Pay a fixed premium
You need to pay a certain amount every month into your insurance
Compare life cover quotes for people over 50
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
1Accurate as of September 2023
Over 50s life insurance is a type of life insurance policy designed for people aged 50 and above. It’ll pay out a tax-free lump sum to your family whenever you die, which can be used to help clear your debts, pay for your funeral, or simply help provide financial security for the people you love even when you’re not around.
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.
Over 50s life insurance is designed specifically to meet the needs of older people. Here’s how your policy works:
You need to pay a certain amount every month into your insurance
Keep up these payments and your cover lasts for life – and the rate will never go up
Your loved ones will receive a fixed cash lump sum, whenever you pass away
The eligibility criteria for over 50s life insurance will vary between different providers but usually, you must be:
A UK resident aged between 50 and 80 years old
In good health (some providers may offer guaranteed acceptance policies, regardless of any pre-existing conditions or the condition of your current health)
It’s important to 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 50s life insurance sooner rather than later.
It’s important to carefully weigh up the pros and cons before deciding to take out over 50s life insurance. Here are a few to think about:
Guaranteed acceptance policy. 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
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
The price of over 50s life insurance depends on a number of factors.
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
Insurance is more expensive for people who smoke, since there’s a higher risk of health complications
Think carefully about how much money your loved ones will need – but remember, a bigger payout means higher premiums
Some providers give a better deal than others. That’s why it’s always best to shop around for the right policy
When taking out a life insurance policy, the amount of cover you need will depend on various factors. There is no set value you need to choose, the amount you choose is completely your decision, and you can decide the range of cover to be from £1,000 to £25,000.
Our life insurance calculator is easy to use and will simply calculate the adequate amount of cover specific to your needs and circumstances.
We work with the UK's leading insurance providers 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:
If you’re over 50, you’re guaranteed to get whichever deal you choose – with no need for a medical exam
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
Simply give us a few quick details about yourself, and we’ll show you all your quotes in seconds
Yes, The best alternative for you will depend on your individual circumstances and needs. There a few alternatives for people over 50 years old, these include:
Prepaid funeral plans: These plans allow you to pay for your funeral in advance, at today’s price. This can help you take the financial burden off your loved ones once you pass.
Saving accounts: If you are able to save money in a savings account every month, the account can provide a source of income for your loved ones once you die.
Life insurance: Even after the age of 50 you can still be eligible for a regular life insurance policy
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:
Comparing quotes through a comparison website can help you find the best price and cover that suits your needs
While comprehensive covers are enticing, make sure you aren’t taking out more cover than your family needs
Being a smoker increases your premiums, therefore quitting smoking can mean cheaper cover due to the health benefits
Some deals might come with extras or welcome gifts, but check if these are needed and look at the overall cost too
We compare from the UKs leading providers to bring you over 50s life insurance. Here’s how it works:
Fill in a few details about your age and circumstances and you’ll be able to compare life insurance quotes quickly
Based on your answers, including how much cover you want, we show you a wide range of options
You can choose to take out your policy online or over the phone, then sit back and relax knowing you're covered
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.
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.
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.
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.
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.
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.
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: Similar to no medical life insurance cover, you’ll get guaranteed acceptance regardless of any medical conditions you have
Inflation may affect the pay-out of your over 50s life insurance, so it’s worth taking this into account when deciding how much cover you need. Inflation may affect your policy in two main ways:
The amount of cover you need may increase, as your previous amount may not cover enough to meet your beneficiaries’ needs.
Your premiums may increase
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