What is the best over 50 life insurance?

  • Affordable monthly premiums
  • Full cover after one year
  • Guaranteed acceptance with no medical
  • Provides a cash sum for family to use how they wish

On this page we explain who the leading companies are, how they compare and the free gifts they offer. You will also find links to over 50 life insurance calculators and see what Martin Lewis thinks of these types of plans.

What makes a good over 50 plan?

 

To find the best over 50 life insurance plan, ensure the company is authorised by the Financial Conduct Authority and check they have great customer reviews and an excellent claims record.

Independent review specialists Feefo, and trustpilot are a great source of information for customer feedback. And to understand more about the quality of the plan and how comprehensive it is, check the Defaqto rating.

Price and value for money is also something you need to consider, which is where comparing quotes will help.

Over 50 life insurance calculator

Calculators for over 50 life insurance let you see how much cover you can get for your money. They are free and easy to use and will provide quotes from leading insurers within seconds.

In addition to the calculator, our comparison table shows the minimum monthly premium each company offers, when you are covered for the full cash sum, the customer rating as reviewed by their own customers and whether there is a free gift when a plan is taken out.

Compare plans

Company Minimum premium Customer rating Pays out after Free gift value Calculators
Sunlife £3.70 4.8 1 Year £115 Sunlife calculator
Royal London £7 4.7 1 Year £115 Royal London calculator
Shepherds Friendly £10 4.67 2 Years £50 Shepherds calculator
One Family £8 NA 2 Years None One Family calculator
Aviva £5 NA 1 Year None Aviva calculator
Legal & General £5 4.6 1 Year £100 L&G calculator

Customer rating taken from providers website, typically Feefo or Trustpilot review service. Pays out after’ means that the plan will only pay out in full once you have passed this initial period. Funeral benefit option and free gifts are explained in this article. Try the calculator will take you to that providers website to calculate how much cover you need

Do the best over 50 life insurance plans have a free gift?

Many over 50 life insurance plans come with a free gift or gift card once the plan is purchased. Although it’s a nice gesture, this shouldn’t be your main reason for choosing a plan. Your decision should be based on the level of service, terms and conditions and company reviews, not just a free gift.

Always check the small print, as some gifts are only available with minimum premiums of £x and of the qualifying period before payment varies from 1 to 6 months.

How much life insurance do I need?

The amount of life insurance an over 50 year old needs depends on why they want the cover. If it’s to help pay for a funeral, you may want to consider current funeral costs to see how much cover you might need. Costs will increase over coming years so do take inflation into account.

Your budget will also dictate the amount of life insurance you choose, as you need to be comfortable with your monthly payments. Which is where comparing quotes can help.

What is the free funeral benefit option?

If your reason for buying a plan is to help with funeral costs, you may want to consider the funeral benefit option. This ensures your money is paid directly to a designated funeral director to help pay for the funeral when the time comes.

The funeral benefit option is free and in return you get a contribution towards your funeral costs of between £250 to £300, depending on the company you choose.

What’s more, if you change your mind at a later date and prefer to leave the money as a gift for family, the funeral benefit option can be removed.  

What does Martin Lewis say about over 50 life insurance

Money Saving Expert Martin Lewis is quite vocal when it comes to over 50 life insurance. His main concerns are that you could pay more in premiums than the cash sum paid out; that inflation reduces the value of the cover and once you start paying for the plan, if you want to cancel or miss a payment you won’t get any money back.

However Martin does acknowledge that for people with an illness or in poor health with a possible shorter life span, these plans could offer good value for money.

Martin Lewis’ points are valid as we explain in more detail in our over 50s life insurance guide. However, this is insurance and like any other type of insurance, be it car or home insurance, you pay to cover a risk – a risk that may never happen.

And whilst we may never make a claim on all our other insurance policies, this type of policy guarantees to pay out a cash sum when you die, whenever that may be.

Ready to get an Over 50 life insurance quote?

Comparing quotes is an important part of choosing the best over 50 life insurance plan that suits your needs and budget.

So if you’re ready to find out more, click on one of calculator buttons in our over 50 life insurance comparison table.

Alternatively to understand more about how this type of plan works, read our helpful over 50s life insurance guide.

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compare free gifts

This article was written by Simply Funeral Plans. We were not paid to write it but we will receive commission if clicking on a link to Sunlife, Royal London and British Seniors results in a reader taking out a policy with that insurer.

  • 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.

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