Over 50s life insurance

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Life insurance for over 50s

Find out how over 50s life insurance  can ensure that your loved ones are taken care of financially, including help with funeral costs and other expenses, if you were to pass away.

What is over 50s life insurance?

Over 50s life insurance is a type of life insurance taken out between the ages of 50 and 80. It’s often 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 loved ones. As long as you keep up with your premiums, your loved ones will receive the cash sum when you’re gone. 
As you get older, you may begin considering what’s important to leave behind for your loved ones, to ensure that they’re looked after when you’re no longer there to support them. Over 50s life insurance is an easy way of covering any outstanding debts or costs for things like your funeral.

Is there guaranteed acceptance?

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 exam or even answer any health-related questions. This means that, no matter your health condition, you’ll be able to find cover that suits your needs and provides a lump sum for those who are important to you when you’re gone.

How much is life insurance for Over 50s?

If you’re over 50, you could get life insurance cover from £19.25** per month, based on Assured Futures data in November 2020. Many factors influence the cost of cover, including your age, medical history and lifestyle.

**50% of people could achieve a quote of £19.25 per month for their over 50s life insurance for a 10 year term, up to £100k worth of cover and no critical illness cover. Based on Assured Futures data in November 2020.

What are the benefits of over 50s life insurance?

There are two main benefits to over 50s life insurance:

  • This policy type offers guaranteed acceptance, meaning you will qualify for cover regardless of your health or lifestyle
  • A lump sum pay-out in the event of your death is guaranteed. That said, you’ll need to have paid into the policy for a minimum period of time (usually between one and two years).

Your actual age should also be a factor in your decision, as well as your lifestyle and medical background.  Learn how term life insurance  could be a better option for you if you’re towards the younger end of the over 50s age bracket.

Are there any disadvantages?

It’s important to know that a life insurance policy holds no cash value, meaning it only holds value to your beneficiaries when you die. Depending on your circumstances, and how long you live for, you could also end up paying more towards your policy than it will end up paying out if you were to die. Be sure to take this into account before taking out a policy.

What happens if I miss a payment on my policy?

It’s very important that you continue to make your scheduled payments for your life insurance. If you miss one, your policy could lapse, meaning you won’t be covered should the worst happen. If your policy lapses, you won’t be refunded any of your previous payments. 
By missing 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. 
Make sure that you read your documents carefully and make a note of your grace period, so that you’re fully aware of how much time you have, if your financial situation changes and are unable to make a payment. As always, if you’re at all unsure, it’s best to speak to your provider as soon as possible.

Frequently asked questions

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

Insurance providers will set a period of time, known as a qualification period (or moratorium), which takes effect as soon as you’ve bought a policy. Typically between one or two years – you’ll need to survive this qualification period in order for the full agreed amount to be paid to your family.

If you were to pass away within that time, your beneficiaries’ pay-out would be calculated using the amount you’d actually paid in to the policy. Again, this figure that would be paid out could vary between 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?

While a 50+ life insurance plan can potentially pay out a significant sum upon death, you may wish to make arrangements to cover your funeral costs to avoid leaving any hidden surprises for your loved ones. Many insurance providers offer benefits or additional policies for funeral cover. These can provide an additional payout upon your death, that will specifically cover funeral arrangement costs. It’s important to read your policy details carefully though, as it’s unlikely that the entire funeral cost will be covered. 

How does inflation affect the payout of my life insurance?

You should keep inflation in mind when taking out an over 50s life plan. If you take out a policy when you turn 50, but live until the age of 80, the cover sum agreed is fixed, but may not hold the same true value at the end of the 30 years your policy may last. 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 the policy “in trust”?

Writing a life insurance policy in trust allows you to legally separate your policy payout from your estate. This means you’re protecting it from being subjected to inheritance tax, which can potentially save your beneficiaries thousands in costs. 
Choose your trustee(s) carefully though, as they will be entirely responsible for ensuring your payout 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.

What about life insurance for over 60s and over 70s?

Over 50s life insurance offers guaranteed acceptance, if you’re aged between 50 and 79. Whereas, you may find that specific policies for over 70s life insurance require you to give more detailed information during an application than a younger applicant may have to supply. However, there are plenty of providers who do offer senior life insurance policies for people between the ages of 50-80.

Where can I find a great deal on life insurance?

When you compare over 50s life insurance quotes, our cheapest quote isn’t always what’s best for you – as the policy that suits you best will depend on your specific requirements. Compare with us today and we’ll help you find a policy to suit your needs.

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