If you have reached your fifties it is easy to think that you no longer have a need for life insurance or critical illness cover. You may be receiving a regular, guaranteed pension and have no mortgage or other debts to repay. Your children may have left home and you may have a nest egg of savings. And, you may be in great health and so scoff at the need for critical illness cover.

However, your death may still leave your family with various financial problems. Here are three reasons that you may need life insurance, even if you are over 50.

Life insurance to repay your debts

Research from the Lincoln Financial Group in 2006 found that 1.6 million Brits do not expect to clear their mortgage debt until they are aged 65, while the same survey discovered that 309,000 will still be making mortgage payments at the age of 70.

As more and more people are carrying debts into their retirement, it is vital that you compare life insurance to make sure that you have sufficient cover. Who will continue to pay your mortgage or debts in the event of your death?

Life cover to meet your funeral costs

A survey by the Post Office in 2010 found that 74 per cent of adults in the UK have no funeral provision in place. This is despite funeral costs rising steeply in recent years. In 2010, The Guardian reported that funeral directors’ fees now average £1,515, not including crematorium or church hire.

Without life insurance, your family will have to foot the bill for your funeral.

Insurance to provide a nest egg for your family

Even if you have no debts to pay, many people like to leave a sum of money to their loved ones. You can leave money to grandchildren to help them with their university fees or to your children to help them pay off their own debts.

Head online to compare life insurance – the cost of a simple policy to provide a nest egg to your family might well be much less than you think.