Over-50s life insurance

No, over-50s life insurance is not usually your only life insurance option, even if you’re in the 50-80 age bracket.

You can often take out other life insurance policy types — such as mortgage life insurance or standard life insurance — regardless of your age. However, these might be more expensive than over-50s insurance.

Standard life insurance generally only lasts for a set period of time. If you don't die within that time, you won't receive any money from the life insurance provider. People over the age of 50 may still be able to take out standard life insurance policies.

Over-50s life insurance is a type of whole-life insurance. You keep the policy until you die and there is a guaranteed payout. You must be over the age of 50 to take out this type of insurance.

To receive the insurance payout, your loved ones will need to inform the insurer of your death. They'll need your policy number, your death certificate, and your will (if you have one).

Payouts are guaranteed as long as you haven't missed any of your payments, and most claims are settled within a few days.

Anyone can start the claims process, but only the beneficiaries you've named in your policy will receive the money.

Yes, you can still get life insurance in your 60s, 70s, or even 80s. However, most over-50s life insurance policies are specifically designed for those aged 50-80, and the older you are the higher your premiums are likely to be. The lump sum that insurers will pay out on your death may also be lower.

Yes, you can get an over-50s life insurance policy if you have a pre-existing medical condition. Many over-50s insurance companies guarantee to accept all, regardless of medical conditions or health problems. . 

Yes, you can get over-50s life insurance if you have a terminal illness. These policies generally don't require you to provide any health information.

However, many over-50s life insurance policies have a 'qualification' or waiting period of one to two years. If you die within that time, they will not pay out the lump sum. They often will refund the payments you made to them.

There are not usually specific funeral benefits to an over-50s life insurance policy, but many beneficiaries will put the lump sum they receive towards funeral costs.

If you want to be sure all your funeral costs are covered, you could consider taking out a prepaid funeral plan.

Yes, it is usually possible to have more than one over 50s life insurance policy. However, insurance providers will often have limits on the maximum amount of combined cover you can have with them.

While it is possible to get joint over-50s life insurance, policies that offer this tend to be very rare, and not the cheapest option.

If you want joint life insurance with your partner, you could look into decreasing-term life insurance or level-term life insurance policies.

It depends on your policy. Some insurers will stop collecting payments for over-50s life insurance when you reach 90 years old (you'll keep your cover for the rest of your life). Otherwise you generally pay until you die.

It is important not to miss any payments, as that could invalidate the insurance.

With over-50s life insurance, your insurance will be invalidated if you stop making payments. That means the insurance won't pay out on your death. You also won't have any of the money that you already paid in refunded.

If you accidentally miss a payment, your insurer may offer you a grace period before the policy lapses. It's worth checking this when you take out your policy.

The payout of an over-50s life insurance policy is a fixed amount, and is not adjusted to inflation (when prices go up).

Inflation will therefore erode the value of your life insurance payout over time because the higher prices are, the fewer goods and services can be bought with a set amount of money.

Yes. Putting a life insurance policy in trust removes the payout from your estate and could mean your family will not be charged inheritance tax on it.