Life insurance without medical exam or health questions

Life insurance without medical questions

17 Jan 2022

Life insurance can be a must - we all know this. But if you’re in poor health or you’ve had serious health issues in the past, life insurance can get very pricey very quickly, so getting insurance with pre-existing conditions could be a little more tricky.

If you’re getting up there in years and you have pre-existing medical conditions, you may find yourself priced out of your budget. Whilst a term life insurance policy might be a little on the pricey side after you hit the big five - o, there are still options for you that won’t break the bank. With no medical checks, fixed premiums and a fixed pay out, over 50's life cover could be perfect for you. 

What is over 50’s life cover? 

Over 50’s life cover is a life insurance policy for - prepare yourself for a shocker - anyone over 50. Seriously. If you’re between the ages of 50 and 80 (up to 85 for some insurers) then you’re guaranteed to be accepted for a policy. You won’t have to pass a medical exam or answer extensive health questions in order to be accepted. The only thing you have to be is the right age.

Life insurance is often thought of as a younger person’s game - but growing older doesn’t automatically mean you no longer have loved ones you want to financially protect or a funeral to pay for. But equally, if you’re over 50 then your needs could be very different to that of a 30-something with young kids and years left on a mortgage. Most people over 50 could benefit from this type of cover. The money from the pay out can go towards funeral costs, or be put into savings accounts for children and grandchildren, or even just be a little something for your family for when you’re not around.

How does it work?

If it sounds too good to be true, we’ve got news for you… it’s really this good. Let us break it down for you. 

Guaranteed Acceptance

No matter your health issues, no matter your age (provided you’re between 50-80) you’ll be accepted for cover. 

Fixed Premiums

Your premiums are fixed. This means that you pay your monthly premiums and these rates don’t go up and down over the years unless you want to make any changes to your policy. This is great for anyone retired or on a fixed income, as you just have to pick a policy that fits your situation and your budget.

Keep in mind though that with life expectancies rising up over 80 now, then with a little luck it’s possible you could be paying premiums for more than 30 years. There are super affordable plans though, with some providers offering premiums from £10 per month.

However, if you can’t keep up with payments and your policy lapses you won’t receive any cover and you won’t get back the money you paid in. 

If you’re lucky enough to live into your 90s with your cover still in place, then you’re quids in - most insurers offer free cover when you reach that grand old age. 

Fixed Pay Out

When you buy your policy, you’ll decide how much you’d like to receive as a pay out.

There’s usually a period (potentially up to a year) at the start of the policy where you’ll only get back the amount you’ve already paid in if you pass away, but after this you’ll receive the whole amount - even if you pass away from your pre-existing condition. 

There’s something to keep in mind though - even if you pay your premiums every month, you can still lose money. For example, if you bought a policy when you were 50 years old that gave you £10,000 as a pay out, and you paid a monthly premium of £25 for this, then by the time you were 83 years old, you’d have paid more in premiums than you’d get as a pay out. Buying the right policy for you at a good rate should prevent this happening - but if you’re lucky enough to live for a long time, it’s a possibility. 

If you’re worried about the medical checks on life insurance policies or curious about whether an Over 50’s policy might be right for you, get in touch with us here at LifeSearch. We’re a team of experienced and knowledgeable advisers who want to help match up the right person with the right policy. We can talk you through it and help you find the right policy, so you can protect the people you love. 


Let us get to know you and do the hard work for you

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LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.