Over 50s Life Insurance: Secure Peace of Mind in Later Life
As we grow older, thinking about what we leave behind becomes increasingly important. For many people over the age of 50, ensuring that loved ones are not burdened with funeral costs or other final expenses is a key priority. Over 50s life insurance is a simple, affordable solution designed specifically for people in that age group who want lifelong protection without medical exams or lengthy forms.
This guide explains what over 50s life insurance is, how it works, what it costs, and how to choose a policy that’s right for you.
What Is Over 50s Life Insurance?
Over 50s life insurance is a whole-of-life policy available to UK residents aged between 50 and 85. It pays out a fixed, tax-free cash sum when you die, which can be used by your beneficiaries for funeral costs, outstanding bills, or as a small gift or legacy.
Unlike traditional life insurance policies, it offers guaranteed acceptance with no medical exams or health questions. Premiums are fixed for life, and once you’ve paid into the policy for a certain number of years, your cover continues even if you stop paying.
Who Is Over 50s Life Insurance For?
This type of cover is best suited for people who:
-
Want to leave money for funeral costs or small debts
-
May not qualify for standard life insurance due to health issues
-
Are seeking guaranteed acceptance regardless of medical history
-
Prefer fixed premiums with no surprises later on
-
Want lifelong protection with a guaranteed payout
It’s not designed to replace income or cover large debts but can be ideal for basic final expenses.
How Does Over 50s Life Insurance Work?
The process is straightforward:
-
You choose a monthly premium that fits your budget
-
The insurer sets the payout amount based on your age and payment
-
You continue paying monthly until you either die or reach a premium stop age (usually after 25–30 years)
-
When you pass away, your beneficiaries receive the agreed lump sum
There is typically a waiting period—commonly 12 to 24 months—after which the full payout becomes available. If you die within this period (except by accident), only the premiums paid are refunded.
What Does It Cover?
Over 50s life insurance provides a fixed cash payout on death, and can often include additional benefits:
| Feature | Included in Standard Cover | Optional or Provider-Specific |
|---|---|---|
| Guaranteed acceptance (no medical exam) | ✓ | – |
| Fixed monthly premiums | ✓ | – |
| Whole-of-life cover | ✓ | – |
| Funeral contribution (via funeral partner) | – | ✓ |
| Accidental death cover during waiting period | ✓ | – |
| Premium-free cover after a set age (e.g., 90) | ✓ | – |
| Terminal illness cover | – | ✓ |
Always check the terms for payout value, benefit guarantees, and any exclusions.
What Are the Main Benefits?
There are several reasons over 50s policies are popular among older adults:
-
No medical checks – Ideal for those with pre-existing conditions
-
Affordable and flexible – You can choose how much to pay monthly
-
Lifelong protection – As long as terms are met, the payout is guaranteed
-
Simple application – Easy to arrange online or by phone in minutes
-
Funeral plans – Some policies link with funeral providers for direct payment
What Are the Drawbacks?
While convenient, these policies also have some limitations to be aware of:
-
You may pay in more than you receive – If you live a long life, total premiums paid may exceed the payout
-
Limited payout – Most policies offer between £1,000 and £10,000
-
Waiting period restrictions – Full cover often only starts after 1–2 years
-
No cash-in value – You can’t cancel the policy for a refund after the cooling-off period
For some people, saving separately or taking out a different type of cover might be more suitable.
How Much Does Over 50s Life Insurance Cost?
Premiums are based on your age at the time of applying and the amount of cover you want. Here is a general idea of average monthly costs in the UK:
| Age at Application | Monthly Premium | Estimated Payout |
|---|---|---|
| 50 | £10 | £3,200 – £3,800 |
| 55 | £10 | £2,800 – £3,400 |
| 60 | £10 | £2,300 – £2,900 |
| 65 | £10 | £1,800 – £2,400 |
| 70 | £10 | £1,300 – £1,900 |
| 75 | £10 | £1,000 – £1,400 |
| 80 | £10 | £700 – £1,000 |
These are typical examples. Many providers allow higher premiums (e.g., £20–£50/month) for larger payouts. The younger you are when you apply, the more you get for your money.
What to Look for in an Over 50s Life Insurance Policy
Not all policies are created equal. When comparing over 50s cover, consider the following:
1. Payout Value
Make sure the fixed lump sum is enough to cover your intended purpose—funeral, debt, or a gift.
2. Funeral Benefit Option
Some insurers work with funeral providers like Golden Charter or Dignity, contributing an extra amount if the policy is used for funeral services.
3. Premium Cap
Choose a policy that stops collecting payments at a certain age, often 90, while keeping the cover in place for life.
4. Waiting Period Terms
Check if the full benefit is available immediately for accidental death and after how many months for natural causes.
5. Flexibility
Some providers allow you to adjust your premiums or payout later on, especially if your financial circumstances change.
6. Provider Reputation
Use trusted review sites to research the insurer’s track record for service and payouts.
Top UK Over 50s Life Insurance Providers
Below are some well-regarded providers offering dedicated over 50s plans:
| Provider | Minimum Entry Age | Max Payout | Extras |
|---|---|---|---|
| SunLife | 50 | £18,000 | Funeral benefit option, birthday gift |
| Aviva | 50 | £10,000 | Terminal illness cover option |
| OneFamily | 50 | £10,000 | Funeral funding support |
| Post Office Money | 50 | £10,000 | Optional cash payout or funeral plan |
| Legal & General | 50 | £10,000 | Free £300 funeral benefit with partner |
Visit each provider directly to get quotes and check exact eligibility criteria.
Is Over 50s Life Insurance Right for You?
This type of insurance suits many, but it’s not for everyone. Consider it if you:
-
Want a guaranteed payout without a health check
-
Want a low-cost way to cover funeral costs
-
Don’t mind paying in more than the benefit if you live a long life
-
Have no other life insurance due to age or medical issues
However, if you’re in good health and can pass underwriting, a term life or whole-of-life policy might offer better value.
How to Apply
You can apply online or by phone with most UK insurers. The process is quick and usually takes less than 15 minutes. There’s typically a 30-day cooling-off period during which you can cancel and receive a full refund.
Compare quotes using reputable platforms like:
-
MoneySuperMarket
-
Compare the Market
-
GoCompare
Final Thoughts
Over 50s life insurance offers a simple, guaranteed way to leave something behind for the people who matter most. With no health questions, fixed premiums, and a guaranteed payout, it’s a practical choice for covering final costs or leaving a legacy.
Before committing, take time to compare providers, understand the terms, and ensure the payout meets your goals. While not suitable for every situation, over 50s policies provide peace of mind to millions of people across the UK every year—and could be the right step for your future planning.