Life Insurance Explore flexible life cover that can adjust over time, and learn how premiums and benefits may change based on your needs.
