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Over 50s life insurance

Compare life insurance for the over-50s with Assured Futures

  • Guaranteed acceptance
  • No medical questions asked
  • Compare over 50 life insurance with eight specialist providers

What is over 50 life insurance?

Over 50 life insurance is a type of life insurance that runs from age 50 and above for the rest of your life. It serves as peace of mind for you and your loved ones if you pass away or fall terminally ill during the length of your policy. Life insurance can give you financial reassurance that should the unexpected happen, your family will be taken care of.

Life insurance for the over 50s will cover you for the rest of your life, as long as you keep up with your payments. You’ll pay an agreed monthly premium and when you pass away your insurer will pay a lump sum to your beneficiary (the person named on your policy who’ll receive a pay out, usually your partner and/or children.) 

The pay out money can be used for whatever you like, from funeral costs to paying off existing debt, or even as a gift to those you care about most.

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Who needs over 50 life insurance?

Whether you need over 50 life insurance will depend on your personal situation, lifestyle and finances. Life insurance for the over 50s can take off financial pressure if you were to pass away unexpectedly, leaving your family to grieve without any extra worry. To assess if you need over 50 life insurance, you’ll need to weigh up the following:

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    You might need over 50 life insurance if…

    • You have dependents (children, your partner) that rely on you financially

    • You have a mortgage to pay off that would need covering financially if you passed away

    • You need cover for your funeral expenses should you pass away
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    You may not need over 50 life insurance if…

    • You’re single and have no dependents 

    • Your partner earns enough income for your family to live on if you passed away

    • You’re on a low income yourself and could be eligible for state benefits

How does over 50 life insurance work?

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Pay a fixed premium

Over 50s life insurance works by paying set premium every month, and when you pass away your beneficiaries receive a pay out to help in a difficult time.

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Lifetime cover

Keep up your payments and your cover lasts for life. Some providers stop taking payments when you reach a certain age, but your cover remains in place.

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Get a fixed cash lump sum

When you pass away, your loved ones receive a fixed cash lump sum. If you’ve only had your policy for a couple of years, some providers will return your premiums instead.

How much is over 50 life insurance?

What your over 50 life insurance will cost you will depend on a few factors.  These can include:

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    Age

    When you’re over 50, it’s not surprising that age is a main factor that affects your life insurance premium. As you get older, you become more at risk of developing health conditions

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    Your chosen cover amount

    How much you want to leave behind as a lump sum pay out will impact the price you pay. The bigger the lump sum, the higher your premiums will be

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    The provider you choose

    Some providers will be more expensive than others, with different features, benefits and qualifying periods

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    Smoking

    Whether you are a smoker, or have used tobacco related products in the past 12 months, will affect your premium

How much cover do I need?

How much over 50 life insurance you need will depend on a few factors including how much your dependents rely on your income, any loans or repayments you have left to make and how much you can afford to pay for your premiums each month. Our life insurance calculator can help you work out how much cover you need.

With a specialist over 50 life insurance policy, you’ll have guaranteed acceptance and fixed monthly premiums with payments ranging from £10 to £50 per month. The amount of cover you can take out usually ranges from £1,000 to £25,000.

To make sure your pay out is protected financially, you can choose to put your life insurance policy in trust. This can help avoid the value of a pay out becoming liable to inheritance tax and prevent the pay out falling within your estate. When this happens, it becomes part of a process called ‘probate’ which is the distribution of your estate after your death.

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What is the benefit of taking over 50 life insurance?

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    Acceptance is guaranteed

    You won’t need to answer any medical questions or pass a test to get accepted for life insurance. Most insurers will accept you, regardless of your medical history or financial status

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    Write the policy ‘in trust’

    It’s a good idea to ask your financial adviser about writing your policy in trust. This is to avoid the 40% inheritance tax your beneficiaries could be liable for on the pay out they receive

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    Fixed premiums

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

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    Free cover

    Your insurer may waive your premium if you live past a certain age. This means you’ll still be covered, but no longer need to make payments

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    Keep an eye on inflation

    Over time, a fixed pay-out can lose value due to inflation. If you agree to a £10,000 policy when you’re 50, it may be worth less in 30 years’ time

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    No cash-in value

    Over 50 life insurance has no cash-in value, so if you don’t keep on top of your payments you will have likely wasted your money

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    Paying in more than you’ll get

    You may end up paying more than you receive at the end, especially if you take out a policy early in life and live for a long time

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    Minimum payments

    A lot of insurers require you to pay into your plan for one or two years before you qualify for full payment. If you pass away during this time, you will get your premiums back

How to find the right over-50s life insurance

We’ve teamed up with Assured Futures, our chosen partner for life insurance policies that are specifically designed for people who are 50 and over. Here’s how it works:

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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

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Compare your options

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

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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

Which brands do we work with?

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

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Rose Howarth

Our expert says

"Over-50s life insurance is a great way to help your loved ones cope with your funeral costs, and perhaps even to leave them a gift. “MoneySuperMarket, in association with our specialist partner Assured Futures, can provide competitive quotes and offers gift cards from some of our 50-plus insurers."

- Rose Howarth, head of life insurance

Can I get cheaper over 50 life insurance?

There are ways you can get cheaper over 50 life insurance, but do bear in mind that cheaper isn’t always the best option for you. Make sure you check each provider’s policy features in case any are important to you. Ways you can get cheaper over 50 life insurance include:

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    Shop around

    Comparing over 50 life insurance from different providers can help you find cheaper policies

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    Reducing your cover level

    You may have less financial commitments to cover as the years go by and you could reduce your cover level. This may make your premium cheaper

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    Changes to your lifestyle

    Quitting smoking can improve your health and mean you’re able to get cheaper life insurance too

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.

When you’re over 50, whether life insurance is worth it depends on your personal circumstances. If you have a steady income which your dependents might not be able to do without, a life insurance policy works to make sure they are well looked after if you pass away.

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.

To find out more about putting a policy in trust, speak to our specialist over 50 life insurance partner, Assured Futures, by calling 0330 022 9921.

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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