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Compare life insurance for over 50s

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Over 50s life insurance

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.

How much is life insurance for a 50-year-old?

If you’re over 50, you could get life insurance cover from £38.50** per month, based on Assured Futures data in May 2020. Many factors influence the cost of cover, including your age, medical history and lifestyle.

**50% of people could achieve a quote of £38.50 per month for their over 50s life insurance or less, based on Assured Futures data in May 2020.


Buy your life insurance online through Compare the Market and claim an Amazon.co.uk Gift Card worth £75**

Simply quote and purchase your life insurance online through Compare the Market to receive this offer. 

Important things to note:

  • Offer available for policies applied for online. See full terms and conditions.
  • This offer applies to Over 50s life insurance policies, purchased from 4th August 2020 to 31st August 2020.
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Frequently asked questions

What is over 50s life insurance?

Over 50s life insurance – typically taken out between the ages of 50 and 80 – is 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.

What are the benefits of this type of cover?

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.

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.

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. 

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 will 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. 

Are there funeral benefits with over 50s life insurance?

While a 50+ life insurance plan can 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?

It’s hard to say exactly, but 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 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 it comes to life insurance, our cheapest quote isn’t always what’s right 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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