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Over 50s life insurance

Compare life insurance deals for people over 50

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Provided by ActiveQuote

Compare over 50s life cover from leading UK providers:

We do the hard work for you, comparing deals from the biggest providers in the UK so you can find a deal that meets your needs

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What is over 50s life insurance?

Over 50s life insurance is a type of life cover designed for people aged 50 and above. Unlike term life insurance, your over 50s life insurance policy will last you the rest of your life as long as you’ve paid your premiums when they’re due, and no medical questions are asked. It’ll pay out a tax free lump sum to your family whenever you die, helping you provide financial security for the people you love even when you’re not around. 

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How does over 50s life insurance work?

Over 50s life insurance is designed specifically to meet the needs of older people. Here’s how your policy works:

  • Pay a fixed premium

    You need to pay a certain amount every month into your insurance

  • Lifetime cover

    Keep up these payments and your cover lasts for life – and the rate will never go up

  • Get a fixed cash lump sum

    Your loved ones will receive a fixed cash lump sum, whenever you pass away

How much is over 50s life insurance?

The price of over 50s life insurance depends on a number of factors. To see how much it might cost for you, try our simple life insurance calculator.

  • Your age

    The older you are, the higher your premiums. That’s why it’s best to get cover as soon as possible – you’ll be locked into a lower rate for the rest of your life 

  • Your lifestyle

    Insurance is more expensive for people who smoke, since there’s a higher risk of health complications

  • Your lump sum

    Think carefully about how much money your loved ones will need – but remember, a bigger payout means higher premiums

  • Your provider

    Some providers give a better deal than others. That’s why it’s always best to shop around for the right policy

Why compare over 50s life insurance with MoneySuperMarket?

We’ve partnered with ActiveQuote to bring you some of the best life insurance deals on the market. Here’s how we can help you get the right insurance for your family:

  • Guaranteed acceptance

    If you’re over 50, you’re guaranteed to get whichever deal you choose – with no need for a medical exam 

  • Deals to suit you

    We search through a range of the UK’s leading providers – and you can easily sort and compare your quotes to find the right one 

  • It’s quick and easy

    Simply give us a few quick details about yourself, and we’ll show you all your quotes in seconds

Is over 50s life insurance worth it?

As with every financial decision, it’s important to carefully weigh up the pros and cons before deciding to take out over 50s life insurance. Here are some advantages and disadvantages to think about:

  • Tick

    Advantages

    • Guaranteed acceptance. No medical exam and no medical questions – if you see a deal you like, you can take it

    • One policy for life. Unlike term life insurance, your over 50s cover will last you forever, as long as you keep making payments

    • Fixed premiums. Your monthly premiums won’t change, even with inflation, no matter how long you stay on the policy 

    • Free cover. Some providers will let you stop paying premiums after a certain age (usually between age 85-95) and still keep your cover 

  • Cross

    Disadvantages

    • Higher premiums. Over 50s cover can be pricier than term life insurance for large lump sums, since every policy eventually pays out

    • Inflation issues: Your lump sum is fixed – and thanks to inflation, it might not be worth as much in a few decades

    • Paying in too much: If you take out cover early, it’s possible you’ll end up paying in more than your policy ends up paying out

    • Time limits: Some insurers won’t pay the full lump sum if you die in the first few years – just the amount you’ve paid in so far 

Neal Cross

Our expert says

"

Whether over 50s life insurance is worth it depends on your circumstances. Over-50s life insurance can be a great way to help your loved one's cope with your funeral costs, debts, or it can simply be a gift you leave behind. MoneySuperMarket has partnered with ActiveQuote to provide quotes from leading insurers, with helpful advice available over the phone if needed.

"

- Neal Cross, Life Insurance Expert

How can I get the best deal on over 50s life insurance?

Cheaper isn’t always better – you want your insurance to cover all your family’s extra expenses. But there are still a few handy ways to save money on cover:

  • 1

    Shop around

    You can find cheaper quotes when you compare different providers

  • 2

    Reduce your cover level

    Make sure you aren’t taking out more cover than your family needs

  • 3

    Improve your lifestyle

    Quitting smoking can mean cheaper cover due to the health benefits

  • 4

    Consider extra features

    Some deals might come with extras or welcome gifts, but check if these are needed and look at the overall cost too

How to compare over 50s life insurance with MoneySuperMarket

We’ve teamed up with ActiveQuote to bring you over 50s life insurance from some of the UK’s leading providers. Here’s how it works: 

  • It doesn’t take long

    Fill in a few details about your age and circumstances and you’ll be able to compare life insurance quotes quickly

  • Compare your options

    Based on your answers, including how much cover you want, we show you a wide range of options

  • Buy your policy

    You can choose to take out your policy online or over the phone, then sit back and relax knowing you're covered

You will be covered if you were to pass away because of coronavirus, as long as you are outside of the waiting period. You can find out more about how coronavirus affects life insurance here.

The main differences between life insurance and over 50s life insurance are:

  • Cover lasts a lifetime: Unlike standard life insurance, over 50s life insurance is designed to cover you for the rest of your life, as long as you keep up with your payments. Usually standard life insurance policies will only cover you for a set term

  • No medical info needed: You’ll get guaranteed acceptance regardless of any medical conditions you have

As long as you’re age 50 to 80 (this can vary depending on your provider, so make sure to check their age limit), you should be eligible for over 50 life insurance. Do keep in mind that the older you are when you take out life insurance, the higher your premiums will be. For this reason, it may be worthwhile to take out your over 50 life insurance sooner rather than later.

You may be able to have more than one over 50 life insurance policy, but do check this with your life insurance provider. Make sure you check with your provider if there’s a maximum combined amount of cover for all the over 50 life insurance policies you hold with them. 

You won’t need a medical exam to get over 50 life insurance. Most life insurers will accept you whatever your medical history is, and you won’t have to pass any test or answer any health-related questions.

Joint over 50 life insurance policies may be hard to come across and aren’t common, but it’s worth asking your insurer if a joint policy is possible and comparing your options just to be sure.

With over 50 life insurance, no medical questions will be asked when you apply. This means you should be able to get over 50 life insurance with a pre-existing condition, but for peace of mind, it may be worthwhile checking this with your provider. Some policies can come with minimum claim periods. These are usually one or two years – if your dependants make a claim before the period has passed, they won’t get a full pay-out. This means that over 50 life insurance may not be worthwhile for those with a terminal illness.

How long you pay for over 50 life insurance will depend on the age you take out your policy, and the specifics of your cover. Some insurers stop payments at the age of 90, even though your cover will run for the rest of you life. 

Your premiums aren’t likely to go up with over 50 life insurance. This is because most premiums are fixed and won’t increase year by year. Make sure you check how much your premiums are and if they’re fixed with your life insurance provider, so you’re not caught out unexpectedly.

Inflation may affect the pay out of your over 50 life insurance, so it’s worth taking this into account when deciding how much cover you need.

You can get life insurance when you’re over 60, 70 and 80. But do bear in mind the monthly premiums are usually higher if you take out life insurance when you are older. This is because you are more likely to pay more into your policy over time if you take it out when you are younger.

Putting your over 50 life insurance policy in trust can be a way of protecting your pay out from inheritance tax and prevent the pay out falling within your estate. There are different types of trusts available depending on your individual or family circumstances.

There are a few insurers which offer increasing-term life insurance for the over 50s. In this type of policy, the pay out and the premiums are reviewed every year in line with inflation.

This type of life insurance holds its value over time, which can be a great benefit. But you’ll need to be confident that you can keep up with the increased payments over the years, otherwise the cover will lapse.

Your over 50 life insurance policy will have no cash-in value. This means you can’t get the money you’ve paid back if you change your mind, and if you stop paying your premiums your policy will be worthless. 

With over 50 life insurance, if you miss a payment your policy can lapse and you’ll no longer be covered or receive any return from your previous payments.

If you miss a payment, your insurer may offer you a ‘grace period’ of time to pay the missed premium before your policy lapses. Make sure you check with your life insurance provider the specifics of your policy so you aren’t caught out unexpectedly and left uninsured.

Guaranteed acceptance for life insurance is just that – guaranteed. As long as you’re a UK resident and within the age bracket specified by the insurer, you will be insured regardless of your medical history or lifestyle.

While the pay out from your over 50 life insurance can be used towards funeral costs, your insurer may have specific funeral options and limitations. For this reason, a funeral plan may be worthwhile, to make sure you have money aside to cover funeral costs when you pass away. 

A funeral plan is a good way to arrange and pay for your funeral before you pass away, to take the worry off your loved ones while they’re grieving. You can pay either in instalments or a lump sum to a funeral planner, who will invest your money into an insurance policy or independent trust fund for when your family needs it. 

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