This information is correct as at 25/10/23 and has been compiled from each insurer's website to help you make your own comparison.
What to look out for when comparing plans
To find the best over 50 life insurance, it helps to consider the things that are important to you. Policies vary depending on the provider so to find the right over 50 plan for you, it’s important to understand the ways plans differ:
Age limits – the majority of plan providers have an age range of 50 to 80. However, there are some companies that have a maximum age limit of 75 and SunLife have the oldest threshold of 85.
Minimum premium – this is the lowest monthly premium you can pay for cover and typically ranges from £4 to £10. Rather than immediately opting for a cheap plan, it is worth comparing quotes to see how much cover you can get for your money.
Waiting period – the waiting period before you can claim for the full amount of life cover varies between 1 to 2 years. However, some companies do offer immediate cover for accidental death.
Premiums payable period – some companies require you to pay your premiums for life whereas others have premiums that cease on your 90th birthday but the cover continues.
Cover level – the amount of life cover you can get for your premium will also vary, which is why comparing over 50 life insurance quotes is important when looking for the best deals.
Smoker vs non-smoker – some providers will want to know your smoking status. As a non-smoker these companies could offer you a better deal but it may be best for smokers to look elsewhere.
Funeral benefit option – this free option means your money is paid to a specified funeral director when you die to help with funeral costs instead of to your beneficiaries. In return, the funeral director will also contribute an amount towards the total cost when the time comes. Typically it is £250 to £300 but it will vary by provider.
Free welcome gift – many companies offer a free gift as an incentive for choosing their plan which will vary depending on the provider. Whilst a free gift is a nice gesture, it should never be the main reason for choosing a plan.
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Over 50 life insurance quotes
Once you know what over 50 life insurance provides, shopping around for a quote can be a good idea. Access to providers couldn’t be easier as they all offer online calculators that provide you with a quick quote, showing premiums and benefits to help you find the best deals.
Top tip: When comparing over 50 life insurance quotes, look beyond monthly premiums and the cash sum benefit. All plans will offer guaranteed cover with no medical questions, but you should look at all aspects of the plan to ensure it meets your needs.
What is the cheapest over 50s life insurance?
The cheapest policy isn’t always the best. However, if budget is your primary concern, take a look at the companies that offer lower premiums to see how much cover you can get. The table above shows the cheapest starting monthly premiums, however when considering what you can afford, you should also consider whether the benefits provided are good value.
Over 50 life insurance calculator
An over 50 life insurance calculator can help you see how much cover you can get for your money. You simply select how much you would like to pay each month and the calculator will work out how much life insurance you will get.
As most providers have an over 50 life insurance calculator, it also makes comparing plans much easier.
Over 50 life insurance with free gift - how does it work?
When comparing quotes, you will see that many companies offer over 50 life insurance with a free gift, usually in the form of a gift card. The free gift will be sent to you once the policy has been in place for a specified period, which is typically 6 months.
Choosing the best over 50 life insurance plan shouldn’t just depend on selecting the best free gift, as you will want to ensure the plan suits your needs.
Reviews
Reading reviews for over 50s life cover can give a clearer picture of what each plan covers. The pros and cons, monthly costs, the benefits, whether smokers will pay more, the insurer's reliability, policy satisfaction, and the quality of customer service.
Always check both positive and negative reviews for a balanced perspective.
We have reviewed the following companies:
What can I use over 50s life cover for?
The cash sum paid out from over 50s life cover can be used however your family wish. One of the main ways families use the money is to help with funeral costs, however it could also be useful for paying off bills or perhaps as a gift for loved ones.
What are the alternatives to over 50s life insurance?
Guaranteed over 50s life cover can provide an affordable way to leave money for loved ones however there are some alternatives you may want to consider:
Over 50 life insurance with the funeral benefit option
Not quite an alternative, but if you want to help with funeral costs, you could consider choosing the free funeral benefit option most plan providers offer. This enables your cash sum to be paid directly to a designated funeral director when you die, to help pay for the funeral.
It’s free to set up and you will get a contribution of between £250 to £300 towards your funeral costs, depending on the company you choose. What’s more, you can change your mind at any time, and leave the money to your loved ones instead.
Regular whole of life insurance
This type of insurance requires you to answer health and lifestyle questions, consequently it will give you more cover for your money but may not be suitable for someone with health problems.
Term life insurance
Term insurance is useful if you are seeking cover for a fixed period of time. You specify the number of years you want to be covered for and the policy only pays out if you die in that time.
Prepaid funeral plans
A prepaid funeral plan allows you to pay for and arrange your funeral in advance, so most of the planning and expense is taken care of, leaving less for your loved ones to deal with. One of the main advantages of a prepaid funeral plan is that you pay today’s prices. This means that while inflation may increase the average cost of funerals year on year, your funeral services will be fixed at today’s prices.
Direct cremation plans
Also known as a direct funeral, a direct cremation plan lets you pay and arrange a simple and fuss-free funeral alternative. There is no service at a church or crematorium involved and no one in attendance, so it is not for everyone, but it could be suitable if you prefer to avoid a service or save money.
Martin Lewis on over 50 life insurance
Martin Lewis has a few reservations when it comes to over 50s life insurance, although he believes an over 50 plan could be right for some.
The points Martin Lewis raises about over 50 life insurance are valid; if you are in relatively good health and happy to go through a longer application with medical and lifestyle questions included, then regular life insurance could be more suitable as you could get more life cover for your money.
However, as we have mentioned, if you’re looking for life insurance that is quick and easy to arrange with no questions asked about your health and lifestyle, then guaranteed over 50 life insurance could be right for you.
How much does life insurance for over 50 year olds cost?
The cost of guaranteed life insurance for over 50s will depend on a number of factors:
- Your age – age is one of the main factors that affects your premium. The younger you are, the lower the premium.
- The sum assured – the more money you leave to loved ones, the higher your monthly premiums will be
- Your chosen monthly premium – rather than choosing a fixed lump sum, you could choose a monthly premium you can comfortably afford and accept the cash sum payable for that amount
- Your chosen provider – some providers will be more expensive than others, with different benefits and waiting periods, which is why it can help to compare over 50 life insurance quotes
- A few providers will also want to know if you smoke or have used tobacco related products in the past 12 months, but many don't.
So how much over 50 life cover can I get?
To see exactly how much over 50 life insurance you could get, try using one the free online quote comparison services. It will tell you quickly how much cover you can get or if you have a specific sum assured in mind, the monthly cost.
For example, if you wanted a plan that could help with the average cost of a funeral which currently stands at £3,953 (September 2023), the monthly premiums with Sunlife for a non-smoking 65 year old would cost £21 per month.
Keep in mind that unless you choose a plan that increases with inflation, both the premium and the cash sum paid out are fixed, so will not keep in line with any rises in the average cost of a funeral.
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Is over 50s life insurance safe?
All over 50 no medical life insurance providers must be authorised by the Financial Conduct Authority (FCA), the regulatory body for financial services in the UK. Authorised companies must abide by the FCA’s rules and standards ensuring customers are treated fairly and their money managed responsibly.
Being regulated by the FCA means customers have access to the Financial Services Ombudsman should they wish to complain about the service they have received and the Financial Services Compensation Scheme.
Next steps
Throughout our 20 years experience in dealing with life insurance for the over 50s, we have recommended that if you are looking at buying a plan, it is important to fully understand the details and read through the small print before purchasing a policy.
As tempting as it may be, don’t choose a policy based solely on its welcome gift. Monthly costs, the cash benefit and additional features of the plan are of utmost importance. And if you are using the policy to help with funeral expenses, it could be worth considering a plan with free ‘funeral benefit cover’ if it means a contribution of £250 to £300 is added to the pot.
An established company with a good track record of paying claims quickly may also be a consideration. Afterall it’s your loved ones that will be claiming on the policy.
This type of guaranteed life insurance is a relatively simple plan and providing you have done your research, buying online is easy and should only take a few minutes.
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