As you enter your 50s, your responsibilities might be different to what they were in your 30s and 40s. Your family may rely on you less financially and your children may even be preparing to fly the nest. This isn’t to say that life insurance at 50 is less important, your needs may simply have changed.
This guide explores 50 plus insurance and what options are available as you approach later life
Key points
- You’re guaranteed to be accepted if you’re aged 50 - 85
- You don’t need to give any medical information or take a medical exam during the application process
- A pay out is guaranteed to your loved ones when you die (after a waiting period has passed)
- Policies include a 12 – 14 month waiting period, during this time a pay out won’t be made if you die due to natural causes (but accidental death is covered)
- You can usually take out a maximum of £10,000 - £20,000 of cover depending on the insurer and your personal circumstances
- Can also be referred to as a ‘guaranteed over 50s plan’ or an ‘over 50s plan’
What is over 50s life insurance?
Over 50s life insurance (or an over 50s plan) is a policy that pays out to your loved ones when you die.
The pay out could help to:
- Cover funeral costs
- Provide loved ones with a small inheritance
- Cover daily living costs
It’s specifically designed for those aged 50 – 85. Acceptance is guaranteed if you're in this age group.
Unlike with other policy types, you won’t need to give any medical information or take a medical exam during the application.
You’ll simply need to give your age and how much cover you’d like to buy. Some insurers may also need to know whether you’re a smoker.
Do I need over 50s life insurance?
Over 50s insurance isn't a legal requirement, but it could give you peace of mind knowing that your loved ones are taken care of when you die.
If you’ve struggled to buy other types of life insurance in the past an over 50s plan could be a great option.
As no medical information is required, poor health won’t stand in the way of you buying a policy.
If you’re in good overall health or would like to buy a policy with a higher amount of cover, you could consider term-based or whole of life insurance.
Can I get an over 50s life insurance plan if I'm a parent?
Yes, you can get over 50s life insurance if you're a parent.
As a parent, your number one priority is looking after your family. Buying a life insurance policy means you can still do this when you’re no longer around.
In your 50s, family life could look a little different as your children start to find their independence. They could be moving on to higher education, preparing to move out of the family home or getting started in their career.
Once upon a time, you may have been worrying about keeping a roof over their heads. Now, you may be concerned about how they’ll cover the cost of your funeral when you die.
That's where over 50s life insurance comes in - it's ideal for helping to cover funeral costs. Some policies off cover lasts for life and your insurer should pay out when you die.
How much cover do I get with an over 50s life insurance policy?
An over 50s life insurance policy tends to come with a lower maximum cover amount than other policy types.
It’s possible to take out a maximum of around £10,000 - £20,000 worth of cover (depending on the insurer).
As you don’t need to give any medical information, your risk to the insurer is unknown and so they tend to offer a smaller cover amount.
With other forms of life insurance it’s possible to take out a much larger amount. For example, £100,000 or even £1,000,000.
How much does life insurance cost?
The price of life insurance depends on the policy type you buy, plus your personal circumstances.
With most traditional types of life insurance, the price you pay is based on health and lifestyle factors. For example, your medical history, hobbies, job role etc.
The price of an over 50s plan is based on your age at the time you buy the policy and how much cover you’d like.
Your insurer might also ask whether you’re a smoker. If you are, this could increase the price you pay.
A lot of over 50s plans on the market start from just £5 per month.
What’s the best over 50s life insurance?
The best over 50s life insurance will depend on what you’re looking for in a policy.
There are many over 50 life insurance providers on the market offering policies with different features and at different price points.
It’s important to shop around to make sure you’ve got the best policy for your needs.
You could also look into the reviews and ratings of each insurer to see how they compare.
Defaqto are an independent review site that research financial services to help customers make better choices.
Some popular over 50s plans on Defaqto (based on their features and benefits) are:
- Aviva – 5 stars
- Chruchill – 5 stars
- Direct Line – 5 stars
- Legal & General –5 stars
- One Family – 5 stars
- Sainsbury’s Bank – 5 stars
- Santander –5 stars
- Shepherds Friendly – 5 stars
- Smart Insurance – 5 stars
- SunLife – 5 stars
What are the different types of over 50 life insurance?
An over 50s plan is the most popular life insurance option for those over the age of 50.
The application process is quick and easy as acceptance is guaranteed, and you don’t need to provide medical information.
Over the age of 50 it’s also possible to take out the following life cover options:
Level term life insurance
- Level term life insurance provides cover for a set amount of time (known as the policy term)
- The pay out amount stays level, meaning it won’t change over time
- A pay out is made if you die during the policy term
- It’s a popular choice to help protect a mortgage and/or family living costs
You’ll need to give medical information and other lifestyle factors during the application process
Decreasing term life insurance
- Decreasing term life insurance provides cover for a set amount of time (known as the policy term)
- The pay out amount will decrease over time
- A pay out will be made if you die during the policy term
- Most commonly used to help protect a repayment mortgage (cover amount can decrease at the same rate)
- You’ll need to give medical information and other lifestyle factors during the application process
Whole of life insurance
- Whole of life insurance provides cover for the rest of your life
- The pay out amount stays level, meaning it won’t change over time
- A pay out is guaranteed to your loved ones when you die
- Most commonly used to help cover funeral costs, provide an inheritance or cover an inheritance tax bill
- You’ll need to give medical information and other lifestyle factors during the application process
Over 50 funeral plan
- A funeral plan allows you to pay for and plan your funeral in advance
- You’ll pay for your chosen services at today’s rate
- Acceptance is guaranteed and you won’t be need to provide any medical information
- After you die, your plan is passed to the named funeral director to carry out your wishes
- You can pay for your plan in one lump sum or in monthly instalments (some instalment options include interest)
It’s a good idea to compare a number of options to make sure you’re taking out a policy that’s right for you.
You could make the time to do this yourself, or you could save yourself the hassle and use a comparison site (like us).
Can I get over 50s insurance with funeral costs included?
Yes, you can get an over 50s insurance policy that covers the cost of your funeral.
The specific costs of your funeral services won't be included in your policy, but you can use the lump sum to pay for the costs.
If you’re looking for a protection policy that includes funeral costs, you could consider a funeral plan.
A funeral plan lets you plan the send off you'd like and pay for it in advance at today's rate.
Funeral insurance
Some over 50s life insurance policies come with a ‘funeral benefit option’.
This option means the pay out from your policy is paid directly to a funeral director when you die.
The funeral director will then contact your family to talk through the arrangements.
Some insurers may also offer a contribution towards your services, usually between £200 - £300.
If your service costs more than the amount of cover you bought your family will need to pay the remainder.
Funeral plans
A funeral plan is an alternative to life insurance for those looking to pay for their funeral in advance.
You can't add this to your life insurance policy, you need to buy this separately.
When you buy a plan, you'll decide on the type of funeral you'd like and you'll pay for the services at today's rate.
When you die, your family can let your provider know and they'll notify the funeral director to start on your services.
What's the difference between over 50s funeral plans and life insurance?
The main difference is a funeral plan allows you to pay for and plan your funeral in advance.
You’ll pay for the services in your plan at today’s rate, protecting your loved ones from inflation.
Whereas life insurance pays out a lump sum when you die which could be used towards funeral costs.
Funerals are becoming more and more expensive. According to SunLife the cost of just a basic funeral now stands at £4,141 with the overall cost of dying at £9,658[1].
This highlights the need to buy some form of protection so your family aren’t left with an expensive bill when you die.
How can I compare life insurance for over 50s?
Using a comparison service (like Confused.com) is a hassle-free way of getting multiple quotes at once.
You can do this in three steps:
- Fill in the application form
- Speak to a highly trained expert who'll give information on your options and answer any questions you might have
- Decide on the best policy to meet your needs
At Confused.com, we also offer a range of rewards when you take out life insurance through us too. So why not give us a go?
Start a life insurance quote
[1] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/sunlife-cost-of-dying-report-2024.pdf/
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