Compare Over 50 Life Insurance

Get the UKs best Over 50s Life Insurance

Key things to check

  • Only buy policy with a big brand insurer, if you’ve never heard of them then don’t buy from them
  • Ask for non-smoker cover if you are a non-smoker, it will likely be much better priced. If you’re a smoker then you may be better off going to an insurer where they don’t ask if you smoke.  Check out our comparison page to see which providers give preferential rates for non-smokers and which don’t.
  • Make sure that your payments stop after your 90 if you think you are going to one of the 1 in every 100 that reach 90.  If you don’t think you will reach 90 years old then it may not matter so much to you.
  • Make sure you compare levels of cover and premiums – shop around but don’t just choose on price as often the differences can be small and you may feel more comfortable paying a little more for a better known brand or service
  • Don’t buy from a comparison service without checking out products and prices from some of the big brands that don’t sell via comparison services like SunLife and Direct Line.
  • Ask about how easy the claims process is and the percentage of claims paid out, you should expect payouts on death within 5 working days of notification as a minimum and accept nothing less than a 100% payout – these products are guaranteed acceptance with no medical questions so there can’t be any excuses for not paying out.

Our Opinion : Is Over 50s Life Insurance any good?

Buying an Over 50 Life Insurance policy is a big decision.  Buying an Over 50 Life Insurance policy gives you peace of mind that when you die that a fixed sum assured will be paid to your loved ones.  Whether this covers your funeral costs will of course depend on how much cover you buy and how much funerals cost at that time.  Premiums are affordable but the later you leave it to start one of these plans the more it will cost to get the same level of cover.

The main downside of Over 50s Life Insurance plans is that as an insurance policy it is possible to pay in more than you get back if you live a long time.  If you die soon after taking the policy then you will almost certainly make a significant gain against the premiums you’ve paid in.

Your choice of insurer and product is key so please make sure you take the time to review this comparison page carefully and once you have short listed some providers that you check out our product provider reviews from the links below.  If you are still unsure then we suggest you take some advice from an Independent Financial Advisor or a reputable broker.

Over 50s Life Insurance Compared

Below is our comparison table of all the major Over 50 Life Insurance providers in the UK.  It is the only comparison table you will need to understand how they’re product features compare.  In terms of pricing then we can’t provide you with an actual quote – you will need to get that directly from the provider, but we have given you an indication of how their prices compare for smokers and non-smokers.

For ease we have use red and green text to show the products with the best and worst features.

Features British Seniors Legal & General Post Office Royal London SunLife
Age range 50 – 80 50 – 80 50 – 80 50 – 80 50 – 85
Premiums start from £3.72 £5.00 £7.00 £3.95 £3.70
Full cover after 2 Years 1 Year 1 Year 1 Year 1 Year
Payout if die before full cover Premiums Paid Premiums Paid 1.5 x Premiums Paid Premiums Paid Premiums Paid
Payout if die from an accident 300% 100% 100 – 200% 100% 100%
Funeral Benefit Option £300 £300 £300 £300 £300
Gift £75 £85 No Gift £85 £85
Premiums stop age 95 90 30 Years or 90  90 At death
Allow Premiums to be Reduced Yes Yes  Yes Yes Yes
Ability to stop paying and get something back Yes No  No Yes No
Ask medical questions No Yes  No Yes No
Different price if you smoke No Yes  No Yes No
Maximum cover level £20,000 £10,000  £10,000 £10,000 £18,000
Percentage of claims paid out 99% 98.6%  96.8% 96.8% 100%
Link to terms and conditions Ts & Cs Ts & Cs Ts & Cs Ts & Cs Ts & Cs
Our View Largest maximum cover amount but expensive Standard features well priced for Non-Smokers Standard features but expensive premiums  Good features well priced for Non-Smokers Standard features well priced for Smokers

Over 60 Life Insurance

Don’t be put off by everyone calling it Over 50s Life Insurance, the name of the product just indicates the age group that this Life Insurance is aimed at.  So if you are Over 60 or even Over 70 Life Insurance is available to you.  As you would expect the monthly cost for the same level of cover goes up as you get older.  So, the sooner you take out one of these policies the lower the premium will be for your desired level of cover.

Most Over 50 Life Insurance companies will let you buy one of their policies with guaranteed acceptance and no medical until you are 80 years old.  Some, like SunLife, will take you until you are 85 years old.  Some companies will ask if you smoke, those that do will offer smokers a lower sum assured so make sure you compare providers using our comparison table above before you buy.

Over Fifty Life Insurance Frequently Asked Questions

Below are all the key questions and things you need to know before you make your decision to buy an Over 50 Life Insurance policy.  We have reviewed all of the major Life Insurers and their products to make your decision a bit easier.

Checklist Before You Buy An Over 50s Life Insurance Policy

Our suggested checklist before you buy any over 50 life insurance plan :

  • Only buy policy with a big brand insurer, if you’ve never heard of them then don’t buy from them
  • Ask for non-smoker cover if you are a non-smoker, they are likely to be much better. If you’re a smoker then check you will probably be better off going somewhere where they don’t ask if you smoke or not.  Check out our comparison page to see which providers give preferential rates for non-smokers.
  • Make sure that your payments stop after your 90 even if you think you won’t reach that age if you are the 1 in every 100 that reach 90 you will be glad you did
  • Make sure you compare levels of cover and premiums – shop around but don’t just choose on price as often the differences can be small and you may feel more comfortable paying a little more for a better known brand or service
  • Don’t buy from a comparison service without checking out products and prices from some of the big brands that don’t sell via comparison services like SunLife and Direct Line.
  • Ask about how easy the claims process is and the percentage of claims paid out, you should expect payouts on death within 5 working days of notification as a minimum and accept nothing less than a 100% payout – these products are guaranteed acceptance with no medical questions so there can’t be any excuses for not paying out.

Choosing the best Over 50 Life Insurance Plan for you can be daunting as there are lots of different insurance companies out there that do Over 50 Plans all with different product features and benefits. The key is that you shop around and compare. Check which company gives you the most sum assured for your premium and that when you select a plan that you make sure that it is affordable and will stay that way – remember with lots of these plans if you stop paying then you get nothing back.

Over 50 Life Insurance plans are intended to be a life long commitment, what this means is that they typically have no early cash in value. So, if you stop paying you will get nothing back and you will also get nothing back if you die.

Most providers offer the ability to lower your monthly premiums but this is generally a one way offer, once reduced they cannot then be increased again on that policy. By reducing your premiums you will also be reducing the value of the payout when you die so this decision is not one to rush into. Many providers will offer options to defer payments or provide a payment holiday without cancelling your policy. This may be a better option for you – it does mean that you have to bring payment back up to date to continue cover but will help you overcome short periods where cash may be tight. SunLife is a good example here, giving you 6 months to bring your policy back up to date and continue cover as if nothing had happened.

If you have been paying your premiums for a long time then there are some companies that will offer the ability to stop paying further premiums and still have a reduced sum paid out on your death. Royal London provide a generous offer here once you are more than half way through your policy payments.

Some of these policies offer a free gift when you take out the plan.  Most people that buy these policies do so to protect their loved ones from the expense of their funeral so they never benefit directly from the pay out – the free gift is at least something that you get to enjoy.

Gifts are typically vouchers to spend online or at major high street stores. They vary in value considerably from insurer to insurer and from offer to offer – but don’t be swayed by the gift – the important thing to look at is the features of the policy, premium, amount of cover, moratorium and when your payments stop.

If you are thinking of buying an Over 50s Life Insurance Plan then you can expect a voucher of between £75 and £125 for taking out a plan. If the size of the gift is important than it is worth checking out latest article Comparing Over 50 Life Insurance with free gift.

If you live a long life then these plans require you to keep paying until you are at least 90 – some of them make you continue to pay until you die.

As a result it is possible to pay in more in premiums than the insurer pays out when you die. Anyone that sells you Over 50s Life Insurance Plan must tell you how many years you would be paying in before your premiums paid exceeded your payout.

How much you are worried about this possibility will depend on how long you think you might live. Right now only 1 in every 100 people live past 90 years old. If you think you might be one of the lucky ones then make sure you pick a policy where you stop paying at 90. Both Legal and General and Royal London offer plans where you stop paying at 90.

SunLife are the only major company to offer over 50 life insurance with premiums that stop before you reach 90. When your payments stop is based on the age you take out a Guaranteed Over 50 Plan with SunLife, taking at plan when your 50 means your premiums stop when you are 80 – a whole 10 years earlier than other insurers.

With Over 50s Life Insurance you usually have to pay premiums for between 1 and 2 years before you are fully insured under these over 50 plans – the period you have to wait is called the Moratorium.

Because the insurers don’t ask you any health questions they make you wait for a while before your full insurance cover kicks in, they call this waiting period the moratorium. They do this to try and stop people that are already very sick or perhaps even have a terminal illness from taking up cover. This waiting period could be up to 2 years but most providers these days pay out the full sum insured after just 12 months.

If you were to die during this wait period then insurers will typically either refund the premiums you have paid, some may even double the amount of premiums you’ve paid.  What this means is that even if you are ill already, provided you can afford the premiums, then it may be worthwhile considering taking out a Guaranteed Over 50 Plan.

All of the major Over 50 Life Insurance providers give you immediate cover if you die as a result of an accident, some even pay out as much as three times your sum assured in these circumstances.

If you are a non-smoker then it will be worth looking for a policy that will reward you for this – Legal & General and Royal London both do. Equally if you are a smoker then it is worth looking for a policy that doesn’t differentiate between smokers and non-smokers as you will likely get more for your money – British Seniors for example.

The bottom line is if you smoke then the insurers don’t think you will live as long and so will increase the price you pay for the same amount of life insurance as a non-smoker. Whatever you do make sure you are honest if the insurer asks you if you are a smoker – they may check when it comes time to claim.

Low premiums on over 50 Life Insurance plans will help ensure that they are affordable but remember a low starting premium does not mean the plan is the best value. Always shop around for the best sum assured for the premium.

Over 50 Life Insurance premiums start from under £4 per month and go up to as much as £100. Your monthly payment stays the same throughout the plan. So, if you start a plan for say £10 per month and are still alive after 10 years you will still be paying just £10 per month.

The downside of having fixed premiums is that generally the amount of Life Insurance that these plans pay out is fixed too. We all know that the prices of things we buy go up over time. This means that when these policies pay out the amount you can buy with the pay out will be less than it was when you to took out the plan.

Basically with Over 50 Life Insurance plans they don’t ask you any health questions, some don’t even ask if you smoke or not. As a result if you make an application for one of these plans you are guaranteed to be accepted whatever your state of health.

If you are healthy and willing to answer a few questions about your health then you could get much more cover for the same monthly premium. This kind of life insurance is called Term Life Insurance.

If you are not in the best of health or have a significant pre-existing health condition then a policy with Guaranteed Acceptance may be your best option for Life Cover.

The Funeral Benefit Option is typically a free option that you can add to your Over 50 Life Insurance Policy.  By taking this option you are agreeing to use a particular chain of funeral directors – this could be Dignity Funeral Care, Co-operative Funeral Care, Golden Charter or perhaps Golden Leaves.  In return for selecting the particular funeral director they promise to give you a discount on your funeral costs – usually £300 – when the time comes.  This is a valuable benefit but do remember that a local funeral director that is not part of one of these national chains of funeral directors may be cheaper when the time comes.

One of the useful features of the Funeral Benefit Option is that you can change your mind at any time and cancel it – even if your loved ones choose to use a different funeral director then there is no penalty and your Over 50 Insurance Policy would pay out as normal.

By selecting the Funeral Benefit Option the selected funeral director will typically send you an information pack that lets you choose what you want for your funeral and leave this as a record of your wishes.  This can be very helpful to your loved ones when the time comes as it will make some the decisions about your funeral arrangements easier for them and you will already have made the most important choices.