Over 50s Life Insurance

Over 50s Life Insurance is a simple way to leave money for your loved ones when you die. This is a lump sum that can be used to settle outstanding debts, leave as a gift, or pay for your funeral. One of the most common reasons people take out an over 50s policy is the affordable premiums (cost). Although you can choose to pay more for a larger payout, you can find a suitable policy for just a few pounds every month.

An over 50s Life Insurance policy holds no cash value for the policyholder, making it an entirely selfless purchase. The policy only holds value to your beneficiaries when you die.

What is Over 50s Life Insurance?

Over 50s Life Insurance is a policy that can only be taken out if you’re aged between 50 and 80 – 85 depending on the insurer. You pay a fixed monthly amount which secures a cash sum for your loved ones when you pass away, as long as you have kept up with your premiums. Whether you’re over 50, 60, or 70, arranging an over 50s policy is simple. An over 50s policy guarantees acceptance, meaning you will qualify for cover regardless of your current health or lifestyle.

How much does Over 50s Life Insurance cost?

Fixed Over 50s Life Insurance premiums start from £5 a month but this depends on a range of factors such as your age and how much cover you require.

Find out how much your monthly premiums would be by filling in our quote form.

Why should I choose Over 50s Life Insurance?

Over 50s Life Insurance is a popular policy for those who may be struggling to get covered due to pre-existing medical conditions. If you have a medical condition, or smoke, an Over 50s plan may be the most suitable policy for you depending on your circumstances.

Mortgages or rehoming costs.

Bills or funeral costs.

Loans or debts.

Relatives future.

Other care costs.

How does Over 50s Life Insurance work?

It’s very simple to set up, and easy to understand Over 50s Life Insurance. You decide the value of your sum assured and provide a few details about yourself to your insurer. They agree to pay out the sum assured to your beneficiary(ies) in return for a monthly premium. As long as you continue to pay this premium, your loved ones will receive the agreed lump sum when you pass away.

It’s usually best to set up a direct debit so you don’t miss a payment, because if you do the policy may become invalid. Most policies involve paying your premium until you turn 90 years old but continue to cover you until you die. Over 50s policies have no expiration date, much like whole of life cover, and pay out whenever you die.

Do I need a medical for Over 50s Life Insurance?

One of the benefits of Over 50s Life Insurance is that you are guaranteed acceptance, with no medical required. This is often the reason people choose an Over 50s policy instead of other policies. Insurers don’t need to ask you questions about your health to provide cover.

Elderly couple doing stretches in the park

Guaranteed acceptance for Over 50s

Over 50s Life Insurance policies are popular because you’re guaranteed to be accepted. Insurers won’t need you to take a medical exam or answer any health-related questions to get cover in place. This means that no matter your health, you’re able to find cover that suits your needs and provide a payout for your loved ones.

Over 50s Life Insurance for smokers

Life insurance typically costs more for smokers because of the increased risk the policyholder poses to the insurance provider. This is not always the case with Over 50s Life Insurance because insurers don’t always ask the question. If you’re a smoker it would be beneficial to speak to a broker as they would have a better understanding of which insurers are likely to ask the question and therefore affect your premiums and/or sum assured. If you’re over 50 and you smoke, it’s always worth exploring your options when it comes to life insurance.

Compare Over 50s Life Insurance quotes

The cost of an Over 50s plan can vary significantly between insurers. Before arranging cover, it’s best to compare quotes to ensure you’re receiving the most suitable cover at the most affordable price. Some insurers offer incentives such as a free gift, but it’s important to think long-term when taking out any type of life insurance.

Comparing quotes from across the UK insurance market is the most money-savvy way to get the best deal. We at Freedom to insure can take the hassle out of getting multiple quotes – you speak to your own dedicated life insurance expert who gathers all the quotes for you and presents all of your options. Simple, right? You can arrange a callback at a time that suits you too, leaving all the hard work up to us! If you’re happy to go ahead with a policy, we can even fill out all the necessary paperwork and fill in the application for you.

Is Over 50s Life Insurance good value for money?

It can be, depending on your personal health. If you’re relatively healthy you may find better value for money with an alternative life insurance plan that asks questions about your health. If you have pre-existing medical conditions or smoke, for example, an Over 50s plan may be the most affordable option.

Family expenses and care

Who needs Over 50s Life Insurance?

You may need Over 50s Life Insurance if you’re looking to leave your loved ones a guaranteed lump sum when you pass away. We find that our customers usually decide to take out an over 50s policy due to one of the following:

  • They have access to little or no savings;
  • They don’t want to answer medical questions;
  • They’ve been refused an alternative policy;
  • They want to be covered until death, not just for a term;
  • They want to leave a nest egg for their children and/or grandchildren.

How to decide your Over 50s Sum Assured

Working out your sum assured can seem daunting, but we’re here to help. It’s incredibly important to arrange a suitable amount for you to be able to safeguard the financial future of your loved ones. There are usually two different approaches to settling on an amount:

Affordability

You may want to approach your sum assured by working out the amount you can realistically afford to pay monthly. This can be as little as £5 a month, but obviously, the more you can afford monthly the higher the fixed sum assured will be. If you’re still working it’s important to consider your income once you retire, as you will need to carry on making your monthly payments for continued cover. If you agree with your insurer to reduce your premiums at any point, your sum assured will decrease and the money you’ve already paid towards the policy will be lost. When taking out an over 50s policy it’s important to think about long-term affordability. Using an affordability approach, your monthly premiums will dictate your sum assured.

Calculation

This approach involves working out how much you would like the payout for your loved ones to be. Things to consider are funeral costs, mortgage payments, outstanding debts, and if you’d like to leave a gift. At this point, it’s also worth considering inflation. For example, the average cost of a funeral is slowly rising, so the cost of a funeral today will not equate to the cost in years to come.

Each approach can vary between insurers, so it’s always best to compare quotes to get the best deal.

What’s the difference between Level Term Life Insurance and Over 50s Life Insurance?

Level Term Life Insurance is usually arranged for an agreed term, meaning you are covered for a specific length of time, usually 10, 20, or 30 years. This is designed to cover things such as a mortgage, or the length of time your family financially depends on you. This differs from Over 50s Life Insurance because, as long as your premiums are paid, you’re covered for the rest of your life.

If you’re unsure about which policy would be most suitable for you, it may be beneficial to speak to one of our life insurance experts, free of charge. We can discuss your circumstances and work out how to get the best value for money. You can arrange a free callback from one of our friendly team. Because there are so many factors involved in choosing the right policy type, it’s always best to get a bespoke comparison of your options.

Are there any considerations with an Over 50s Life Insurance policy?

The biggest consideration is whether an Over 50s plan is the best option for you. Policies can often be expensive because insurers guarantee to pay out, so if you’re in relatively good health it could work out more cost-effective to take out a whole of life plan. If you’re unsure, speaking to an expert is the best place to start.

What are the alternatives to Over 50s Life Insurance?

Over 50s Life Insurance isn’t the only way to cover outstanding expenses, household bills, or help with funeral costs. There are a few alternatives you could consider, depending on your requirements:

  • A funeral plan – designed to help with funeral costs, so the payout goes directly to the funeral director.
  • Savings – this requires discipline and ideally you wouldn’t dip into the pot. Some savings can incur tax deductions, so it may be worth looking at writing your estate in trust.
  • Whole of Life Insurance – a different type of policy that could be a better financial decision depending on your circumstances.

If you’re unsure which way to protect your loved ones, you can speak to one of our experts for free.

Why is there a special policy for Over 50s?

Traditional life insurance is generally more expensive to arrange later in life compared to when you’re in your 30’s for example. Because of this, over 50s plans are designed as an affordable alternative for those seeking cover.

How many over 50s plans can you have?

It’s entirely legal to arrange multiple life insurance policies, so this is up to you as an individual. This means if you wanted to secure more than one Over 50s Life Insurance policy you absolutely can. Or if you have another type of life insurance policy, you can still arrange over 50s cover. Having more than one policy in place doesn’t affect the terms offered with each one, they simply exist in their own right. Depending on your insurer there may be a limit on the amount you’re covered for and the monthly premiums – as always, its best to speak to an expert to find out. Typically though, the sum assured for Over 50s Life Insurance plans is smaller than level-term or whole of life cover so it’s best to explore your options when choosing a plan.

Can I get a joint Over 50s Life Insurance plan?

Most insurers do not offer a joint over 50s Life Insurance plan but can provide quotes for two separate plans instead. This is because the policy is designed to pay out upon death, so makes better financial sense to be arranged for individuals rather than couples.

Happy couple

What is a moratorium?

Insurers will set a period of time known as a moratorium (or qualification period), which starts as soon as you’ve arranged a policy. It’s usually for one or two years from the start of the policy, depending on the insurer. You need to survive the moratorium in order for the full agreed sum assured to be paid to your beneficiaries. If you pass away before the end of the moratorium, your beneficiaries may receive a percentage, or the full sum, of the premiums you’ve paid in so far. This varies between insurance providers so it’s best to check when you take out a policy.

Who is the best Over 50s Life Insurance provider?

When asking a question like this there’s a lot of things to take into consideration. Mainly your age and the amount of cover you’re looking for, but also that different things are ‘the best’ for different people. One person’s idea of ‘the best’ is different from another’s. You may be looking for the cheapest policy, the largest sum assured, or a free gift. Whatever ‘best’ means to you we will take the time to understand you as an individual and provide you a bespoke comparison of insurers.

Do Over 50s Life Insurance plans cover Coronavirus?

This can vary across insurers, depending on the ‘moratorium’ (waiting period) between setting up the insurance policy and the event of your death. Some insurers won’t pay out the sum assured for the first one or two years of the policy being active unless your death is accidental. They may simply refund a percentage or the full amount of the premiums you’ve paid up until you pass away.

Does Over 50s Life Insurance include Terminal Illness Cover?

Terminal illness cover provides the ability to make a claim early into your policy if you’re diagnosed with a terminal illness and given less than 12 months to live. Over 50s plans don’t require medical information which already poses a greater risk to the insurer. Because of this, terminal illness cover is not typically included with an Over 50s plan. If you need your plan to include terminal illness cover you may find it beneficial to speak to a life insurance expert to discuss your options and find the best policy.

Why do I need Over 50s Life Insurance?

If you were to pass away, who would you be leaving behind? As you get older, your needs can be complex and could be very different from those just starting out in life. Regardless of your circumstances, it is likely you will leave some debt behind (credit cards, regular monthly and annual bills). In addition, funeral costs have never been more expensive, and the most basic funerals can cost in the thousands.

If you want to ensure your family’s financial security when you pass away, an Over 50s Life Insurance policy is a great solution. Your policy could be enough to pay off any remaining bills and debts or to give your children or grandchildren a head start in life.

What does it mean to write the policy “in trust”?

You can legally separate out your life insurance policy from your estate by writing the policy “in trust”. This effectively mitigates the proceeds from your policy payout from forming part of your estate, meaning you can protect it from being subject to inheritance tax and potentially save thousands of pounds worth of costs for your beneficiaries. It also means the payout doesn’t have to go through probate before funds can be released, so your loved ones should receive the sum assured faster. You can specify how you would like the payout to be distributed, providing you more control over how your loved ones receive the funds.

Writing your life insurance in trust needn’t be complicated. We’ve partnered with Libertas Wills to offer Will and Trust writing for our customers to make the process easier and provide peace of mind. They’re experts in Wills and Trusts, and can guide you through your options to make sure your beneficiaries receive the payout you intended for them. If you already have a life insurance policy in place you may want to consider getting it written into trust. There is more information on this on the Libertas website if you wanted to find out more.

Important things to know about Over 50s Life Insurance

  • Over 50; you typically need to be 50 years old or over to take out an over 50s life insurance policy.
  • Keep up with your premiums; if you don’t your cover may be canceled, meaning you won’t get anything back.
  • Not a savings product; an over 50s life insurance policy has no cash value unless a valid claim is made.
  • The lump sum pay out is fixed; it’s wise to bear in mind inflation when arranging your policy.
  • Fixed monthly premium; once agreed, your premiums will never increase.
  • Covered for life; even though you may be able to stop paying your premiums at age 90, cover continues for the rest of your life.
  • The full cash sum is usually only payable after the first full year of your policy.
  • Guaranteed acceptance; no medical information required from you.

What are the pros and cons of Over 50s Life Insurance?

Pros
  • Quick and easy to set up
  • Guaranteed acceptance
  • Guaranteed fixed cash payout
  • Fixed affordable monthly premiums, from £5 a month
  • Stop paying premiums at a certain age or after a period of time
  • Whole of life cover
  • No medical required
  • Claims always pay out
Cons
  • Payout only available after the first year
  • Cover could be canceled if you miss a payment
  • You could pay more in premiums than is paid out, depending on how long you live

Can I cancel my Over 50s Life Insurance?

Yes, you can cancel your policy at any time by contacting your insurer and stopping payment of your monthly premiums. Be aware that if you cancel, you’re not entitled to a refund and you won’t get anything back. Before you take out a policy it’s important you’re 100% sure it’s best suited to your needs and you’re able to continue to pay your monthly premium.

Can I cash in my Over 50s Life Insurance?

As with all types of life insurance, the plan itself has no value so if you cancel you won’t get anything back. The only scenario for the payout is the event of the policyholder’s death.

What happens if I miss a payment on my policy?

It’s always important not to miss payments for any type of life insurance policy. If you miss payments your policy could be canceled by your insurer meaning you’re no longer covered. If this happens, you won’t be entitled to a refund for previous payments, and your beneficiaries will no longer receive the original sum assured.

Isn’t there a grace period if I miss a payment?

Some insurers activate a grace period if a payment is missed, but this is entirely dependent on your policy and the insurer. This gives you a little time to meet your monthly premium before the policy lapses and becomes invalid. It’s best to check this when taking out a policy by carefully reading your documents to find out if a grace period is included.

How does my beneficiary make an Over 50s Life Insurance claim?

When the day comes, losing a loved one can be devastating. Our understanding and empathetic team at Freedom to Insure will always offer support for your beneficiaries when they need it most.


Making a claim is simple and insurers will do everything they can to make sure everything runs smoothly and the policy pays out quickly. When the time comes, your loved one(s) will need to call or write to your insurer who will guide them through the process. It’s probably a good idea to share the details of your policy with your loved ones as soon as you can, so they know who to turn to and have contact details when they need them.

Over 50s Life Insurance vs a Funeral Plan

Choosing between an Over 50s Life Insurance policy and a funeral plan depends on the overall cover you’re looking to arrange. An over 50s plan pays out to your beneficiaries for them to use however they need to; that could be settling outstanding debts, paying for your funeral, or simply keeping it as a gift. This is different from a funeral plan which pays out directly to the funeral director and is only used towards your funeral or in some circumstances also the associated costs such as cremation fees.

What your plan covers exactly depends on your agreement with the insurer. If you’re unsure it’s best to ask before taking out a policy or checking through your documents if you already have a policy in place. No matter which cover you chose to take out, you should consider inflation costs when deciding your sum assured. A funeral may cost 3 or 4 thousand pounds today, but this cost is likely to be more by the time the payout is required.

Over 50s Life Insurance with a free gift

Different insurers offer different incentives for their customers to sign up. A free gift is often shopping vouchers or gift cards for specific retailers. Whilst a free gift is a lovely idea in the short-term, it’s worth making sure you arrange the most suitable policy to protect your loved ones. If you’re not sure, the safest option is to speak to a specialist insurance broker. If you’d like to have a chat about your options, you can schedule a call with one of our experts.

Why should I choose Freedom to Insure to arrange my Over 50s Policy?

Freedom to Insure is a life insurance specialist with access to information from the entire Over 50s Life Insurance market, so you can rest assured we’ll find the most competitive and suitable policy for you.

We don’t encourage our customers to take out a policy with a particular insurer. Instead, you’ll tell us what you need from your policy and we’ll provide all of your options. Although many of the factors which determine the cost of cover can’t be changed, your personal consultant can explain the various options. This will ensure you have the most appropriate and affordable policy.

Our life insurance specialists will compare quotes on your behalf, present you with the most affordable options, complete your application for you, and make sure you’re clued up every step of the way.

If you want to find out more, or get a free no-obligation quote, please fill in the form below. One of our Over 50s Life Insurance experts will be in touch. Alternatively, you can give us a call on 02023 092 1373.

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    Not sure if Over 50s Life Insurance is right for you, or still have a few more questions?

    Take a look at our Over 50s page for more information.