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.