Over 50 life insurance explained

  • Affordable monthly premiums
  • Full cover after one year
  • Guaranteed acceptance with no medical
  • Provides a cash sum for family to use how they wish

Our guide to life insurance for over 50s explains how plans work, what they cost, the free gifts available, what Martin Lewis thinks of them and how comparing can help you choose the best over 50 plan for you.

What is over 50s life insurance?

Over 50s life insurance is a type of life insurance policy that is available for 50 to 85 year olds. It guarantees to pay out a cash lump sum when you die, whenever that may be. The money can be used however your loved ones wish, however most people use it to help with funeral costs.

This type of policy could be worth considering if you are over 50 and looking for life insurance that’s affordable and easy to arrange. However, to ensure it’s the best option for you, it’s important to review all of the details and compare plans.

Compare over 50 life insurance with leading UK companies

Life insurance for over 50s is straightforward, affordable life insurance that is easy to arrange. Plans do vary though so taking time to compare policies and use an over 50 life insurance calculator could help you find the best plan for you.

The over 50 life insurance calculator

An over 50 life insurance calculator will show you how much life cover you can get for your money. They are free and easy to use and you can review as many quotes as you like. Just click on the calculator links in the table below.

Life insurance for over 50s comparison table

Company Minimum premium Customer rating Pays out after Free gift value Calculators
SunLife £4 4.8 1 Year £135 SunLife calculator
Shepherds Friendly £10 4.67 2 Years £50 Shepherds calculator
One Family £10 NA 2 Years £0 One Family calculator
Aviva £5 NA 1 Year £120 Aviva calculator
Legal & General £5 4.6 1 Year £120 L&G calculator
British Seniors £4.32 4.8 1 Year £135 British Seniors calculator
All the companies we compare are authorised and regulated by the FCA for your protection.  Customer rating is taken from each provider’s website, typically Feefo or Trustpilot’s review service. ‘Pays out after’ means that the plan will only pay out in full once you have passed this initial period. Checked and correct as at 6th February 2024.

The over 50 life insurance free gift – what is it and do the best over 50 plans have one?

Many over 50 life insurance plans come with a free gift or gift card once the plan is purchased. Although it’s a nice gesture, this shouldn’t be your main reason for choosing a plan. Your decision should be based on the level of service, terms and conditions and company reviews, not just a free gift.

Always check the small print. Free gift terms and conditions vary by company.

How does over 50 life insurance work?

Life insurance for over 50s is easy to arrange as there is no medical and no health or lifestyle questions to answer. As long as you are a 50 to 85 year old UK resident, you are guaranteed to be accepted. You pay a fixed monthly premium which will never increase and the plan guarantees to pay out a cash sum when you die.

Over 50 life cover – benefits

  • Quick and easy application process: Acceptance is guaranteed, with no medical required. You simply need to be aged between 50 and 80 (85 if you choose SunLife) and live in the UK
  • Low fixed monthly premiums: Over 50s life cover is available from £4 a month and fixed for life, which means it will never go up.
  • Some insurers also offer an increasing option designed to keep in line with inflation. With this option both the cash sum paid out and your premiums increase each year.
  • Full cover after just 1 or 2 years: Depending on the over 50’s life cover you choose, you will be covered for the full cash sum after just one or two years.
  • Guaranteed cash payout: The cash sum is fixed and guaranteed. So as long as you continue to pay your monthly premiums, you know exactly how much your family will get when the time comes.
  • Option to pay directly towards funeral costs: Consider the free funeral benefit option if you want to help pay your funeral costs. When the time comes, your cash sum will be paid directly to a designated funeral director and deducted from the final funeral cost. They will also contribute an extra £250 or £300, depending on the plan you choose.
  • Quick and easy claims process: To make things simple and straightforward for your loved ones at a difficult time.

Over 50 life cover – need to knows

  • As the cash sum is fixed, inflation will reduce its value over time
  • Premiums are payable for life or until your 90th birthday
  • If you stop paying your premiums, the plan will end, and you won’t get any money back
  • Depending on how long you live, you may pay more than the cash sum paid out
  • If you die within the initial period, the cash sum won’t be paid however your premiums would be refunded

Martin Lewis on over 50 life insurance

Money Saving Expert Martin Lewis is quite vocal when it comes to over 50 life insurance. His main concerns are that you could pay more in premiums than the cash sum paid out; that inflation reduces the value of the cover and once you start paying for the plan, if you want to cancel or miss a payment you won’t get any money back.

However, Martin does acknowledge that for people with an illness or in poor health with a possible shorter life span, these plans could offer good value for money.

Martin Lewis’ points are valid of course. However, this is insurance and like any other type of insurance, you are paying to cover a risk that may never happen. But whilst we may never make a claim on all our other insurance, over 50 life insurance guarantees to pay out a cash sum when you die, whenever that may be.

How much does over 50’s life insurance cost?

sunlife adThe cost of life insurance for over 50 year olds will depend on the insurer, your age and the amount of cover you are looking for. Although this is no medical life insurance, whether you smoke may also influence the price you pay for over fifties life insurance as some companies have smoker and non-smoker rates.

For example, for £20 a month with Sunlife, a 55 year old non-smoker would get £5,364 of life cover, whereas a 55 year old smoker would get a cash sum of £3,212.

So, if you are a non-smoker, a company that offers two rates may be worth considering. However, if you’re a smoker, it may be worth comparing over 50s life insurance quotes with companies that don’t check if you smoke.

How many over 50 life insurance policies can you have?

You can have more than one over 50 plan however companies usually have a maximum limit on either your total monthly premium or the cash sum paid out or both.

If you are thinking of having more than one over fifty life insurance plan, make sure you are comfortable with the monthly payments, as you could be paying them for a number of years.

What is the difference between life insurance and over 50s life insurance?

There are two main differences between life insurance and over 50s life insurance. Firstly, if you’re comparing term life insurance with an over 50 plan, the main difference is a term policy covers you for a specific period whereas an over fifties life insurance policy covers you for life, regardless of how long that is.

Secondly, if you’re comparing whole of life insurance with an over 50 plan, the main difference is the application process. Although both types of policy cover you for the whole of your life, a regular life insurance plan has a more in depth application process that depends on the state of your health. Whereas an over fifty plan will provide cover regardless of any medical concerns you may have.

Are over 50 plans worth it?

An over 50 plan could be worth it if you’re comfortable with the monthly payments and prefer a policy that has a simple application process and no medical. If want to leave money to family, perhaps to pay off debts, help with funeral costs or as a gift, then over 50 life insurance could be a good idea.

However, over fifty life insurance may not be worth it if you are in good health and happy to answer questions about your health and lifestyle, as you will get more cover for your money with a regular whole of life insurance plan.

What type of life insurance is best for over 50s?

The best type of life insurance for over 50 year olds will depend on why you want the cover. Whole of life insurance could be the best option if you want to leave money for family when you die. However, term life insurance may be better if you just want protection for a specific number of years.

Your health and lifestyle could also impact the options available to you. If you have health concerns, then over 50s life cover could be a good option as you’re acceptance is guaranteed. Whereas if you are in good health, term or regular whole of life insurance could be best as the cash sum paid out will be higher.

Can you have joint over 50 life insurance?

Whilst regular joint life insurance is widely available, you cannot get joint over 50 life insurance as plans are set up individually. If you are interested in over fifty life insurance for two people, you would need to have a plan in each of your names.

sunlife adReady to get an Over 50 life insurance quote?

Comparing over 50 life insurance quotes is an important part of finding the right over fifty plan that suits your needs and your budget.

So if you’re ready to compare quotes, simply click on one of the over 50 life insurance calculators in our comparison table.

Compare quotes

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