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Life Insurance for Over 50s

Over 50s life insurance is a type of insurance policy that covers anyone from the age of 50 and above, for the rest of their lives. Over 50s life insurance covers you for the rest of your life as long as you keep up to date with the monthly payments, called premiums.

When you or a loved one passes away the insurer will pay a lump sum to your loved ones that you have named as beneficiaries on your policy.

How does Over 50s Life Insurance Work?

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Three main factors are involved in an over 50 life insurance policy.

Your age

To take our over 50 life insurance, you are required to be over the age of 50, however, some policies start at 49 years. There is also an upper limit on how old you can be to take out over 50 life insurance, this is usually 80 years but can vary between insurance providers.

Age also impacts how much you pay in monthly premiums. The older you are when you initially take out the insurance plan, the more your monthly premiums will be in order to get the same payout upon claiming.

Fixed Monthly Premium

The majority of over 50s life insurance plans offer fixed premiums; the insurance company is not able to increase this. For example, if you take out an over 50 plan today for £15 per month, this is the amount you will pay for the remainder of your life.

The Fixed Lump Sum

Insurance providers pay a fixed lump sum in cash upon the death of you or a loved one. When taking out the insurance policy you can choose how much of a pay-out you would like your loved ones to receive. The larger the desired pay-out, the greater the premiums are each month.

How much does Over 50s Life Insurance cost?

The cost of over 50s life insurance is affected by a number of factors including your age, desired lump payout, your smoking status (for some providers), and your age when taking out the policy (some policies have a maximum payout amount which cannot be exceeded).

Over 50 life insurance can often be more expensive than other policies that assure a similar payout. This is because over 50 life plans do not require medical information, making it harder for your insurers to assess the risk of claims accurately. The premiums are often increased to offset the high risk. This can be advantageous to someone in ill health or of older age.

Those interested can quickly access a free quote online through many of the popular providers of over 50 life insurance. Monthly payments are typically in the range of £5 to £75, depending on smoking status, age when you take out the policy, and desired payout amount.

For example, Sun Life’s over 50 insurance plan offers a lump sum of £1,897 upon death when monthly premiums of £10 are paid for at least 12 months. This cash sum increases to £6,027 when monthly payments of £30 are paid.

Also take into account that some providers offer cashback and free gifts, often in the form of shopping vouchers, as a sign-up bonus. However do not select your provider based on the welcome bonus alone, instead, choose the provider who best suits your needs as a whole.

Remember to get free online quotes from multiple providers to ensure you are getting the best deal on offer. You can also shop around using price comparison websites to find the best value option for you.

What are the benefits of over 50s life insurance?

We compare plans from the leading life insurance providers

Over 50s life insurance policies have many benefits. One of the major advantages of over 50s life policies is that you are guaranteed acceptance. Even if you are in poor health, you are guaranteed cover as there is no need to answer medical questions or have passed a medical exam.

Another benefit of over 50 life insurance is the guaranteed fixed cash payout, when taking out your policy, you know exactly how much money your loved ones will receive when you pass away.

A third great advantage of insurance for over 50s is that the claimed lump sum can be spent however your family and loved ones desire, as there are no restrictions on spending.

In addition, the application process and claims process for over 50 life insurance are both relatively quick and easy, with a fast payout whenever a claim is made.

What are the disadvantages of over 50s life cover?

Over 50 life insurance has some disadvantages also. A waiting time period is usually required before the insurance provider will pay the total lump sum. This is often 12-24 months after taking the policy out and is required as the providers do not ask medical questions. Another con of over 50 life insurance is that the premium monthly payments cannot be missed.

Your cover will often end if you miss payments during the early years of your plan. After a set number of years, some insurers will allow you to reduce your payments, while others will allow you to stop your payments entirely. It is important to check the rules of your specific policy.

In some cases, you can end up paying in more than the lump sum payout amount, this depends on how long you live after taking out the insurance plan. An example is where if you take out a policy at age 50 and make payments of £10 per month towards your desired sum of £3000, but you live for a further 25 years you will end up paying more.

What is the waiting period for over 50s life insurance?

Insurers can choose to implement a waiting period for your insurance policy details. The waiting period, also known as the qualifying period, is a certain period of time, often 12 to 24 months, during which if you pass away, the cash sum is not issued.

This only applies to deaths from natural causes. If a customer has an accidental death or dies from unforeseen circumstances, then a full lump sum is paid out.

Who needs Over 50s Life Insurance?

When many people reach their 50s, their financial priorities may change. While in previous years their priority may have been to provide for their family, this often transitions to the desire to cover their funeral costs and leave money aside for their loved ones after they pass away.

Other reasons people choose to take out over 50 life insurance policies are to donate money to their favourite charity, set money aside to pay household bills, and gift loved ones.

Is Over 50s Life Insurance Worth It?

Your personal circumstances and reasons for taking out over 50 life insurance will determine if over 50 is worth buying in your individual case. Over 50 plans do not require a medical questionnaire and have guaranteed payouts, but there are also some disadvantages, such as the waiting period and if you live long enough you could pay in more than is paid out.

To decide if over 50 cover is right for you, begin by asking yourself these questions:

Have you already taken out a pre-paid funeral plan?

If you have taken out a plan to cover funeral costs already, then it is worth checking if this policy covers the added extras you may wish to have at your funeral, for example, flowers or a Wake. If not, an over 50 insurance plan can help cover these expenses.

Have you already set aside money for your funeral that your family can access quickly?

If your family is unable to access the money quickly, they may have to pay for the funeral themselves initially, which may place a financial burden on them until they are reimbursed.

Have you checked how much funeral costs are in your area?

The average cost of a funeral in the UK is now over £4,000. It is important to check what the costs are in your local area to ensure you have enough set aside to cover the expenses.

Do I need a medical?

To take out over 50 life insurance, no medical history or medical exam is required by the life insurance provider. Any UK residents aged 50-80 years can avail of guaranteed acceptance, including those who are struggling with their health and have been declined by other policies.

Life insurance vs life assurance?

An over 50s life insurance plan is actually a form of life assurance. The main difference between assurance and insurance is whether or not the cash sum amount is actually guaranteed (or assured).

Life assurance remains for as long as you live and pays out when you pass away, while life insurance pays out only when you die during the policy term.

Can I get over 50s life insurance if I am terminally ill?

Many over 50 plans do not include cover for people who are terminally ill, as because no personal information or medical details are required, the insurer takes on increased risk. Other life insurance options are available to customers with terminal illnesses.

Over 50s plan vs funeral plan

Choosing between taking out over 50 life insurance will depend on your individual circumstances and what you would like to cover. An over 50 insurance plan is often taken out by a UK resident to cover their funeral expenses, however, the lump sum paid can be used on anything you or your beneficiaries prefer, for example, to settle unpaid bills, or for a nest egg.

Another option available is a pre-paid funeral plan. Unlike an over 50s insurance plan, this can only be used to cover funeral costs, such as the funeral director, and depending on the policy: minister fees, cremation fees, etc. However, funeral plans do not cover further expenses for when the time comes, for example, flowers and a headstone. In this case, an over 50 life insurance plan may be more suitable.

Over 50s vs term-based life insurance

Customers can still be accepted for term-based life insurance after turning 50.

Your individual circumstances will determine if traditional life insurance is a better financial option for you. If you are at the lower end of the age range and in particularly good health, a term-based plan may be best.

Term-based plans also generally can offer a much larger cash sum on the payout. However, as you get older, the premiums will increase due to an increased chance of ill health and a claim being paid out.

If in the past, you have not been accepted for term-based life insurance due to ill health or your age, an over 50s plan may be the best option, as it offers guaranteed acceptance with no medical information required. Speak to your financial adviser if you are unsure what your best option is.

Can you get joint over 50 life insurance?

Unfortunately, unlike other forms of life insurance, UK residents are unable to take out joint over 50s life cover with their partners. Your partner can also apply separately for an over 50s life insurance plan if they are aged between 50 and 80 and are a UK resident, but this cannot be held in joint names.

Over 50 life insurance with free gift

Many life insurance plans will offer a free gift included in life insurance quotes, as an incentive for you to take out cover with them. Examples of free gifts with life insurance include vouchers for online stores and supermarkets. Remember to compare the value of the free gift against the monthly cost in premiums, as long term these providers may not offer the best value for money.

Over 50 life insurance for smokers

Life insurance often costs more if you smoke, as the life insurance provider may view this as an increased risk. However, over 50s plans do not require personal details and your premiums are often unaffected by your smoking. Despite this, some providers may still ask this question, therefore if you are a smoker, it is best to choose an insurer that does not take smoking status into account when calculating premiums.

Will my premiums ever go up?

The majority of over 50s life cover providers offer fixed premiums. This means that your monthly payments never increase. Some plans allow you to stop paying premiums after a certain time period has passed, although you still have lifetime cover even once you stop paying.

Please note that if you stop paying premiums when they are due, your life plan will be cancelled, and you may not receive the lump cash value on pay out.

What is the Funeral Benefit Option?

Many over 50s plans now come with the chance to select a funeral benefit option.

Many life insurance customers will choose for the proceeds from their over 50s life insurance plan to be used to cover funeral planning costs.

Choosing the funeral benefit option means the life insurance cash sum will be paid directly to your chosen funeral director. The funeral director will work alongside your family to plan your ceremony.  Any excess leftover from the cash sum will be paid back to your family.

What needs to be done when making a claim?

Losing a loved one is never easy. When it comes to making a claim, your family will need to contact your life insurance provider to let them know about the death. They will be asked to fill in a claims form and send a copy of the death certificate, which will include details of the death certificate entry number and registration district. Often the claimant will also need to confirm that the death occurred on the UK mainland.

Over 50 life plans generally have very fast pay out, which helps to alleviate any financial burden on your loved ones.

How do I make sure my family gets the money when I die?

The only way to ensure that you right person receives your money after you pass away is to make a Will. It is best to always use a professional Will writer or solicitor. The Will must be signed and executed correctly by an experienced professional as it is a legal document, and otherwise may not be valid.

If you take out an Over 50 insurance plan, details of the policy can be incorporated into the Will, and you can outline exactly how you would like the money to be spent, for example towards funeral expenses, or as a gift to certain family members.

Is there over 60s life insurance? Or over 70s life insurance?

An over 50s plan can also still be a great option for you in your 60s and even your 70s. However, remember to examine your personal circumstances; including your age, health, smoking status, what you want to cover, and how much cover you want to have. You can access free online quotes to determine what the best option is for your individual circumstances.