What is over 50s life insurance?

Over 50s life insurance is a type of whole of life insurance with guaranteed acceptance for people aged 50-85, regardless of their health.

It's designed primarily to cover funeral expenses and leave a small cash gift for loved ones. Because everyone is accepted, over 50s plans typically offer lower cover amounts (£2,000-£20,000) compared to traditional life insurance.

Key features:

• Guaranteed acceptance - no medical exams or health questions
• Available for ages 50-85
• Cover from £2,000 to £20,000
• Fixed monthly premiums that never increase
• Payout guaranteed (not 'if' but 'when')
• Tax-free cash lump sum to beneficiaries
• Most policies have a 12-24 month qualifying period

Qualifying period: Most over 50s policies don't pay the full amount if you die within the first 12-24 months (unless death is accidental). During this period, premiums are refunded instead. After the qualifying period, full cover begins.

How does over 50s life insurance work?

1. Choose your cover amount: Select between £2,000-£20,000 based on estimated funeral costs and desired cash gift
2. Apply online or by phone: Simple application with no medical exams or health questions required
3. Get instant acceptance: Everyone aged 50-85 is automatically accepted regardless of health conditions
4. Pay fixed premiums: Make monthly payments that never increase throughout your lifetime
5. Guaranteed payout: When you die, beneficiaries receive the full tax-free cash amount (after qualifying period)

Important: Premiums are paid for life. If you stop paying, the policy lapses and you lose cover. There's no cash value if you cancel.

Who needs over 50s life insurance?

Not suitable for:

- Under 50 or over 85 (age restrictions)

- Need more than £20,000 cover (use standard life insurance)

- In good health and can get standard life insurance (cheaper for same cover)

- Want cover that ends (over 50s is lifetime only)

Over 50s life insurance vs standard life insurance

Over 50s vs Standard Life Insurance

Feature	Over 50s Plan	Standard Life Insurance
Acceptance	Guaranteed (no health questions)	Based on health/medical exam
Age range	50 - 85 only	18 - 80+ (varies)
Cover amount	£2,000 - £20,000	£50,000 - £1,000,000+
Duration	Lifetime (whole of life)	Fixed term or whole of life
Premiums	Paid for life	Fixed term or life
Cost	More expensive per £1,000 cover	Cheaper per £1,000 cover
Qualifying period	Usually 12-24 months	Usually immediate cover

Both provide tax-free payouts to beneficiaries.

Example: For £10,000 cover:

- Over 50s plan (age 60): £25-35/month for life

- Standard life insurance (age 60, healthy): £8-12/month for life

When to choose over 50s: If you have health conditions and can't get standard life insurance, over 50s guaranteed acceptance is worth the extra cost.

When to choose standard: If you're in reasonable health, standard life insurance provides better value.

How much does over 50s life insurance cost?

Over 50s life insurance premiums typically range from £10-£50 per month depending on your age and cover amount.

Example monthly costs:

Age 50:

- £3,000 cover: £8-12/month

- £5,000 cover: £12-18/month

- £10,000 cover: £20-30/month

Age 60:

- £3,000 cover: £12-18/month

- £5,000 cover: £18-28/month

- £10,000 cover: £30-45/month

Age 70:

- £3,000 cover: £18-28/month

- £5,000 cover: £28-42/month

- £10,000 cover: £50-80/month

Factors affecting cost:

• Age (older = higher premiums)
• Cover amount (more cover = higher premiums)
• Smoking status (smokers may pay slightly more)
• Policy features (some include extras like terminal illness benefit)

Important: Over time, you may pay more in premiums than the payout amount. For example, paying £30/month for 20 years = £7,200, but only receiving £5,000 cover. This is the trade-off for guaranteed acceptance.