What is Over 50s life Cover?
Over 50 Life Insurance provides cover for the whole of your life, paying out a cash lump sum when you die that can be used to:
- Help with funeral costs
- Leave as a gift to family
- Pay off outstanding loans, bills or debts
As the majority of families use the money as an affordable way to help with funeral costs, over 50s life cover is frequently also referred to as funeral insurance.
In addition to helping with funeral costs, people are also attracted to over 50 life cover because your acceptance is guaranteed, which simply means the state of your health doesn’t matter; you will be covered regardless with no medical questions asked.
How does funeral insurance work?
Funeral Insurance is straightforward and easy to arrange however there are some important points that you need to be aware of:
- Premiums start from as little as £3.70 a month depending on the insurer you choose and payable either for life or until you are 90; therefore it’s important to choose a premium you are comfortable with.
- As mentioned this type of funeral insurance comes with guaranteed acceptance, so it doesn’t matter whether you are in poor health. You will be accepted as long as you live in the UK and are between the ages of 50 to 85*
- You are covered for the full cash sum after just 1 or 2 years; so if anything happens to you after this time, the full cash sum will be paid out to your family
- Depending on how long you live, there is a chance you could pay more into the plan than the cash sum paid out and remember that the money paid out is a fixed amount, so inflation will reduce its value over time
- Most over 50s life cover providers also offer a free funeral benefit option that provides extra cover, usually around £250 to £300 if you agree for the cash sum to be paid directly to a specific funeral director, e.g. a Dignity or Co op funeral directors
- You will see many companies advertising Over 50 life insurance with free gift – usually a voucher of some kind or free monthly payments. Whilst the idea of choosing an over 50 plan with a free gift may be appealing, be careful to choose the plan you want based on the cover and terms and conditions, not because it offers the best free gift.
Can I get over 60 life insurance?
In a word ‘yes’ you can get over 60 life insurance or even over 70s but in truth the plans are exactly the same as an Over 50 plan or so called funeral insurance. Basically you will be accepted as long as you are between the ages of 50 to 85* but the amount of cover available to you will vary depending on your age.
If you are over 60 and looking for insurance than this type of plan may appeal, especially if you have health concerns that you think may be problematic when choosing cover. The good news with this type of Over 60 life insurance is that acceptance is completely guaranteed, so the state of your health really doesn’t matter. You will be accepted with no questions asked.
It is important to think about what you want the cover for and how much you are comfortable paying on a monthly basis. Then take time to compare over 60 life insurance plans so you choose a policy that gives you the right level of cover with terms and conditions you are happy with.
Which is the best Over fifty life insurance plan?
Having compared the over 50s life insurance market, we have chosen to work with SunLife, the UKs most popular provider. They have more than 200 years experience, were first company to offer life insurance without a medical and have over 800,000 customers.
SunLife is rated a Platinum Trusted Service Provider by Feefo, the independent global review company.
Their funeral benefit option is free and if chosen, provides an extra £250 towards funeral costs with a Dignity funeral director and SunLife currently offer their Over fifty life insurance with a free £100 gift card.
If you prefer a plan that let's you pay and arrange your funeral service in advance, see our compare funeral plans section for more information.
Most popular asked over fifty life insurance questions & answers
- Can I have a joint over 50 life insurance plan?
No, 50 plus life plans can only be in your sole name.
If you want cover for 2 people you will need to take a plan each. Whilst this will cost you more, your family will benefit from a cash sum being paid out for each of you when the time comes.
- What is a guaranteed over 50s life insurance plan?
An over 50s life cover plan is life cover that pays out a cash sum when you die. Although the money can be used to pay off any outstanding loans or leave as a gift for family, most frequently it is used to help with funeral costs.
These plans also offer ‘guaranteed acceptance’ which means there are no health or lifestyle questions to answer when you apply. Your application for your over fifties plan will simply be accepted, regardless of the state of your health.
All over fifty insurance providers call their plans slightly different names, so don't worry if they all don't have the word "guaranteed"; for example LV 50 Plus Plan, One Family Over 50s Life Cover, Royal London Over 50s Life Cover and Sun Life Over 50s Life Insurance to name but a few.
- Do you offer over 60 life insurance?
- Can I compare over 50s life insurance plans?
Yes, you can compare over 50 life insurance plans at moneysupermarket.com, confused.com, comparethemarket and others, although Martin Lewis' Moneysavingexpert doesn't offer this service.
You could also go direct to the over 50 life insurance providers websites: SunLife, LV, British Seniors, L&G, AIG, Royal London, some supermarkets such as ASDA are also offering over 50 plans
- Is Over 50s Life Cover good value for money?
At the end of the day over 50s life cover is insurance, there to cover a risk. The difference with this type of plan compared to car insurance or home insurance is that as long as you continue to make your monthly payments when due, the plan will pay out a cash sum when you die.
Yes there is a chance you can pay more in monthly premiums than the plan pays out, but this all depends on how long you live. The longer you live, the more you pay but let’s face it, most of us will pay in more for our home and car insurance than we ever get back.
On the flip side you are guaranteed to be covered for the full cash sum after just one or two years (depending on the plan provider), regardless of how many premiums you have paid to that point.
- What is funeral insurance?
When people talk about funeral insurance they are usually either talking about funeral plans or over 50 life plans; both of which can be found right here at Simply.
Most frequently though Funeral insurance is associated with Over Fifty Life Insurance, as the majority of people who choose this type of life cover do so with the intention of using it to help with funeral costs.
Just remember this type of funeral insurance is not a funeral plan; it only pays out a cash sum to help with funeral costs whereas a funeral plan freezes costs at today’s prices therefore avoiding future inflation and includes your funeral arrangements so your family won’t have the worry.
- What happens if I cancel the plan?
When you buy this type of no medical life insurance you are committing to pay your premiums for life or until you are 90*, therefore you need to be comfortable with your monthly payments.
If you were to cancel your 50 plus insurance plan, the cover would stop and no money would be paid back.
- Can I apply for over 50s life insurance if I am in poor health?
Yes, your acceptance is guaranteed regardless of your health or lifestyle; this is no medical life insurance so no questions are asked when you apply, therefore you are covered regardless of the state of your health.
- Why do companies offer over 50 life insurance with free gifts?
- Which over 50 life insurance plans do you offer?
We have chosen to work with SunLife who offer the UKs most affordable cover, the sun life over 50 plan.
Cover starts from just £3.90 a month, available to anyone between the ages of 50 to 85 and comes with a free gift.
- Can smokers get a 50 Plus life insurance plan?
- What is the funeral benefit option?
The funeral benefit option is free and now offered by most over fifty providers. By simply agreeing for your cash sum to be paid directly to a specified funeral director, you receive additional money to go towards your funeral costs.
For example in the case of SunLife, if you choose their funeral benefit option your money would go to a Dignity Funeral Director and in return, you receive an extra £300 towards your funeral costs.