Over 50s life insurance explained

Over 50s life insurance is a popular type of whole of life insurance for those over 50. It offers an affordable way of leaving money for family when you die.

Our guide explains how this type of life cover works, detailing all the things you should know to help you decide if it’s the right type of plan for you.

What is over 50 life insurance?

Over 50 life insurance guarantees to pay a cash sum when you die. It’s available to anyone aged 50 to 80 regardless of the state of your health. The money can be used however your family choose however most people use this type of life insurance to help with funeral costs.

How does it work?

Over 50 life cover is simple to arrange and affordable. Here’s how it works:

Guaranteed acceptance life insurance

Cover is guaranteed, you simply need to be between the ages of 50 to 80* and live in the UK. And as there are no medical or lifestyle questions, you will be accepted regardless of any health issues too.

Fixed monthly premiums

Over 50s life cover is available from just £3.70 a month and fixed for life, which means it will never go up. Premiums are payable for life or until your 90th birthday* so it’s important to choose a premium you are comfortable with.

Some insurers also offer an indexation option designed to keep in line with inflation. With this option both the cash sum paid out and your premiums increase each year.

Full cover after just 1 or 2 years

Depending on the over 50 life cover plan you choose, you are covered for the full cash sum after just one or two years.

Guaranteed cash payout

The cash sum is fixed and guaranteed. So as long as you continue to pay your monthly premiums, you know exactly how much your family will get when the time comes.

What are the pros and cons of Over 50s life insurance?

Although over 50s life cover may be a good idea for those wanting to help with funeral costs or leave a cash gift to family, there are some disadvantages to consider. Therefore if you are thinking of buying a plan, make sure you understand the pros and cons before making a decision.  

Benefits

  • Guaranteed acceptance regardless of any health issues
  • Quick and easy application process
  • Low fixed monthly premiums from just £3.70 a month
  • Full cover after initial period of 1 or 2 years
  • Guaranteed cash payout
  • You are covered for the whole of your life
  • Money can be used how your family wish
  • Straightforward quick claims process

Things you should know

  • As the cash sum is fixed, inflation will reduce its value over time
  • Premiums are payable for life or until your 90th birthday
  • If you stop paying your premiums, the plan will end and you won’t get any money back
  • Depending on how long you live, you may pay more than the cash sum paid out
  • If you die within the initial period, the cash sum won’t be paid however your premiums would be refunded

Is it worth getting life insurance at 50?

If you want to leave money for family, either to help with funeral costs, pay outstanding bills or leave as a gift, it could be worth considering over 50s life insurance. This type of life insurance often appeals to those looking for a simple policy without the worry of having a medical.

However, depending on why you want the cover, there may be alternative options worth consideration.

over 50s life insurance guide

What are the alternatives to over 50s life cover?

There are several alternatives to over 50s life insurance. Whether they are suitable will depend on your reasons for buying a plan.

Regular whole of life insurance

If you are in good health and happy to answer health or lifestyle questions, a regular life insurance policy will give you more cover for your money.

Term life insurance

If you want cover for a fixed period, term insurance can provide life cover for a specified number of years.

Prepaid funeral plans

If you want to help with funeral costs, a prepaid funeral plan lets you arrange and pay for your services in advance at today’s prices.

Direct cremation funeral plans

If you are looking for an alternative to a traditional service, this type of prepaid plan lets you arrange and pay in advance for a simple cremation only funeral.

Can you get over 60s life insurance?

If you are considering life insurance for over 60 year olds, an over 50s life insurance could provide the cover you are looking for. As long as you are aged 50 to 80, you are guaranteed to be accepted for this type of plan.

What is the difference between over 50s life insurance and prepaid funeral plans?

Over 50 life cover pays out a cash sum when you die. This means your family have the flexibility to use the money how they wish. A funeral plan lets you arrange and pay for your funeral service in advance, removing the worry from your family when the time comes.

To understand more about how the two compare, read our article on over 50 life insurance vs prepaid funeral plans.

How can we help you?

Hopefully this guide has helped you understand more about this type of plan. If you now want to see how much cover you can get for your money, take a look at our over 50 life insurance comparison table.

Its free and easy to use and lets you compare quotes with leading FCA authorised companies in just a few minutes.

Compare quotes

A word on financial advice

The information we provide is designed to help you understand more about how plans work. It is a guide and not advice. If you would like independent financial advice, you could try one of the following organisations:

Unbiased - find qualified financial advisors

Money Advice Service - information on choosing a financial adviser

Find a retirement advisor

Citizens Advice Bureau - can offer online or face-to-face advice

What is over 50 life insurance?

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