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Are people over 50 too old for life insurance? After all, most consumers assume that large term life insurance policies work best when they cover younger people who still have a mortgage to cover and kids to support. We are all sold term life insurance at some point with the thought that after the contract expires, our kids will be off, and our homes will be all paid off. At that point, in a perfect world, we would have savings so that any future needs and obligations could be self insured.

However, times have changed. For one thing, the British are living longer, and life insurance rates reflect that increae. Insurance rates are one thing that may cost less than they did 10 years ago! Britons are also working longer, and many of us do not expect to retire at 65 so there has also been a noticable increase in over 50s income protection insurance policies been taken out. Our kids do not always follow our financial schedule, and sometimes they still need help past the age we had planned on them being independent. And setbacks, like layoffs and home equity loans, may have kept home mortgages from getting paid off on that 15 or 30 year schedule we had planned on. Furthermore, many people reach retirement, and they realize the money that they worked so hard to save will not go as far as they had planned.
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