Over 50s life insurance

Many people don’t begin to think about life insurance until they get older. Thankfully, there is an abundance of fantastic over 50s life insurance plans out there. So, what is over 50s life insurance and what sets it apart from other plans?

As you get older, you may start thinking about what you are leaving your family and loved ones with. This thought prompts many to take out life insurance. In this guide, we will cover everything you need to know about over 50s life insurance, including the best plans for you.

What is over 50s life insurance? 

Over 50s life insurance is a type of life insurance that anyone over the age of 50 can take out. As with regular life insurance, you pay an agreed monthly premium and, in return, the insurance company pays your loved ones a lump-sum when you pass away. 

Many additional perks make this particular life insurance perfect for seniors looking for peace of mind and financial protection for their loved ones. 

How does over 50s insurance work? 

There are a few factors that make over 50s life insurance work slightly differently to regular insurance. These factors tailor the insurance to make it work better for seniors and their current circumstances.

Over 50 life insurance no medical checks

Most over 50s life insurance policies will allow you to take out insurance without having a medical or answering any health-related questions. This means that you are guaranteed to be accepted. Other life insurance policies usually require a medical, which makes over 50s insurance attractive to seniors as it doesn’t. 

Fixed monthly premiums 

The majority of over 50 life insurance plans will offer ‘fixed premiums’ meaning that your monthly payments will never go up. For example, if you take out a plan today for £25 a month, that is exactly what you’ll pay every month for the rest of the policy, it’ll never increase.

As you’ll be paying this premium for a long time, make sure it’s an amount that you can comfortably afford.

Fixed payout 

Most over 50s life insurance plans pay an agreed fixed lump-sum to your loved ones when you die. This lump-sum remains the same no matter how long you live. You will choose the payout amount when you take out the plan, which means you will know exactly how much your loved ones will receive if you were to die. This allows you to plan and make arrangements for who you wish to receive the payment. 

The larger the payout, the higher your monthly premiums will be. Over 50s life insurance is considered ‘whole life’ as it covers you for the rest of your life. Whereas, regular life insurance is usually ‘fixed term’ meaning that if you die within a certain time period you will receive a payout.

Your age

The last main factor to over 50s life insurance is your age. As the name suggests, you usually have to be 50 or over to take out senior life insurance. Some insurance plans will also have a limit on how old you can be to take out over 50s life insurance, this limit is usually around 80. 

Do I need over 50s life insurance? 

People often take out over 50s life insurance for different reasons to regular life insurance. For example, you might take out regular life insurance to help your family with mortgage payments, monthly bills and general living costs. 

However, over 50s life insurance is often used to help families cover funeral costs, or just as a general financial gift to leave your loved ones. Some even take out over 50s insurance to leave a large donation to charity once they pass away. 

If you can afford the monthly premiums, then over 50s life insurance can be a great way to leave financial support for your loved ones after you die. Some find that they feel like less of a ‘burden’ to loved ones if they can pay for their own funeral by using their life insurance. It’s very much a personal decision, and if you can afford it then it can be a great idea.

Is getting life insurance over 50 worth it?

Whether over 50s life insurance is worth buying for you really depends on what you hope it will be used for, and your own personal financial circumstances. 

It’s worth considering the following before purchasing senior life insurance:

  • Can I comfortably afford the monthly premiums? 

  • Do I already have a pre-paid funeral plan

  • Could my family comfortably pay for my funeral themselves?

  • Would I like to leave a financial gift to help my family after I pass?

After considering the above questions, you will be able to judge whether over 50s life insurance will be worth it for you. If you can comfortably afford the monthly premiums, it’ll likely help your family to have a financial gift after you pass away. 

Pros and cons of over 50s life insurance 

Like all insurance policies, there are several pros and cons to over 50s life insurance. It’s a good idea to weigh up both the pros and cons before deciding to take out over 50s cover. 

Pros of over 50s life insurance

  • No medical checks = guaranteed acceptance: Whatever your financial situation or medical history, you will not be required to pass any test on either or answer questions. This means you are guaranteed acceptance 

  • Fixed premiums and payouts: With over 50s life insurance the monthly premiums and cash payout are both fixed, meaning you know what to expect and won’t end up paying more 

  • Whole of life cover: Over 50s life insurance covers you for the rest of your life until you die giving you peace of mind 

  • Freedom: Your loved ones will easily be able to make a claim to receive the money after you die. They will also be able to spend the money as they wish with no restrictions 

Cons of over 50s life insurance 

  • You cannot miss a payment: You’ll need to pay the monthly premiums every single month, sometimes up until you die or until a set date before you no longer have to pay. Make sure that you can afford it or your insurance may end

  • You could pay in more than you get: If you take out your insurance at 50, you could end up paying in more than your family will receive in the pay-out. For example, if you took out a policy at 50 and paid £30 a month for £8,000 of cover, you will have paid in more than the cash pay-out if you live another 25 years

  • Waiting period: Some insurers won’t pay out if you die within 12 months after taking out the policy. This is because no medical checks are done with over 50s life insurance so a waiting period is often put in place

  • No consideration of inflation: If you take out an over 50s plan upon turning 50 but live to be 90 years old, the effect of inflation over those 40 years could dramatically change the financial landscape. As a result, your payout may not be valued the same as it did when you originally took out the policy.

What is the best over 50s life insurance? 

In order to figure out which over 50s life insurance policy is best for you, you’ll need to compare different policies online. Whilst most plans will have similar offerings, there are some key things to look out for when choosing the best policy: 

  • Have you heard of the insurer? Make sure they are trusted, have good service history and have plenty of positive customer reviews online 

  • Compare the premiums with different insurance companies. Your age and chosen cash payout will produce different premium costs with different companies, pick one that suits your budget

  • Check the waiting period. Typically, you’ll have to wait at least 12 months before your over 50 life insurance will pay out the full lump-sum on death. However, some insurance companies could make you wait 2 or 3 years

  • Compare benefits. Many over 50s life insurance policies will offer different benefits, whether it’s a ‘welcome gift’ when you join or funeral aid, see which offers great benefits 

  • Check how the claims process works. If your family will require the payout quickly after you pass away, you might want to make sure the claims process is quick and easy. Reading through the policy, as well as past customer reviews can help you check this


Can I get life insurance in my 60s, 70s or 80s? 

Yes. However, as you get older, it might be harder to find a company that will insure you. On top of this, your premiums will get higher the older you get. Always check which companies insure your age, and which offer the best premiums before buying. 

How much life insurance should a 50-year-old have? 

The amount of life insurance you need as a 50-year-old really depends on you and your family's financial situation. In order to figure out how much you will need your payout to be, it’s worth considering the following questions:

  • How much will my funeral cost?

  • Is my mortgage paid off?

  • Will my family be able to afford monthly bills? 

  • How much will my family need to live comfortably? 

You can add up these figures to work out how much you would like your family to receive once you pass away. You can also consider leaving extra as a gift for your family to spend as they like. 

Can I get over 50s life insurance if I have pre-existing medical conditions?

Yes. As most over 50s life insurance policies are offered without any medical checks or questions, you can purchase a policy with pre-existing conditions. However, remember that most over 50s policies have minimum claim periods between 12 months and 3 years. This means if you pass away during this period, your family won’t receive the full pay-out. 

This means that if you have a serious terminal illness, over 50s life insurance might not be worth it for you. 

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

Life insurance is usually taken out in your younger years and often lasts a certain number of years. For example, you might take out life insurance for 25 years so that your family can still make mortgage repayments if you passed away.

Whereas, over 50s life insurance is designed for those aged 50 and upwards who need to leave their loved ones a lump-sum when they die. This could be for general living, funeral costs or simply as a gift. Over 50s life insurance isn’t usually taken out because you have dependants,  but because you want to leave some money behind. However, every person takes out life insurance for their own personal reasons.

Over 50s life insurance also lasts for the rest of your life, not just for a term. 

Life insurance and COVID-19

During the coronavirus pandemic, many people have considered the need for life insurance due to the uncertain times we find ourselves in. 

Thankfully, you can still get life insurance during the current pandemic. It’s important to note that some insurance companies are adjusting their policies so make sure you always read the details. 

If you are travelling to or live in a high-risk area, this could also affect the cost of your premiums or the likelihood of being approved. 

This shouldn’t discourage you from getting life insurance during these times, it’s always worth the peace of mind for yourself and your family.

10th September 2020