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Insurers will use this and your age to generate a quote of the lump sum your loved ones would receive when you die.
Over-50s life insurance
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What is over-50s life insurance?
Over-50s life insurance is an insurance policy that will pay out a set lump sum of money whenever you die, as long as you meet your policy terms.
Despite their similar names, over-50s life insurance is a completely different product to standard term life insurance.
Over-50s life insurance is only available to people aged 50 and over. There are generally no medical checks, but you may be asked about your smoking status.
To get the payout, you generally cannot die of an illness during a 'waiting period' of 12-24 months. It is also possible for you to pay more into an over-50s policy than it will pay out.
What is whole of life insurance?
Whole of life insurance is a type of policy that covers you throughout your entire life. As long as you meet your policy terms, your family or other chosen loved ones will receive a lump sum payout whenever you die.
Whole of life insurance is also referred to as life assurance.
Over-50s life insurance is a type of whole of life insurance / life assurance. It is one of the most common type of whole of life insurance sold in the UK, and the only type of life assurance sold on MoneySuperMarket.
What's the difference between life insurance, life assurance, and over-50s life insurance?
This table gives a general overview of how these types of insurance usually work in the UK. While it reflects what's typical across the market, you may find policies that work differently.
Will I get a payout when I die? | Will I be asked medical questions? | Could I pay more if I have medical conditions? | What age can I apply for a policy? | How long do I pay premiums for? | What is this product often used for? | Can I compare quotes on your site? | |
|---|---|---|---|---|---|---|---|
Over 50s life insurance | Yes | No | No | 50+ | Lifetime* | Funeral planning and financial gifts | Yes |
Whole-of-life insurance / life assurance | Yes | Maybe | Maybe | 18+ | Lifetime | Inheritance tax purposes | No |
Term life insurance | Only if you die within the policy term. | Yes | Yes | 18+ | End of policy term | Financially protecting your family should you die young | Yes |
* Some over-50s policies will waive premiums once you hit a certain age, often 90-100.
How does over-50s life insurance work?
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Apply for policy
You will be asked about your smoking status, but there will be no medical questions.
Most over-50s policies offer guaranteed acceptance regardless of your health.
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Pay premiums
You'll usually pay a fixed amount each month.
If you don't make these monthly payments your policy could be cancelled.
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Complete the waiting period
Most policies have a waiting period of one or two years for death from natural causes.
Accidental death may be covered immediately.
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Premiums may end
Some insurers stop charging premiums once you reach a certain age, often 90-95.
Your cover will continue.
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Payout
When you die, your beneficiaries or representatives can make a claim.
Once approved, the insurer pays the agreed lump sum, which your loved ones can use as they wish.
Over 50s life insurance | What are the advantages and disadvantages of over-50s life insurance?
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Disadvantages
You need to pay premiums indefinitely** or risk losing your cover
You can't cash in your policy, it only pays out if you die
Payouts are typically smaller than other types of life insurance
You could end up paying in more than the policy pays out
Inflation will reduce the value of the payout
Policies often don't pay out for death from natural causes for the first 1-2 years
How much is the average over-50s life insurance payout?
Payouts for whole of life policies are generally much lower than for term life insurance policies.
Is over-50s life insurance worth it?
Over-50s life insurance can provide financial support for your loved ones when you die, but it's important to understand that you could end up paying more into your policy than your family receives back.
To illustrate this, we've looked at the average payouts available to a non-smoking woman living in Shrewsbury who takes out a policy costing £10 a month.
We've compared the cover available if she takes out the policy aged 50, 60, 70 or 80, and how much her family would receive compared with the total premiums paid if she died:
24 months after taking out the policy - just after the typical waiting period during which death from natural causes is not covered
At age 83 - around the average life expectancy for women in the UK
At age 90 - An age when some over-50s insurers stop charging premiums, even though cover continues
With over-50s life insurance, the sooner you die after your waiting period ends, the more your family is likely to receive compared with what you've paid in.
Figures show payout minus total premiums paid. Positive figures mean the family receives more than was paid in; negative figures mean more was paid in than paid out.
£10 monthly premium | Average payout[4] | Dies after 2 years | Dies age 83 | Dies age 90 |
|---|---|---|---|---|
50 year-old | £2,882.25 | + £2,642.25 | - £1,077.75 | - £1,917.75 |
60 year-old | £2,182.00 | + £1,942.00 | - £578.00 | - £1,418.00 |
70 year-old | £1,242.25 | + £1,002.25 | - £317.75 | - £1,157.75 |
80 year-old | £580.00 | + £340.00 | + 220.00 | - £620.00 |
These are illustrative examples only. Your own payouts could be higher or lower.
What are the alternatives to over-50s life insurance?
An over-50s plan may not be the best option for you. Other products to consider are:
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Term life insurance
Bigger payouts but only pays out if you die within the policy term.
Usually used as protection against the financial hardship of an unexpectedly early death.
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Funeral plans
You pay for your own funeral in advance, either in a lump sum or monthly instalments.
Used by people who just want to make sure funeral expenses are covered.
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High-interest savings accounts
An alternative way to put aside money to leave to your loved ones.
Savings may be subject to Inheritance Tax.
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Other whole life policies
Medically underwritten whole life policies can offer larger guaranteed payouts.
They're uncommon but sometimes used for inheritance tax planning.
Can I cash out a whole life insurance policy?
Most UK whole of life plans, including most over 50s life insurance policies, do not build cash value, meaning you cannot cash them in early.
There are some whole of life insurance policies that include a cash value component and can be cashed out by surrendering the policy, which ends the cover and may involve charges. However, these types of policies are uncommon in the UK.
Are over-50s life insurance payouts subject to inheritance tax?
Inheritance Tax is generally only owed on estates worth more than £325,000
If you have a larger estate, you can generally avoid your family paying inheritance tax on an over-50s life insurance payout by writing the policy in trust.
Trusts are often free to set up through your insurer.
They allow the money to go directly to your chosen beneficiaries rather than becoming part of your estate. Trusts can also help your loved ones receive the money sooner, without waiting for probate.
Not all over-50s policies can be written in trust, so check with your insurer before taking out cover.
Our expert says…
If you're looking for a life insurance policy after 50, it's worth taking some time to explore all the different options. If you want to leave a guaranteed payout then over-50s life insurance may be appealing.
But if you're more interested in financially protecting your loved ones if you die sooner than expected, a more traditional life insurance policy may offer a much higher amount of cover. The average monthly price our 55-59 year-old customers pay for term life insurance is £31.81[5].
Alicia Hempsted Insurance Expert
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Is over-50s life insurance my only life insurance option?
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.
What is the difference between life insurance and over-50s life 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 of 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.
How would my family make a claim on my over-50s life insurance?
After you die, your family would contact your over-50s life insurance provide and inform them of your death. They'd generally need your policy number and your death certificate.
Anyone can start the claims process, but the money will go to the beneficiaries you've named in your policy. (If you did not name beneficiaries or they predecease you the money will instead go into your estate.)
Payouts are guaranteed as long as you have met your policy terms like paying your premiums regularly. However if you have not written them in trust they could be subject to Inheritance Tax, depending on the size of your estate.
Is there an upper age limit to over-50s life insurance?
Yes, most over-50s life insurance policies have an upper age limit between 80-85.
The payouts offered by over-50s life insurers also get smaller as your age increases. For example, ia 50-year-old applying for Policy X could be guaranteed a payout of £5,000, while a 75-year-old applying for that same policy would be offered a payout of £2,000.
Can I get over-50s life insurance if I have a pre-existing medical condition?
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 any Uk resident in their accepted age range, regardless of medical conditions or health problems.
Can I get over-50s life insurance if I am terminally ill?
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.
Are there funeral benefits with over-50s life insurance?
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.
Can I have more than one over-50s life insurance policy?
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.
Can I get a joint over-50s life insurance policy?
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.
How long do I pay for over-50s life insurance?
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.
What happens if I stop making payments on my over-50s life insurance policy?
You risk your over-50s life insurance being 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.
How does inflation affect an over-50s life insurance 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.
Can I put my over-50s life insurance policy in trust?
Yes, many over-50s life insurance policies can be put in trust. This usually removes the payout from your estate and could mean your family will not be charged inheritance tax on it.
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No, not every company can be included in our service. This is because some companies don’t want their products included on comparison sites, and some decide that they would rather not pay a fee. There are also a few smaller providers who can struggle to cope with the volume of customers that can find their products if they appear on MoneySuperMarket.
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Is life insurance eligible for SuperSaveClub and rewards?
No, at this time life insurance is not an eligible product for unlocking our SuperSaveClub rewards. It is also not included in our Price Promise.
Reviewed on 30 Oct 2026 by
Sources and supporting information
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[1]
YouGov Survey 1st July 2025 to 30th June 2026. Net Recommend score derived from "Which of the following online service websites would you recommend to a friend or colleague, or tell them to avoid?" Base: Current Customers of (MoneySuperMarket n=17,883, Compare the Market n=16,193, Go.Compare n=8,523, Confused.com n=7,918, Uswitch n=514)
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[2]
Source: Association of British Insurers (ABI), 2026. 'Protection insurers pay out £7.84 billion to help customers safeguard their finances' https://www.abi.org.uk/media-hub/news-post/protection-insurers-pay-out-7-84-billion-to-help-customers-safeguard-their-finances
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[3]
Source: Financial Conduct Authority (FCA), 2024. 'Findings of our multi-firm review of life insurers’ bereavement claim process' https://www.fca.org.uk/publications/multi-firm-reviews/findings-our-multi-firm-review-life-insurers-bereavement-claim-process
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[4]
Average payouts calculated using the mean of all policy payout amounts quoted for a non-smoking woman living in Shrewsbury and paying £10 a month for an over-50s life insurance policy. Data from 29th October 2026.
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[5]
Data based on the median price of life insurance sold through MoneySuperMarket for age 55-59 in October 2026.
