How to choose the best life insurance for over 50s

With prices starting from £3.70 a month, over 50s life cover is an affordable way to leave a cash sum when you die that could help with funeral costs, pay off outstanding debts or be left as a gift for family.

Not all plans are the same however, so it’s important to understand how they differ if you want to choose the best over 50 life cover that suits your own personal needs.

We make comparing plans quick and easy, providing important information on leading providers like  Sun Life, British Seniors and; Royal London. We explain how plans work, how to get more life cover for your money and provide no obligation quotes so you can choose which is best for you.

Over 50 Life Insurance Best Buys

Compare Plans
Featured Product

Plan Provider: SunLife

Monthly from:

£3.70

Guaranteed Acceptance:

£100 gift card

Full cover payable after:

12 months

Plan Provider: One Family

Monthly from:

£8

Guaranteed Acceptance:

£30 giftcard

Full cover payable after:

24 months

Plan Provider: British Seniors

Monthly from:

£3.72

Guaranteed Acceptance:

£75 gift card

Full cover payable after:

24 months

Plan Provider: ShepherdsFriendly

Monthly from:

£10

Guaranteed Acceptance:

£50 gift card

Full cover payable after:

24 months

Plan Provider: Aviva

Monthly from:

£5

Guaranteed Acceptance:

£50 gift card

Full cover payable after:

12 months

Plan Provider: Legal & General

Monthly from:

£5

Guaranteed Acceptance:

£100 gift card

Full cover payable after:

12 months

Plan Provider: Royal London

Monthly from:

£3.95

Guaranteed Acceptance:

£100 gift card

Full cover payable after:

12 months

What is over 50s life insurance?

Over 50s life insurance is an insurance policy that covers you for the whole of your life, paying out a cash lump sum when you die that can be used however you choose; perhaps to help with funeral costs, pay off outstanding debts or leave as a gift for family.

Designed specifically for the over fifties, the amount of life cover you can get with this type of plan will depend on your age, how much you are happy to pay on a monthly basis and the company you choose, which is why it is important to compare over 50s life cover and look at the various benefits each plan provider offers.

Guaranteed acceptance / no medical over 50s life insurance

One of the main differences with over 50 life insurance compared to regular life cover is that your acceptance is guaranteed with no questions asked. You do not need a medical or to answer any lifestyle questions as your application will be accepted regardless of the state of your health.

Quite simply as long as you live in the UK and are within the age range which is usually between the ages of 50 to 80 (although the Sunlife do provide cover for anyone up to the age of 85), you will be covered.

How does Over 50s life insurance work in detail?

Over 50 life insurance works by providing cover for the whole of your life, guaranteeing to pay out a cash lump when you die for your family to use. It’s simple, quick and easy to arrange and an affordable way to leave money for those you care about.

The main reason people choose over 50 life cover is to help with funeral costs, which is why it is often referred to as funeral insurance however they do offer flexibility as the money really can be used how you or your family want. For example you may wish to:

  • Pay off outstanding bills or loans
  • Treat your family or give them something to remember you by
  • Leave as a gift for grandchildren

To apply you simply choose a monthly premium based on what you can afford and how much cover you would like paid out when you pass away. You pay your monthly premiums for life or until you are 90* so do ensure the amount you choose is manageable on a long term basis.

You are covered for the full cash sum after an initial period of between one or two years*. If you were to pass away during this initial period, you wouldn’t be covered for the full cash sum however the money you have paid into the over 50 plan to that point would be fully refunded.

The benefitsmartin lewis

tick   Guaranteed acceptance – you will be covered regardless of any health issues

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  Life insurance without a medical is simple – just a straightforward easy application

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  Affordable monthly payments - starting from £3.70 

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  Guaranteed cash sum is paid out when you die – that can be used to help your family financially

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  Fixed monthly payments that never change – can help with budgeting

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  Full life cover after an initial period of 1 or 2 years* – if you die within this period the money paid in will be refunded

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  You choose how much you want pay on a monthly basis or how much cover you need

In addition many companies also advertise over 50 life insurance with a free gift which is worth knowing however this shouldn’t be your main reason for choosing a plan.

Things to consider

  • If you were to die during the initial 1 or 2 year period*, you would not be covered for the full cash sum however your monthly premiums would be refunded
  • Premiums are payable for life or until your 90th birthday*
  • Depending on how long you live, there is a chance you could pay in more than the plan pays out
  • The amount of money paid out when you die is fixed so inflation will reduce its value over time
  • If you cancel or stop paying your premiums, you won’t get any money back.
  • The money from an over 50 policy usually gets paid to your estate so may be subject to inheritance tax

When you get an over 50s quote you will be able to make a comparison of costs and benefits to help you make the right decision for you.

What is the cut off age for over 50s life insurance?

You have to be at least 50 years of age to apply for this type of plan but the maximum cut off age for Over 50s life insurance will depend on the company you choose.

Some have an application threshold of 75 however the majority usually have a maximum age limit of 80 years old. SunLife however do offer plans to anyone up to the age of 85.

Funeral Benefit Option

Most over 50 plans now offer a funeral benefit option.  They vary slightly but typically, instead of having the money paid to your estate when you die, you can agree for it to be paid directly to a specified funeral director to help pay towards the cost of the funeral.  The option is usually free and in return you get additional life insurance cover.

You will either receive an additional £250/£300 towards your funeral costs or 10% of the cash sum towards your funeral directors fees when the time comes.

If you are thinking about taking out life insurance for the over 50s to help with funeral costs, it is worth looking at additional life cover.

Alternatively, if you are wanting to pay in advance for your funeral, then you may wish to consider a prepaid funeral plan which lets you freeze costs at today’s prices, avoiding future inflation. For more information on how plans work and the various payment options available to you, take a look at our prepaid funeral plan section.

Or to find out more about how funeral plans compare with over 50 plans, take a look at our ‘What is funeral insurance’ section.

Over 50 Life Insurance Reviews

To save you time, we have reviewed the leading over fifties life insurance plans highlighting the features and benefits of each, additional options you may wish to include and things to consider before going ahead.

Regardless of whether you are 50 or looking for life insurance over 60, 70 or even 80 years old - just click on the name of the over 50s insurance provider you are interested in for more information.

Top 10 Over 50s Life Insurance UK Companies

Here are our market leading guaranteed life insurance over 50 plan reviews. To review, get a quote and compare features and prices simply click on your chosen provider.

Over 50 life insurance calculator

An over 50 life insurance calculator can help you understand how much money you could leave your family based on your age and budget. As the majority of over 50 plans are used to help with funeral costs, it’s worth keeping in mind that the average funeral currently costs £4,271. 

To find the best life insurance for over 50s that fully meets your own personal needs, we would always recommend you get several quotes from leading UK companies, which you can do either by using our ‘best buy’ table or getting our partner, Reassured to do the work for you by clicking here.

Could you get up to 60% extra life cover?

If you are in good health and happy to answer questions about your health and lifestyle, then you could get up to 60% more life cover with a regular whole of life insurance plan. The main differences between regular life insurance and over 50s life cover are that your acceptance isn't guaranteed, the application process is longer, you will be asked questions about your health and you may need to have a medical, but in return you could get up to 60% extra cover.

 Age  Over 50s Life  Regular Life  Extra Cover
 50  £3,017  £4,558  51%
 55  £2,316  £3,765  62%
 60  £2,249  £3,020  34%
 65  £1,804  £2,355  30%
 70  £1,356  £1,773  30%
Based on a male non-smoker paying £10 a month using Legal & General results 15/01/19

We have teamed up with Reassured, one of the UK's leading brokers, who will compare the market and advise you as to whether you qualify for extra life cover. Just click on the "Compare Quotes" button, answer a few simple questions and the team will provide you with the best quotes.

Can I get over 60 life insurance?

A question we get asked frequently is, "What is the best life insurance for over 60 years of age?"

Even though these are called ‘Over 50s Life Cover Plans’, they are suitable for over 60s too. As we get older we start to think about putting plans in place for our later years to protect our families, perhaps from the financial burden of paying for our funeral. This is where Over 60s life insurance could be helpful, particularly as your eligibility for cover does not depend on the state of your health or lifestyle.

Having said that some companies do ask whether you are a smoker and can charge more as a result which is where a detailed comparison like the one we provide will help.

Can I get over 70 life insurance?

You may think that being over 70 means you are too old for life insurance – well you would be wrong. It doesn’t matter if you are over 50, 60 or over 70, there’s a plan for you. In fact some companies provide life cover for those up to 80 years of age and SunLife have a maximum age limit of 85.

Again your over 70 life insurance plan will generally be labelled as an Over 50 plan, offering affordable cover for the whole of your life from as little as £3.70 a month.

It’s important to get a range of fifty plus insurance quotes so you can compare not only the cash sums based on your preferred monthly budget, but also the benefits so you can make a more informed choice but our comparison table will help get you started

Martin Lewis on Over 50 life insurance

Martin Lewis from Money Saving Expert has reservations when it comes to Over 50 Life Insurance. His concern is that depending on how long you live, you could pay more into the plan than the cash sum paid out.

Although he has a valid point, the thing Martin Lewis misses is that this is insurance, there to cover a risk. We go through life insuring ourselves against risk; something we hope will never happen – the house being burgled or damaged, our belongings lost or our car bumped – the list is endless.

The difference with this type of life insurance is that it is actually guaranteed to pay out a cash sum to your family.

So if you are looking for life insurance that is quick and easy to arrange with no questions asked about your health and lifestyle, then a guaranteed over 50 life insurance plan could be right for you.

If however 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 - for more details click here.

The key here is fully understanding how plans work and choosing the one that is best suited to your own personal needs.

What should I do now?

Once you have read this guide you should have gained sufficient information to make an informed decision on your next steps, however, our questions and answers below may help you further before making your final decision.

Click here if you would like to take another look at the comparison of providers.

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Your questions answered

What is an Over 50s Plan?

An Over 50s Plan is a life insurance plan that pays out a cash sum when you die that can be used how you and your family wish. Designed specifically for those aged 50 or older, the application is quick and easy and you are guaranteed to be accepted.

Quite simply with an Over 50s plan you won’t be asked any health or lifestyle questions when you apply as the state of your health isn’t taken into account. As long as you are within the age threshold which is typically 50 to 80 years old and live in the UK, you are guaranteed to be accepted.

What is the maximum amount of over 50s life cover I can have?

This will depend on the plan provider and so will vary, but typically you can get up to £25,000

Can I have a joint over 50 life cover plan?

No. You can only take a plan out in a single name, so if your partner or spouse would like cover aswell, they will need to take out a separate plan

Are guaranteed life insurance plans value for money?

This is insurance and like all other insurance plans, they are there to protect us and give us peace of mind. Year after year we pay out hundreds of pounds on insurance. Car, home, mobile phone, travel, health, the list is endless. We dutifully pay our monthly fees, often paying in far more than we will ever claim.  

Guaranteed life isnurance plans are no different.

The longer you live, the more you pay so you could end up paying in more than the plan pays out. There is one difference with these insurance policies though and that’s the fact that when you die, as long as it’s after the initial one or two year period, they are guaranteed to pay out.

Can I get Over 60s life insurance?

It doesn’t matter whether you are Over 60, Over 70 or in some cases even over 80 (depending on the 50 plus insurance provider), you are guaranteed to be accepted for Over 50s Life Cover as long as you are between the ages of 50 and 85; so yes you can in effect get life insurance for over 60 years of age. 

Will I pay more in premiums than the plan pays out?

If you are pondering over whether you think an Over 50 Plan is the right choice for you, it’s probably worth doing the maths. The good thing is that because the amount you pay on a monthly basis and the amount paid out on death stays the same, it’s easy to work out. You just need to look at how many months you will pay your over 50s life insurance premiums for before they add up to the same amount as the cash sum paid out on death 

For example:

You agree to pay £12 per month for £2,000 of cover (this level of cover is just an example and will depend on your age) £2000 divided by £12 = 167: After 167 months, you would start to pay in more than the money paid out (i.e. the £2,000) 167 divided by 12months = 14: If you die within 14 years of taking the policy out, the money paid out when you die will be higher than the amount of money you have paid in.

If you live for longer than 14 years, you will pay more than the plan will pay out

Which is the best Over 50 life insurance plan?

This depends on what you are looking for and what is important to you. Essentially one of the main points will be the level of cover provided which is why it is important to compare over 50 life insurance quotes.

Then consider which features are important to you. For example, is it important that your over 50 plan provides life cover after 12 months or are you comfortable waiting for 2 years? Are you looking to include the funeral benefit option? Would you prefer an over 50 plan that pays out if you are diagnosed with a terminal illness?

To help you decide, why not take a look at our Reviews section which provides an over 50 life insurance comparison of the UK’s leading plans in addition to a more detailed insight into what each has to offer.

Can I cancel the plan?

All Over 50 life Insurance providers will have a cancellation policy allowing you to cancel and get any premiums paid refunded within certain period, typically the first 30 days. After this period you will still be able to cancel however you would not get any money back and theover 50s life cover would end.

Why do over 50 life insurance quotes vary so much?

Over 50 life insurance quotes vary depending on your age, the amount you want to pay on a monthly basis and in some cases whether you smoke. You will also notice the cash sum available will vary by company so it is important to compare over 50 life insurance quotes from a range of providers before making your decision.

Is it worth considering the cheapest over 50 life insurance plan?

It is important that you choose an over 50 life insurance plan that is right for you, based on your personal requirements. Whilst the cheapest over 50 plan may tick the box in terms of low monthly premium, you need to be comfortable that the level of cover provided is suitable too.

By taking time to compare over 50 life insurance quotes, you’ll see at a glance the cash sum you could get based on the amount you want to pay on a monthly basis. 

Who offers the best over 50 life insurance plan?

There are a number of companies that give you the opportunity to compare over 50 life insurance quotes from leading providers, Go Compare, Moneysupermarket, ComparetheMarket and of course this site - you can also go direct to the likes of Royal London, Sun Life & LV.

The process is quick and straightforward. By answering a few simple questions, you will be provided with a range of over 50 life insurance quotes in minutes, saving you the time consuming task of searching the market yourself.

Can over 50s life cover help with funeral costs?

Many people buy over 50s life cover to help with paying funeral costs. By agreeing to pay a fixed premium on a monthly basis, a cash sum will be paid out when you die that your family can use to help with funeral costs.

In addition, most plan providers offer a free funeral benefit option which provides additional free cover if you agree for the cash sum to be paid directly to a specified funeral director. When the time comes, they will provide the funeral services using the proceeds from your life cover to help cover the funeral costs.

Why do some companies offer over 50s life insurance with free gifts?

A number of companies offer polices with a free gift to thank you for choosing their plan however it is important that your decision to buy is based on the life cover provided and not swayed by any free gift that may be on offer.

What is the best life insurance for over 50s?

The best life insurance for over 50s depends on your own personal requirements. If you are in good health you may want to consider a regular whole of life insurance plan as the cash sum paid out can be up to 60% higher.

If you prefer a simple, quick application process with no health or lifestyle questions to answer, than you may prefer a guaranteed over 50s plan as your acceptance is guaranteed.

Comparing quotes is a great place to start but it is also important to look at the benefits and read reviews too, all of which you will find right here at Over50choices.

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