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Over 50s Life Insurance

Protection available to over 50s that keeps going until you’re no longer with us
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What is over 50s life insurance?

Over 50s insurance is a life insurance product which pays out a tax-free amount of money on death. As the name suggests, you can buy this product if you’re older than 50, and usually younger than 85 (although this does vary by insurer).

This product is guaranteed to pay out, and you and your family have complete control around how the money is used. You may decide that you’d like the insurance pay-out to help cover the costs of your funeral, or perhaps to leave a gift to a loved one or even a charity.

Do I need over 50s life insurance?

Not necessarily - the full range of life insurance options can still be available to you. Over 50's life insurance is for those aged between 50-80, who perhaps have some health issues which is preventing them from getting cover down the standard route.

This is because with Over 50's life insurance, insurers don’t ask any health or medical questions when you buy these products, they call them ‘guaranteed acceptance’, because you’re guaranteed to be covered. Some people who have health conditions find that they struggle to get other types of insurance like life insurance or critical illness insurance, and that’s where over 50s insurance offers a great alternative.

How much does it cost?

Depending on your age and smoker status when you take out your policy, you can choose a premium which suits you from £5-£100.

It's worth noting that depending on how long you live, the total premiums paid may be greater than the cash sum payable on death.

Our simple calculator can help you to work out what insurance you need and give you estimated costs for different types of life cover.

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Advantages and disadvantages

If you’re aged 50-80 (in some cases it’s up to 85) and a UK resident for at least half the year, over 50s life insurance is open to you. Here’s a few things you need to know:


  • Cover is guaranteed
  • There’s no medical questionnaire
  • Your premiums won’t change
  • Cover lasts the rest of your life
  • Hit a certain age (typically 90) and your premiums may stop, yet you’ll still be covered


  • Many insurers won’t pay out during the first 12-24 months, in some cases 36 months
  • Cancel your policy and that cash is gone; it won’t be refunded
  • Cover can’t be taken jointly with a partner, single policies only
  • Take the policy out young and you may pay in more than it pays out
  • Live long and inflation may dent your payout’s real-world buying power

Things to think about before buying over 50s insurance

  1. Cost

  2. Over 50s insurance can be relatively expensive and is often at least double the price of a standard life insurance policy, for the same amount of cover. This is because insurers don’t know anything about your health, so don’t know when you are likely to die. They increase the prices that they charge on over 50s insurance because of this increased risk.

  3. Your health

  4. Even if you suffer from health conditions, it’s always worth investigating whether you can get a standard life insurance product for less than an over 50s product. The standard life insurance product will ask you medical and health questions, and if you suffer from any illnesses you may see your premium increase, but you could find that the standard insurance is still cheaper than over 50s insurance.

  5. Your age

  6. You can only buy this product if you’re over 50 years old.

  7. The amount of cover you need

  8. Over 50s insurance only allows you to take up to a certain level of cover, usually around £25,000. You can often take out far higher amounts of insurance if you purchase a standard life insurance policy. The lower cover limit on over 50s insurance may not be a problem if you’re looking to pay for your funeral, but you might find that you need more cover if you want to pay off higher levels of debt.

    Also, because over 50s insurance can be expensive, you may actually end up paying more in premiums than you receive back from the policy on death. This is because you pay high premiums over a potentially long period of time, for a relatively low amount of cover.

  9. You won’t be fully covered for the first few years

  10. Over 50s insurance products won’t pay out your full cover amount if you die within the first few years of your policy, normally the first two years. If you die within this period, the insurer will usually just return the premiums paid up to that point. The exception to the rule is if you die as a result of an accident, in which case insurers will typically pay out your full cover amount.

  11. Inflation

  12. When you buy an over 50s insurance policy you have to decide on a fixed level of cover, which is the amount that will be paid out on your death. If you’d like the insurance to pay for your funeral you may find that the payout is lower than the total cost of your funeral, as the overall price of a funeral and the associated costs are rising.

It’s possible to add an increasing option to your over 50s insurance policy, which will ensure that the initial cover level increases in line with inflation, but there’s still no guarantee that the full cost of the funeral will be covered.

Our expert advisers can work with you to check if over 50s insurance is the best cover for you, based on your health, your budget, and your cover needs. Why not request a call back from a specialist adviser today to talk through your options

A Little more about LifeSearch

Life insurance isn’t fun. There are several kinds of life insurance policies to choose from, and dozens of providers with their own versions of those products.

Without LifeSearch in your corner that’s a lot of reading … reading you don’t have to do.

Frequently asked questions about over 50's life insurance

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