What is over 50s life insurance?

Over 50s life insurance is a type of whole-of-life cover generally designed for older applicants, subject to each provider's current eligibility criteria.

It may provide a cash benefit towards funeral expenses or other costs. Check current cover limits, qualifying periods, exclusions and total potential premiums.

Key features:

• Acceptance subject to the product's current eligibility criteria
• Check the current age and residency requirements
• Check current cover limits
• Check whether premiums are fixed or reviewable
• Check the circumstances in which a benefit is payable
• Check the current tax treatment for your circumstances
• Check the qualifying period and how it affects cover

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: Choose an amount based on the costs you want to address and the provider's current limits
2. Apply online or by phone: Check the provider's current application and disclosure requirements
3. Check eligibility: Acceptance is subject to the product's stated age, residency and other eligibility criteria
4. Pay fixed premiums: Check whether premiums are fixed or reviewable and how long they are payable
5. Review benefit terms: Check the qualifying period, exclusions and circumstances in which the full benefit is payable

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

Both provide tax-free payouts to beneficiaries.

Compare over-50s and medically underwritten cover using personalised quotes:

- Check the total premiums payable for the over-50s policy and when full cover begins

- Check the underwriting requirements, exclusions and term of any standard life insurance option

Whether over-50s cover is suitable depends on your circumstances and the terms available.

Compare cover types using the final premium, cover, exclusions, qualifying period and policy terms.

How much does over 50s life insurance cost?

Over 50s life insurance premiums depend on age, smoking status, chosen cover and the provider's current pricing.

Request personalised quotes for the cover you need and compare like-for-like policy terms.

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)

Over time, total premiums may exceed the cover amount. Compare the total potential premiums with the benefit and review what happens if payments stop.