Best Over 50’s Life Insurance Cover 2024
Welcome to our best over 50s life insurance guide. If you are over 50, you may wonder whether your financial circumstances will be satisfactory if you die unexpectedly.
Considerations may include whether you can pay for your funeral costs, pay off small loans, or if there is enough money to leave your loved ones with a financial gift.
If you want to remove any financial uncertainty over your estate, an over 50 life insurance plan can provide financial protection and peace of mind that your affairs will be taken care of should you die. This article will explain how over 50s life insurance works and if it may be relevant to your circumstances.
Without proper life insurance protection, would your loved ones be able to do the following if you weren’t around to help?
- Pay off their mortgage
- Clear any outstanding debts in your name
- Fund their current lifestyle due to terminal illness or financial hardship
- Buy a new home
- Cover funeral costs
- Deal with inheritance tax
Looking For The Best Over 50 Life Cover? Compare The Leading Life Insurance Companies Below – 60 Sec Form
Best Over 50s Life Insurance Companies
Life insurance for over 50s provides the option of a tax-free, fixed cash payout, typically between £25,000 and £1,000,000 when you pass away.
The funds go to the named beneficiary, typically families, and may be utilised to pay for funerals or other fairly small costs.
Contrary to standard Life insurance plans, this policy type has no health screening or medical questioning.
The amount of money is guaranteed for as long as the payments are made on time. The cash is zero-rated for any capital gains or income tax.
The Insurance Hero team has concluded that the UK life insurance companies listed below were recommended to be the most suitable for life over 50 insurance.
Click the link beneath the table to receive free quotes on your insurance. Remember that the over 50 life insurance average cost of premiums can differ based on your health history and lifestyle, like whether you smoke or have an ongoing medical condition.
| Company | Plan Name |
|---|---|
| ⭐Smart Insurance | OUR TOP CHOICE – Smart Guaranteed Life Insurance Coverage (For Over 50s) ‣No medical exam required or health questions ‣Flexible policies – make a change without hidden fees ‣Global cover – you get covered in any part of the world ‣Three times your benefit sum up to £60,000 – if death was accidental ‣ A Will Kit is included with all policies |
| Foresters Friendly Society | 50+ Life Cover ‣Bonuses a possibility ‣Pay only until 85 years of age ‣£35 M&S gift card |
| Sainsbury’s Bank | Over 50s Life Insurance Plans ‣Coverage from only £5 per month, depending on your age ‣£100 of Nectar points † You’ll receive your points within 60 days after you’ve paid 5 months of premiums ‣Entry to Legal & General Wellbeing Support Facilities |
| Onefamily | Over Fifties Life Coverage ‣Defined payments. They guarantee that these won’t increase ‣Guaranteed to be accepted if 50 to 80 years old and UK based ‣Payment Holidays of up to six months ‣Immediate cover for accidental death within the first year |
| Post Office | Over 50s Life Coverage ‣For UK residents aged between 50 to 80 ‣Include a Funeral Benefit option at no extra charge ‣No medical is needed ‣Level term or Increasing coverage |
| Sunlife | Guaranteed Over 50 Plan ‣Guaranteed to be accepted if you’re between 49 and 85 ‣Cash payments up to £18,000 ‣They payout 100% of claims, usually within three days or less ‣Monthly premiums that don’t increase, from £3.70 a month |
| Royal London | Guaranteed Lifelong Protection Plans ‣100% of claims are paid swiftly, often within 3-5 days ‣Coverage duration is for life. After passing 90 or after 30 years, no further payments ‣50% of their customers pay £30 each month or less for over 50 life insurance |
| Aviva | Guaranteed Lifelong Protection Plans ‣100% of claims paid swiftly, often within 3-5 days ‣Coverage duration is for life. After passing 90 or after 30 years, no further payments ‣50% of their customers pay £30 each month or less for over 50 life insurance |
| Santander Bank | Over 50s Life Insurance ‣Life cover from Aviva, the UK’s biggest insurer ‣Monthly premiums don’t increase after the policy has been set up ‣You are guaranteed to be accepted without health questions |
| LV= Liverpool Victoria | 50 Plus Plan ‣Guaranteed to be accepted if residing in the UK ‣Coverage starts from only £7 per month based on your age ‣Entitlement to a free gift card within 30 days of paying your third premium |
What Is Over 50 Life Insurance?
Many people have asked us what the best over 50s life insurance is. Over 50s life insurance is a protection plan for UK residents aged 50 or over, broadly targeting the 50 to 80-year age bracket. It is a specific life insurance plan initially made famous by SunLife but has gained popularity across the life insurance sector.
How Does an Over 50s Life Insurance Policy Work?
Over 50s life cover works similarly to other life insurance options where the payment of regular monthly premiums into a policy is required to get cover.
Suppose you are a UK resident, and you pass away. In that case, the life insurance provider will provide a financial cash sum to the family or other designated beneficiaries on the policy if the nature of your death meets the policy terms and conditions.
How Does Over 50 Life Insurance Differ from Traditional Life Insurance?
As previously mentioned, Over 50 life insurance plans do not require a pre-policy medical for insurance cover to be provided. It is a policy known as guaranteed acceptance, as your physical and mental well-being do not affect your eligibility.
Since pre-existing medical conditions do not need to be declared, the cash payout amount from an over 50s life cover is much smaller than traditional insurance, where medical screening is required.
In return for providing guaranteed acceptance insurance, insurers typically cap the cash sum amount at between £20,000 and £30,000, depending on the insurer.
Subsequently, the sum of money paid out is intended for smaller financial obligations and not significant commitments like the repayment of a mortgage or paying an inheritance tax bill.
If I am over 50, why should I Consider Life Insurance?
If you are over fifty, life insurance may serve a different purpose than younger people, who will often get cover against an outstanding long-term debt, typically a mortgage.
For over 50s who may be established in their own home, likely reasons for taking out life insurance are the following:
Funeral expenses
If you should die suddenly, your family may be unable to pay your funeral costs. A lump-sum payout can help pay for any funeral costs.
While over 50s life cover usually doesn’t have specific funeral benefits, some policies also include an additional funeral plans payment if your loved ones use the insurer’s recommended funeral director.
To discover more about the differences between over 50s and funeral plans, please read our over 50 life insurance vs funeral plans guide.
Pay off outstanding debts
If you die, will your family likely be shouldering the responsibility of paying off your outstanding financial obligations?
A lump-sum payout from a policy can help pay off personal loans, credit cards, and store cards. It will provide the financial peace of mind that your financial affairs will be all in order when you pass away.
Charitable donations
Over 50s life cover can be used for more than just financial protection. When you die, a sum of money could serve as a donation to a favourite charity or worthy cause close to your heart.
Financial gifts for loved ones
If you are over fifty, you may have children, grandchildren, or other loved ones. It can be a nice gesture to leave a financial gift from a life insurance policy. A beneficiary can use a monetary amount for any purpose, such as helping pay for higher education or purchasing a car.
Very low cost
An over 50s life insurance policy is very low cost as the cash sum payout compared to traditional life insurance is much lower, typically capped at a maximum of £30,000.
Subsequently, from as little as £5 a month, a policy can provide financial security to ensure that your monetary affairs are in order when you pass away.
Employer cover may be coming to an end.
If you are over 50, retirement from your job may be on the horizon. As part of your employment contract, there may be a death in service benefit. A life insurance policy would ensure that cover continues in a private capacity when you leave the workplace.
Features Of Life Insurance For The Over 50s Include:
- Comprehensive critical illness cover is available
- Great terms for all age groups – not just over 50-year-olds
- Life cover for those divorced or separated
- Policies for UK ex-pats
- Cover for mortgage payments
- Over 50 life insurance with no medical exam
Best Over 50 Life Insurance With No Medical Exam Or Health Questions. Get Your Free Quote Today.
What Should the Best Over 50s Life Insurance Cover?
Guaranteed acceptance
For an over 50s life insurance plan, there should be guaranteed acceptance of a policy. It means that pre-existing medical conditions, even for a smoker, are not considered by the insurer, nor is a medical examination required.
A payout guarantee
Typically, a payout guarantee means a sum of money pays out as long as you have paid at least 50% of the monthly payments. The calculation is made from the policy start date until the policy anniversary date after the birthday when you turn 90 years of age.
A cease of premium limit
A reputable insurer will permit a policyholder to stop making monthly payments after they reach a certain age but remain covered. The period varies between insurers but is usually from 85 to 90 years of age.
Flexible payments
Have you been searching for the cheapest life insurance for over 50? Suppose you face financial hardship and are at risk of missing a payment.
In that case, reputable insurers will permit a reduction in monthly payments as long as a minimum payment is maintained and you do not stop paying. It ensures that your policy is active and that any payout will remain valid.
Immediate accidental death cover
Insurers offering over 50 life insurance will often include accidental death coverage in the first year of the policy. Other causes of death do not result in a payout in the first year of a new policy.
Full insurance cover after a year
A reputable insurance provider will payout after the first full year of paying into a new life insurance for over 50s plan as long as you do not miss a payment or stop paying. Although not common, any provider that extends this payout period beyond the first year should be avoided.
Funeral benefit option
Many insurers will include a funeral benefit option where additional payment is included to help pay funeral costs. When a funeral plan option is included, a specific funeral director is often required.
How Can I Compare the Best Over 50 Life Insurance Policies?
When considering life insurance for the over 50s, you must compare life insurance like for like. It must be judged against other over 50 life insurance, not traditional life insurance, which requires medical screening.
The best life insurance policies are not always the cheapest but are plans that, once put in place, align with your circumstances.
Key Considerations When Comparing the Best 50s Life Insurance Policy
Important areas for consideration form the basis of a robust policy. Below is a list of the key points you should consider before taking out an over 50s life insurance policy.
How long do you need cover for?
The reason why you are taking out insurance in the first place should dictate how long you need cover. For example, if you are an older parent, a plan might be to ensure that your children can still afford to finish their education if something happens to you.
How can I work out how much over 50s life insurance I need?
Calculating the amount of over 50 life insurance you need involves considering several factors.
Here is a step-by-step guide to help you determine the appropriate coverage:
- Evaluate your mortgage balance: Determine the remaining balance on your mortgage. Although over 50 life insurance plans have coverage caps (usually around £20,000), having a payout could contribute towards keeping your family in their home.
- Assess your debt: Consider any outstanding loans, credit cards, or other personal debts you currently have. Research suggests that many over 50s owe money on credit cards and loans, with average debt totalling around £12,000. While over 50 life insurance plans may not cover the total amount, they can assist in paying off some of your debts.
- Calculate the cost of your funeral: The average cost of a basic funeral is approximately £3,952, with the overall cost of dying reaching around £9,300. Life insurance can help cover these expenses, providing financial support to your loved ones during a difficult time.
- Plan for your partner’s retirement: Consider your partner’s financial situation, mainly if they rely on their pension for income. Life insurance can provide an additional financial cushion for your partner, ensuring they have support beyond their pension.
- Consider leaving an inheritance or charity donation: Consider leaving a cash gift to your loved ones as an inheritance. Alternatively, you may want to allocate a portion of your payout to a charitable organisation with personal significance.
- Account for existing insurance, funeral plans, or savings: If you already have life insurance coverage, a funeral plan, or personal savings, factor these into your overall coverage estimate. By considering existing financial protection and savings, you may be able to reduce the level of coverage needed and potentially save some money.
By considering these factors and estimating the coverage required for each, you can calculate a rough total for the amount of over 50 life insurance you may need.
As you can see, no two personal circumstances are the same, and you should get the best over 50 life cover that you think will work for you.
What is the cost of cover?
The cost of cover refers to the monthly premiums you pay into a policy, corresponding to a certain payout level. For a small payout amount to cover a funeral cost, the cost of life cover may start with premiums as little as £5 a month.
What is the maximum entry age limit?
Insurers will have a maximum age for those they accept as a policyholder. An over 50s life insurance plan is typically 80 years old, although this can range slightly lower or higher depending on the insurer.
What is the claims process?
When selecting a particular insurer’s policy, looking at how long a payout takes once a claim is made is prudent.
The claims process is available in the policy terms and conditions. If additional comfort is required, it is worth looking at the insurer’s payout level, which is expressed as a percentage; a high payout amount is preferable.
Looking for the best over 50 plan? Insurance Hero is a leading independent life insurance broker with extensive experience providing life insurance for the over 50s. Contact one of our friendly but professional staff on 0203 129 88 66 for a no-obligation quote that will closely align with your circumstances.
I Need A Higher Level Of Life Cover- Are Other Options Available for Over 50s?
If you are over 50 and require a more substantial level of life cover than is available under an over 50s life insurance plan, you may have to look at other life insurance products.
Two scenarios where this may apply may be to provide cover for an outstanding mortgage or ensure sufficient funds are in place to pay an Inheritance Tax Bill.
Mortgage Repayment
If you are over 50 years of age, you may have decided to take on a new mortgage, equity release, or another type of secured borrowing. Such a significant financial obligation will require a protection policy. The debt is repaid in full should you die, and dependents are not left with an estate saddled with creditors.
Inheritance Tax
If you are a UK resident and have a substantial estate that you will pass on to your family, there will be an inheritance tax bill to pay to the UK government. A life insurance policy can be tailored to pay off an IHT bill when you die, so the beneficiaries inherit your estate free and clear of debt.
If you have significant financial commitments, there are two life insurance options that you will need to consider.
Fixed-term insurance
Fixed-term life insurance is the most common of the life insurance over 50 products, whereas, for younger policyholders, it typically covers a mortgage.
It is available for over 50s, but as a traditional life insurance product, it does require a strict medical examination and the disclosure of pre-existing medical conditions to be accepted for a policy.
Term life insurance provides insurance coverage for a set duration, meaning once the policy expires, no payout will be due should you die.
As mentioned, fixed-term insurance is typically used to match up with a mortgage or fixed-term loan like equity release, which means if you pass away, the debt is repaid in full.
Other uses for fixed-term insurance include paying an Inheritance Tax Bill or covering the cost of private or further education for your children.
Whole-of-Life Insurance
Whole-of-life insurance is the most costly insurance type, especially if you are over 50. Full medical screening and the disclosure of medical conditions are mandatory to be considered for this insurance product.
Unlike term insurance, where a policy lapses after a fixed payment term, whole-of-life does not have a fixed duration and will continue until you die, whenever that is.
Like term insurance, those with whole-of-life typically want to cover significant financial obligations should they die.
Both term and whole life insurance become increasingly expensive as you get older, as there is a higher risk of something happening to you than a young and healthy policyholder.
For those over 50, the cost may be higher, but you should not let this deter you. It is still crucial to look around as specialist insurers offer competitive life insurance quotes.
Life Insurance Quotes Over 50. How Can Insurance Hero Help You?
Insurance Hero is an Independent Life Insurance Broker with extensive experience getting cover for over 50s and for those entering into retirement. This includes over 50s life insurance plans, fixed-term insurance, or whole-of-life policies. Being an independent broker means that
Insurance Hero does not align with a particular provider but works with an extensive network of specialist underwriters. Insurance Hero knows the application process and the claims process intimately to ensure over 50s have the best policy aligned to their circumstances.
fiftylife net life cover and over 50 life insurance?
Over the last three months, we’ve been asked about the company fiftylife. FiftyLife Life Insurance is no longer onboarding new applications.
www.fiftylife net life cover offered Over 50s Life Insurance and cover for 55 year olds with guaranteed acceptance for UK residents aged 50-84 with no medical or health questions.
fiftylife.co.uk life cover had the following benefits:
- Some of the lowest prices around
- Guaranteed acceptance
- Low, fixed monthly payments
- Your payments stop when you reach 90
- Full, immediate accidental death cover
- No medical required for cover
- UK-based phone support
If you took out over 50s life insurance with FiftyLife, you were covered immediately for accidental death and fully covered after two years. Once you reached 90 – your payments stopped, so you may have paid in more than you got out if you live a long life.
fifty life net over 50 life cover provided an Over 50s life insurance product instead of a ‘savings’ plan.
Best Over 50s Life Insurance Summary Table
| Topic/Feature | Notes |
|---|---|
| Best Over 50s Life Insurance Companies | 1. Smart Insurance 2. Foresters Friendly Society 3. Sainsbury’s Bank 4. Onefamily 5. Post Office 6. Sunlife 7. Royal London 8. Aviva 9. Santander Bank 10. LV= Liverpool Victoria |
| Tax-free, fixed cash payout range | £25,000 – £1,000,000 |
| Medical or health questions? | Yes (for Over 50s Life Insurance) |
| Guaranteed acceptance? | Yes |
| Payout guarantee? | Yes (as long as at least 50% of monthly payments have been made) |
| Cease of premium limit | Usually from 85 to 90 years of age |
| Flexible payments? | Yes (as long as a minimum payment is maintained) |
| Immediate accidental death cover? | Yes (during the first year of the policy) |
| Funeral benefit option? | Yes (often required to use a specific funeral director) |
| Medical exam requirement? | No |
| Reasons to consider Over 50s Life Insurance | 1. Funeral expenses 2. Pay off outstanding debts 3. Charitable donations 4. Financial gifts for loved ones 5. Low cost 6. Employer cover may be coming to an end |
| Top Life Insurance for Over 50s | 1. Comprehensive critical illness cover 2. Great terms for all age groups 3. Life cover for those divorced or separated 4. Policies for UK ex-pats 5. Cover for mortgage payments 6. Over 50 life insurance with no medical exam |
The Importance Of Healthy Living For The Over 50s
Here are a few suggestions:
- Maintain A Balanced Diet: Incorporate plenty of fruits, vegetables, lean proteins, and whole grains into your daily meal plans. Stay hydrated and limit your intake of saturated fats and processed foods.
- Regular Exercise: Exercise is key to keeping your body and brain healthy. This can include brisk walking, swimming, weight training, yoga, or dancing.
- Regular Health Check-ups: Routine screenings for blood pressure, cholesterol levels, and other potential health issues can help you manage your health better and prevent major illnesses.
- Mental Stimulation: Keep your brain exercised with puzzles, reading, writing, or learning a new language or skill to help prevent cognitive decline.
- Adequate Sleep: Lack of sleep can contribute to various health problems like memory issues and obesity. Aim for 7-9 hours of sleep per night.
Our healthy ageing tips for those 50 or over guide offers many more actionable suggestions.
Over 50 Life Insurance Final Thoughts
We hope you have found our best over 50 life cover resource page useful. If you are over 50 years old, you may already be a homeowner, and the reason for taking out over 50s life insurance might be to clear small debts, leave a financial gift, or cover your funeral costs.
Of course, if your needs are more substantial, such as paying off inheritance tax, a policy that requires medical vetting rather than guaranteed acceptance will be more relevant.
In all cases, it is essential to be clear about why you are taking out insurance and then use a reputable broker’s services to ensure any policy closely aligns with your circumstances.
In many cases over 50 life insurance immediate cover is available without a medical. Is life insurance worth it after 50? We certainly think so and welcome any questions you might have.
Life Insurance Over 50 Companies Mentioned In This Guide:
Foresters Friendly Society
Head Office:
Third Floor
Enterprise House
Ocean Way
Ocean Village
Southampton
SO14 3XB
Incorporated Friendly Society: (Registration No. 511F)
Financial Services Register Number: 110029
Office Hours: 9am – 5 pm, Monday to Friday, excluding Bank Holidays
E-Mail: memberservices@forestersfriendlysociety.co.uk
Web: https://www.forestersfriendlysociety.co.uk/
Sainsbury’s Bank Life Insurance
Head Office:
33 Holborn
London
EC1N 2HT
Company Number: 279730
Financial Services Register Number: 184514
Office Hours: 08.30 am – 8 pm, Mon – Fri | 09.00 am – 1 pm, Sat
Telephone: 0800 027 7166
Web: https://www.sainsburysbank.co.uk/life-insurance
OneFamily
Head Office:
16-17 West Street
Brighton
BN1 2RL
Friendly Societies Act 1992, registered number: 939F
Financial Services Register Number: 783577
Office Hours: Open 9 am-5 pm Monday to Friday
Telephone: 0344 892 0920
E-Mail: customerservices@onefamily.com
Web: https://www.onefamily.com/over-50s-life-cover/
PostOffice
Head Office:
Finsbury Dials
20 Finsbury Street
London
EC2Y 9AQ
Registered company numbers: 2154540 and 08459718
FCA Number: FRN 630318
Office Hours: 9 am-8 pm Mon-Fri 9 am-5 pm Sat
Telephone: 0330 123 3977
Web: https://www.postoffice.co.uk/life-cover/over-50s-life-insurance
SunLife
Head Office:
1 Wythall Green Way
Wythall
Birmingham
B47 6WG
Registered company number: 05460862
FCA Number: 769427
Office Hours: Mon-Fri: 8 am-8 pm, Sat-Sun: 9 am-5 pm
Telephone: 0800 904 7674
Web: https://www.sunlife.co.uk/over-50-life-insurance/
Royal London
Head Office:
55 Gracechurch Street
London
EC3V 0RL
Registered company number: 99064
Financial Services Register number: 117672
Office Hours: Mon to Fri: 8 am-7 pm. Sat: 9 am-5 pm. Sun: 10 am-4 pm.
Telephone: 0800 032 7781
Web: https://www.royallondon.com/insurance/life-insurance/over-50-life-insurance/
Aviva
Head Office:
St Helen’s
1 Undershaft
London
EC3P 3DQ
Registered company number: 00099122
FCA Firm Reference number: 231530
Office Hours: Monday to Friday: 8:00 am – 6:00 pm | Saturday and Sunday: Closed
Telephone: 0800 046 2778
Web: https://www.aviva.co.uk/insurance/life-products/over-50-life-insurance/
Santander
Head Office:
2 Triton Square
Regent’s Place
London
NW1 3AN
Registered company number: 2294747
FCA number: 106054
Office Hours: Monday to Friday: 8:00 am – 6:00 pm | Saturday and Sunday: Closed
Telephone: 0800 085 0540
Web: https://www.santander.co.uk/personal/insurance/life-protection/over-50s-life-insurance
LV= Liverpool Victoria Over 50 Life Insurance
Head Office:
County Gates
Bournemouth
BH1 2NF
Registered company number: 12383237
FCA number: 423622
Office Hours: Mon to Thu – 8 am – 8 pm Fri 8 am – 6 pm
Telephone: 0800 197 2266
Web: https://www.lv.com/life-insurance
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
