Trouble is, a growing number of people are getting married, buying first homes and starting families later in life. In fact, recent research from the Office for National Statistics (ONS) reveals pregnancies in women aged 40 and over have risen by almost 50% over the past decade.That means the need for life insurance could surface a lot later than you might expect. But will you still be able to buy a value-for-money policy when you're no spring chicken!?
So why is life cover more expensive for older people?
The simple answer is because a claim is more likely to be made under the policy if you're older. The majority of people in their twenties have enjoyed a clean bill of health. If you took a 25-year life policy out at the age of 25, there's a high probability you will survive until the end of the policy at the age of 50.
But, if you're already 50 and you took out a 25-year policy, the chances of you surviving to 75, while still good, are undoubtedly lower. For this reason, life cover premiums for older people will be higher than for someone in their twenties or thirties.
How much does life insurance cost for older people?
Buying cover later in life won't necessarily be beyond your means. If you thought taking out life insurance in your forties, fifties and beyond would be outrageously expensive, think again.
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