There are always a lot of questions to be asked when it comes to buying insurance. Which is the best insurance company? Which is the cheapest? What sort of insurance do I need?

As you may already know, many types of insurance policies are dependent on age, income or employment status. As retirement affects these factors directly, the questions you might ask about insurance are likely to change when you retire. That’s why Insure4Retirement have put together this handy Q&A for you.

Below are just a few of the most common questions our customers ask us when arrange their insurance.


“Does insurance cost more if I’m retired?”

Insurance companies look at many different factors when calculating a premium, one of which is your age. However, how much age affects your premium really does depend on the type of insurance cover you’re looking for.

As we found out in our previous article, home insurance for over 50s is, on average, cheaper than insurance for 20-40 year olds. Contents insurance for over 50s is also cheaper on average.

When it comes to other insurance types such travel insurance for over 50s however, there are certain cases where insurance can be more expensive for retired persons, as health or medical conditions may also be taken into account.

Your employment and income can also be taken into account, especially when it comes to car insurance. Car insurance can sometimes cost more if you have left work. However, being retired may actually go in your favour, as drivers over 50 are generally seen as more experienced and reliable.


“Is the policy excess higher for over 50s?”

Normally, no. From our experience and knowledge, insurance policies for over 50s don’t have higher excesses. However, once again this will depend on the insurance company you use and on what type of insurance youre looking for.


“Is there any special insurance for retirement?”

Not at all. People who are over 50 don’t need any specialised insurance. However if you’re using your retirement to enjoy more holidays or have invested in somewhere nice to escape to, such as a chalet, static caravan or holiday home, you will need specific insurance.

Insurance for chalets, static caravans and holiday homes is different from a normal home and contents insurance policy. This is because your caravan or chalet might be of a different construction, or because your holiday spot is likely to be vacant for long periods of the year.

If you’re renting out your chalet, caravan or are running a guest house in your retirement years, you will also need a specialised policy. You’ll need one that’s designed to accommodate any extra liabilities that a guest house or holiday home rental might present. This is also true of houses you may have bought to let, as you will need dedicated landlords insurance to cover you.


“Is it difficult to get insurance when you’re retired?”

Again, this will depend on the type of policy you’re taking out. Insurance policies such as home and contents or car insurance for over 50s should be just as easy to take out as it is for anybody else.


Are there specialist insurance companies for over 50s?

We’re proud to say that there are. Insure4Retirement is one such company. We specialise in providing insurance for over 50s, with many different types of products such as home and contents, travel insurance, landlords insurance and car insurance.

If you are retired and have any further questions about insurance policies, then you can email or call us on 0800 2988 707. We’re always happy to help where we can.

If you would like to arrange an insurance quote, you can get one online by clicking here or speak to us directly on 0800 2988 707.