Reaching 50-years-old is a key milestone for your finances, as all of a sudden you become a less of a risk to insurance companies, who queue up to grab your business with all sorts of discounts and offers.
More and more insurers are moving in to the over-50’s niche market, offering special products and incentives.
According to insurance companies, people over 50-years-old are more likely to drive carefully, look after their homes and possessions better and are less likely to make a false or inflated insurance claim.
It’s not only home insurance that offers better deals to the over-50’s – a lot of insurance companies also want the business from older drivers and travellers.
Drivers over 50 also win on the insurance stakes as insurance companies regard them as a lesser risk than younger drivers.
Car insurance premiums are based on weighting several factors, like car engine size and type, miles driven in a year, gender and age.
Age is one of the factors given higher weighting as drivers as generally, they are more experienced behind the wheel, keep their cars in better working order and travel less miles than younger drivers.
As the over 50’s are more healthy and mobile now, due to better diets and medical treatment, they tend to travel more and have the disposable income to take longer breaks overseas.
Insurance companies have been quick to spot this and are exploiting the niche by offering discount travel insurance to older people
It’s not only the Over-50’s that get special treatment either – the other insurance milestones are 65 and 75 years old. Once you leap these hurdles, your insurance premiums start to fall even more.
Unfortunately, in the UK, women are the most likely to benefit from the over 75’s discount as men live to 77 years old on average, but women live to 86.
If men want to take advantage of these special age discounts on insurance, according to research by Sheffield University, they ought to take up polygamy – relationships with more than one partner – as men in polygamous relationships live 12% longer than men in monogamous – single partner- relationships.
For the average UK man, that would extend his life by just over nine years to 86 years old.
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