Over 50s life insurance

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Life insurance is designed to provide for your loved ones and dependants if you pass away or are diagnosed with a terminal illness during the length of the policy. 

Life insurance is often taken out by young families or couples with mortgage commitments, but there are plenty of policies designed specifically for people who are 50 or older – all the way up to 85 and beyond.

It works like any other type of life insurance - you pay an agreed monthly premium, and when you die your insurer pays a lump sum to whoever you named on your policy.  The money can be used for your funeral costs, to pay off existing debts or simply as a gift for your loved ones.

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Guaranteed acceptance

Most insurers will accept you whatever your health situation and financial status, and you won’t have to answer questions or pass any tests

Fixed premiums

Most over-50s policies fix their premiums for the duration of the policy, with monthly payments of between around £10 and £50

Fixed pay-outs

The majority of policies pay out a sum agreed at the outset, whether you die after three years or 30, with a typical maximum of around £25,000

Write the policy ‘in trust’

Your beneficiaries could be liable for 40% inheritance tax on what they get, so ask your financial adviser about writing your policy in trust

Free cover

Insurers often waive premiums for those who live past a certain age – usually 90. You’re still covered but you no longer have to make payments

No cash-in value

Over-50s life insurance isn’t an investment plan and has no cash-in value, and if you don’t keep paying your premiums, it’s worthless

Minimum payments

Most insurers insist you pay into your plan for a year or two before you qualify for the full payment. Under that, and you get your premiums back  

You could pay in more than you get

If you live for a long time it’s possible to pay in more than you receive at the end – especially if you take a policy out at 50

Watch out for inflation

Fixed pay-outs are vulnerable to inflation: if you agree a £10,000 policy at 50, it will be worth less than you think in 30 years’ time

Funeral benefits

As funeral expenses can mount up, you may want to set money aside to help your loved ones. Your insurer may have specific funeral options

Which brands do we work with?

We compare many of the leading life insurance brands for the over-50s, including:

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Is life insurance worth it after 50?

If you have a steady income which your family might not be able to do without, a life insurance policy is a good way to make sure they can survive without you. Likewise, if you have a mortgage your partner may struggle to pay on their own, life insurance can help

Can you get over-50s life insurance with pre-existing medical conditions?

Yes. Most over-50s life insurance policies are offered without medical tests or questions. However, they do tend to 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-50s life insurance isn’t worthwhile for many people with a terminal illness, for instance.

What does it mean to put your life insurance policy in trust?

Putting your life insurance policy in trust lets you name the people you want to receive your life insurance payout (your trustees).

There are different types of trusts available depending on your individual or family circumstances.

Putting your life insurance policy in trust also protects the payout from inheritance tax.

Can you get life insurance for over-60s, 70s and 80s?

Yes you can, though there are fewer insurers available to you the older you get. If you’re very old and looking for life insurance, you may need to seek out highly specialised providers.

Can you get increasing-term life insurance over 50?

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

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

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