Over 50s life insurance

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We all want to look after our loved ones when we die and make sure they are financially sound.

An over 50s life insurance plan can guarantee a cash lump sum that doesn’t depend on your medical condition or lifestyle.

In This Guide:

What is over 50 life insurance?

Like standard life insurance plans, over 50s life insurance will pay out a lump some in the event of death. Unlike standard plans though, over 50s insurance doesn’t require any medical underwriting for you to get approved.

Anyone who is a UK resident aged 50 to 85 qualifies to take out a guaranteed over 50s cash plan and no pre-existing medical conditions will affect your eligibility.

This is often the best life insurance policy available if you are over 50 and in ill health, but may not be as suitable for those in a relatively clean bill of health.

Taking out a policy, you will be liable to keep up with monthly payments to keep the policy live.

The money will be paid out as a fixed lump sum and can be used for as you like. It can be used to pay off debts or any inheritance tax, to cover funeral costs, or to leave your loved ones a gift.

Who needs an over 50 life insurance policy?

This largely depends on you, your lifestyle, finances, and how you want to leave your estate when you are gone.

For instance, if you don't have any dependents and are financially sound, you might not need an over 50 life insurance policy. However, if you do have dependents, would like to leave an inheritance and help pay for your funeral, it might be prudent to look into taking out a policy.

We recommend weighing up the points below and working out whether they apply to yourself or not, if you are unsure whether you need an over 50 life insurance plan or not:

Potential reasons to take out an over 50s plan:

  1. You have children or a partner that you would like to be looked after financially.

  2. You want to make sure your funeral expenses are covered.

  3. You want to leave a gift to your family should you pass unexpectedly.

Potential reasons to not take out an over 50 life insurance policy:

  1. You don't have any dependents that will need looking after.

  2. Your partner will be able to financially support your family if you passed away.

How much does an over 50s life insurance policy cost?

The amount you're quoted will be based on certain criteria, including your age, whether or not you smoke and the amount of cover you want.

The best way to find out how much an over 50s life insurance plan will cost you is to speak with an advisor.

If you click the "get quote" button below and input your details, you will then be on your way to finding out how much an over 50 plan will cost you.

Over 50s life cover policy exclusions

As with all types of insurance policies, there are exclusions in place for over 50s plans that will result in no pay-out if you die under certain circumstances. This is most commonly if you die within the 1 to 2 year waiting period depending on the provider. 

These exclusions may vary between providers so always check the terms and conditions before agreeing. There are also often certain exceptions to these exclusions, such as if your death is caused by an accident within the first year or two of your policy depending on the provider.

Important things to know about getting life insurance over 50

  • Over 50s life insurance is not a savings or investment product and therefore holds no cash value without a claim being made

  • If you pay for a plan over a long period of time, your premiums could equate to more than the total payout

  • All payouts are fixed so inflation will reduce its value over time

  • It is not designed to cover the cost of funeral expenses and the amount paid out is not guaranteed to do so

  • If you stop paying premiums your plan will be cancelled and you will not receive a payout.

What is the difference between life insurance and over 50s life insurance?

There are a few key differences between a standard life insurance plan and an over 50 life insurance policy:

  1. Over 50 life insurance is a 'whole of life policy'. This means that your policy will cover you for the rest of your life - as long as you keep up with monthly premiums. A standard life insurance policy is a 'term policy'. This means that it will cover you for a specific amount of time (e.g. 5 or 10 years), and will end when the policy period finishes.

  2. An over 50 life insurance policy can usually only be taken out if you are aged between 50 and 85. A standard life insurance policy can usually be taken out between the ages of 18 and 75 - sometimes this extends up to age 84 depending on the provider.

  3. An over 50 plan will have fixed monthly premiums whilst you continue the plan. 

  4. With over 50's life insurance, acceptance is guaranteed - you don't need to answer medical questions or submit details of your financial status. This is not necessarily the case with standard life insurance policies.

  5. Once you reach the age of 90, or have had a policy for 30 years, some insurers will start waiving monthly payments while others will require you to continue paying the premiums until you die.

Frequently asked questions

What is a guaranteed over 50s plan?

Over 50s life insurance is incredibly popular because as long as you are of age, you are guaranteed to get a plan. This is why it is often referred to as 'guaranteed over 50 life insurance'.

There are no medical tests or health-related questions that need to be answered when taking out an over 50s plan, and your health and financial situation will not affect your eligibility.

What is a qualification period?

The moratorium, or qualification period, is the time agreed from when the policy is taken out until the full lump sum of the insurance will be paid. 

Effectively, this means that you will need to survive for an agreed amount of time, normally between one and two years, before your life insurance will be paid out. 

If you die within this period, the policy lump sum will not be paid out. However, any premium payments made will be refunded.
This period varies between providers so always check the fine print.

Can my partner take out cover as well?

Your partner can take out cover, but not on your over fifty life insurance plan.

Over 50 life insurance policies are set for only one person - you can't take out a joint life insurance policy for over 50s. 

Your partner would have to take out their own policy in addition to your policy.

Will my premiums ever go up?

With over 50s life insurance policies, the monthly cost is fixed. This means that they will remain the same for as long as you keep the policy.

However, the cash lump sum paid out is also fixed. This means that the value of the policy can change over time depending on the effects of inflation.

Can I cash in my plan?

No, you cannot cash in on your over 50s life plan.

The full pay out will only be received in the event of the named person's passing.

Related guides

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Last reviewed: 1 June 2023

Next review: 1 July 2023