Over 50 life insurance
Some peace of mind for your loved ones when you're no longer here
Over 50 life insurance
Over 50 Life Insurance is a type of life insurance that can you help you leave a little something behind for the people you love. It isn't a funeral plan, but many people will have funeral costs in mind when they take out this type of cover.
Although the amount your loved ones will receive won’t be a large sum of money, it’ll provide just enough for you to know there’ll be something to go towards any costs or bills you might leave.
Unlike some other types of life insurance, the cover doesn't end after a set amount of time and will last for the rest of your life.
Pick a cover amount (what we'll pay out) or how much you want to pay each month in premiums.
Benefits of our over 50 life insurance
- Guaranteed acceptance and no medical required
If you're aged 50 to 80, a UK resident and don't exceed our £100 max premium limits, you're guaranteed to get cover - there's no medical checks or doctor's visits required. - Your cover lasts for life
You'll always be covered, and from the policy anniversary date after your 90th birthday, or after 30 years (whichever is sooner), you won't pay a penny more. - Premiums will never go up
Once you've got cover, your monthly premium will remain fixed, helping you budget it to your needs
Important to know
- With this type of policy, there's no cash in value at any time.
- If you cancel the policy, cover will end and you will get nothing back.
- If you live a long time, you could end up paying in more in premiums than the value of the policy which is paid out.
- As the lump sum is fixed, inflation will reduce its value.
Knowledge centre
Browse through our articles in your own time and build up your knowledge on over 50 life insurance.
Why choose us for over 50 life insurance?
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Defaqto is one of the UK’s most trusted sources of financial product and market intelligence.
Find out how much a funeral could cost
Funeral cost calculator
Concerned about funeral costs? Or thinking about using an over 50 life insurance policy to leave something behind that’ll help cover those costs? Plan for the future and figure out how much you might need to set aside for a funeral, with our funeral cost calculator.
Need to leave more behind?
Life insurance (level/decreasing cover)
You may wish to consider a standard term life insurance policy if you still have a mortgage to pay, or loved ones who depend on you financially. This type of insurance will pay out a sum of money if during the policy term you die or are diagnosed with a terminal illness as we define it, and you're not expected to live more than 12 months.
You can choose the length of cover you need - from short-term to 50 years, or until you're 90 years old. Unlike over 50 life insurance, you'll need to tell us about any medical conditions you have.
We offer two different types of life cover; level cover and decreasing cover. The type of cover you want may depend on what you want to protect and how much you'd like to pay each month.
Find out more about the difference between level cover and decreasing cover.
Compare over 50 life insurance with term life insurance
| Term Life Insurance Plan | Over 50s Life Insurance Plan | |
|---|---|---|
| Medical underwriting required | Yes – we'll ask you to complete a health & lifestyle questionnaire. Based on on your answers we may write to your GP for further information or ask you to have a medical exam. But if we do ask you to have one, we’ll cover the costs. | No |
| Guaranteed acceptance | No | Yes |
| Terminal illness | Yes | No |
| Protected against inflation | Optional | No |
| Joint policy option | Available | Not available |
| Cover amount | Lump sum up to £5m on death or terminal illness of the life covered | You can pay between £5 and £100 per month. Cover amount depends on your individual circumstances. |
| Term length | From 1 to 50 years or until you are 90 years old | Whole of life |
| Also known as | Mortgage protection, family protection, life insurance, life cover, term assurance. Learn more about the differences | Guaranteed whole of life and/or guaranteed acceptance life cover, guaranteed lifelong protection |
Why choose us for life insurance?
5 star rated
Defaqto is one of the UK’s most trusted sources of financial product and market intelligence.
Over 50 life insurance knowledge centre
We’ve got you covered with a selection of articles to help spark your understanding.
Over 50 Life Insurance vs Prepaid Funeral Plans
Planning ahead for your funeral? Find out the key differences between these two types of cover, to help decide whether either, or both, could work for you.
Term life insurance vs over 50 life insurance – which is right for me?
Find out which cover suits your needs if you’ve hit the half century.
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