Important Financial Decisions

There are insurance companies that have products aimed specifically at women and there are also companies that specialise in the over 50s market. So insurance for women over 50 is a bit of a niche market that cuts across both areas.

Car insurance is an area where the older woman is likely to gain particular benefit. Not only is the over 50s age group thought to be a low-risk market for car insurance but women are also known to have a good claim record. Over 50s are classed as safe and sensible drivers who have relatively few accidents compared to other age groups while women are statistically proven to have a better driving record than men do on average.

Put these two together and over 50 women should get just about the best deals going when it comes to car insurance. To get the best rates, of course, they need a clean licence, maximum no claims discount and drive a reasonably priced car with a low insurance group.

For life insurance, being a woman is a good thing because women generally have a longer life expectancy than men have and so will pay a lower premium for the same sum assured. Some companies do offer policies specifically for the over 50s that pay a lump sum on death, with the amount often intended to cover funeral costs, pay other expenses or leave something for the children or grandchildren. Some schemes are set up specifically as funeral plans, with arrangements made before death and the money going directly to the company arranging the funeral

In other areas, women don't have such a clear-cut advantage and will be treated similarly to men in the same age group. Getting older is a good thing for some types of insurance but is a definite disadvantage for others. Travel insurance is an item where getting older is certainly viewed as a big problem. Although premiums don't necessarily start to rise on reaching 50, they certainly do once travellers get to 65. Figures show that those of this age are three times more likely to make a travel insurance claim than those aged 35, rising to eight times more for those aged 85. As a result, some companies won't provide travel cover for older people, especially if they have pre-existing medical conditions. Some companies, on the other hand, specialise in providing travel policies for the elderly, recognising that people live longer and have healthier lives.

When it comes to providing cover for the home, being over 50 is a distinct advantage. Older people are generally thought to be a better risk because they tend to make fewer claims than younger age groups. However, as with all insurance and irrespective of age or gender, shopping around will get the best deal.