Life insurance for the over 50s

Find out how over 50s life insurance can help the people you love financially, including help with funeral costs and other expenses, if you pass away.

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What is over 50s life insurance?

Over 50s life insurance is a type of life insurance you can take out between the ages of 50 and 80. It’s paid out as a lump sum and can be used to help with financial commitments when you pass away, such as funeral costs, outstanding bills or even as a gift to the people you love. As long as you keep up with your premiums, your loved ones will receive the cash sum when you’re no longer around.

Is acceptance for over 50 life insurance guaranteed? 

One of the reasons that over 50s life cover is popular is that you’re guaranteed to be accepted. You won’t need to take a medical examination or even answer any health-related questions. This means that, regardless of your health, you’ll be able to find life cover that provides a lump sum for those who are important to you when you’re no longer around.

A simples guide to over 50s life insurance

Find out why it’s never too late to think about getting cover, and how life insurance works for over 50s:

This video information is available as a text transcript.

How much does over 50s life insurance cost?

There are two main factors that influence the cost of life insurance for over 50 year olds. They are:

Your age

As you get older, you can expect to pay more for life insurance

Lifestyle

If you’re a smoker, or have smoked in the past year, this will affect the cost of your cover

Compare over 50 life insurance quotes with us today and we’ll help you find cover that suits your needs.

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The advantages and disadvantages of over 50s life insurance

Advantages of over 50 life insurance 

  • It offers guaranteed acceptance, meaning you’ll qualify for cover regardless of your health or lifestyle.
  • It guarantees a lump sum pay-out when you pass away (if you’ve paid the minimum required period).  
  • Your monthly premiums will be fixed, as long as you keep paying. 

Disadvantages of over 50 life insurance 

  • You can’t cash in your policy. It only pays out to your beneficiaries when you pass away.
  • You could pay more than your beneficiaries get back. It’s possible that inflation can reduce the buying power of the money you have saved too.  
  • There’s a deferred period. If you pass away within this time, your policy won’t pay out.

Is over 50s life insurance the right type of cover for me?

Your personal circumstances will determine whether or not over 50s life insurance is right for you. Here are some of the key things you need to know to help you get the best over 50 life insurance: 

  • It might help to speak to a financial adviser to get an understanding of the types of policy available and how they may or may not meet your needs.
  • Dedicated life insurance for the over 50 tends to offer smaller pay-outs than some other life insurance options.
  • The sums are often intended as a way to cover funeral expenses or as a relatively small one-off financial boost for those left behind.
  • The payment amount is guaranteed when the policy is taken out.
  • For people who live for a long time after taking out the policy, there may be a risk of paying in more than the policy pays out.

It’s wise to research the different types of life insurance available to make sure over 50s cover is right for you, especially if you’re a healthy person in your early 50s.

What happens if I miss a payment on my over 50 life insurance policy? 

If you miss a payment on your policy, it could lapse. This means you won’t be covered should the worst happen. If your policy lapses, you won’t be refunded any of your previous payments. 

When you miss a payment, a ‘grace period’ will activate. This will give you some time to meet your payment before your policy lapses. If you fail to make your payment before this expires, your policy will be invalid. Read your documents carefully and make a note of your grace period, so that you’re fully aware of how much time you have. As always, if you’re at all unsure, it’s best to speak to your provider as soon as possible.

Where can I find a great deal on life insurance? 

Look for over 50 life insurance quotes with Comparethemarket and we’ll help you find a policy to suit your needs. When you compare over fifties life insurance deals, the policy that suits you best will depend on your specific requirements. Read the details of each quote closely and see what each provider offers to get the right deal.

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Author image Mubina Pirmohamed

What our expert says...

“The fact that over 50s life insurance offers guaranteed acceptance is a huge benefit. You don’t need to worry about passing any health checks and you can make sure your beneficiaries are looked after. Whether it’s as a gift, to clear debts or even pay for your own funeral. Just make sure that you plan for inflation, otherwise you might leave your loved ones short when they need it most.”

- Mubina Pirmohamed, Insurance expert

Don’t just take our word for it, join thousands of other happy savers who Compare The Market

As of January 2023 Compare the Market had an average rating of 4.8 out of 5 from 23,670 people who left a review on Trustpilot. The score 4.8 corresponds to the Star Label ‘Excellent’. Find out more

Frequently asked questions

What is the benefit amount of an over 50s life insurance policy?

The benefit amount is the sum of money that a life insurance policy will pay out when the policyholder passes away.

Different life insurance policies will have different benefit amounts. It’s important to consider what the benefit amount is versus the monthly premiums of a policy.

If you’ve only just turned 50 and are considering an over fifty life insurance policy, it can be especially important to consider this. If the policy isn’t cashed in until you’re much older, will the amount paid to your loved ones be more than what you’ve paid in?

It’s a good idea to consider other types of life insurance too.

What is a life insurance qualification period?

Insurance providers will set a period of time, known as a qualification period, moratorium or waiting period, which takes effect as soon as you’ve bought a policy. For your beneficiaries to qualify for a full pay-out, this time will need to have passed before you die.

You should check what the qualification period or waiting period is when you take out a policy. It will vary from one policy to the next. 

How long is the qualification period for over 50s life insurance?

The qualification period is typically between one or two years.

If you pass away within that time, your beneficiaries’ pay-out would be calculated using the amount you’d paid in to the policy. The amount paid out will vary among providers so you really need to know the specifics of your life insurance policy before you take it out.

Are there funeral benefits with over 50s life insurance?

Your beneficiaries may want to use the pay-out from your over 50s life insurance plan to cover your funeral costs, but it’s not specifically designed for this.

Many insurance providers offer policies that will give a pay-out specifically to cover funeral costs. It’s important to read your policy details carefully though, as it’s possible that the entire funeral cost may not be covered.

You can find out more about dedicated funeral cover here.

How does inflation affect the pay-out of my life insurance?

Inflation is something to consider when you buy a policy. With an over 50 policy, the pay-out amount is fixed. So if you take out a policy when you turn 50, but live until you’re 80, the pay-out might not have the same value 30 years on. For this reason, you may want to consider raising your cover amount slightly above what you initially thought. Ultimately, it’s impossible to predict the future, so this is purely down to your judgement.

What does it mean to write a life insurance policy in trust?

Writing a life insurance policy in trust allows you to legally separate your policy pay-out from your estate. This means you’re protecting it from inheritance tax, which can potentially save your beneficiaries thousands in costs.

Choose your trustee(s) carefully though, as they’ll be entirely responsible for making sure your pay-out is used as you intended.

If you already have a life insurance policy and are now interested in putting it in trust, you should be able to arrange that, usually with the help of a solicitor or financial advisor.

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

There are plenty of providers who offer senior life insurance policies for people between the ages of 50 and 80. But while over 50 life insurance offers guaranteed acceptance if you’re aged between 50 and 79, specific over 70s life insurance policies might require you to give more detailed information.

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

One of the main attractions of life insurance for the over 50 is that you don’t have to provide health information when you take out a policy. But it may not pay out if you pass away soon after the policy starts.

Policies tend to have a qualification period (or waiting period) that must have passed before the policy will pay out. This is often one or two years after the policy was taken out. Check the waiting period on any policy you consider buying.  

What are return of premium policies on over 50s life insurance?

Some life cover policies have a return of premium clause, which usually means the regular monthly payments made into the plan (the premiums) will be returned if the person doesn’t die within the stated term of the policy.

Return of premium policies have pros and cons. The benefits of a return of premiums clause may include a reduced risk of losing the money paid in. The downsides may be that the monthly premiums could be higher in the first place. Tax implications are also worth considering.

Page last reviewed on 16/11/2022
by Helen Phipps