Compare life insurance
for over 50s

Over 50s life insurance is designed for people later in life who want to leave a cash lump sum to the people they care about when they die. The money can be used for any purpose, such as helping with funeral costs, paying outstanding bills or simply leaving something behind for family.

There are different types of life insurance available to people over 50. Some plans are designed specifically for this age group and offer guaranteed acceptance without medical questions. Other policies involve health and lifestyle questions and may offer a different level of cover or price.

You normally pay a monthly premium to keep the policy active. The amount paid out, the length of cover and the policy conditions depend on the insurer and the type of policy you choose.

It is important to compare both the benefits and limitations before choosing cover.

50Life.co.uk explains over 50s life insurance in plain English and lets you send us an enquiry about cover.

You provide some basic information about yourself and the cover you are looking for. 50Life does not give advice or arrange policies. We may introduce you to one FCA-authorised firm or one of its appointed representatives. That firm gives any advice and arranges any cover, and pays us a fee for the introduction, at no extra cost to you. 50Life is free to use.

An adviser may ask about your age, health, smoking status, lifestyle, budget and the amount of cover you want. This helps them identify policies that may be suitable for your circumstances.

There is no guarantee that every insurer or every policy will be available to you. Prices and acceptance depend on your personal circumstances and the insurer's criteria. An adviser firm may compare products from a selected panel rather than every insurer in the UK. It should explain the range of insurers and products it can consider before you decide whether to proceed.

Yes. Being over 50 does not stop you from applying for life insurance.

Many insurers offer cover to people in their 50s, 60s and beyond. The maximum age for applying varies between insurers and between different types of policy.

Your age is one of the factors that can affect the price of cover. In general, life insurance tends to cost more as you get older because the risk to the insurer increases. Your health, smoking status, medical history, cover amount and policy type can also affect the premium.

An adviser can explain which options are available at your age and help you compare the cost and features of suitable policies.

Not always.

Some policies specifically designed as over 50s plans offer guaranteed acceptance if you meet the insurer's age and residency requirements. These policies may not require medical questions or a medical examination.

Other types of life insurance use medical underwriting. This means the insurer may ask questions about your health, medication, medical history, smoking and lifestyle before deciding whether to offer cover and at what price.

Guaranteed acceptance can sound attractive, but it does not automatically mean that the policy is the most suitable or best value option for you. Some guaranteed acceptance plans provide relatively modest cover and may include an initial waiting period. It can therefore be useful to compare them with medically underwritten life insurance before deciding.

There is no single price.

Your monthly premium can depend on your age, the amount of cover you want and the type of life insurance you apply for. For medically underwritten cover, your health, medical history and smoking status can also affect the price.

With some over 50s plans, you choose how much you want to pay each month and the insurer tells you how much cover that premium provides.

It is important to look beyond the monthly price. If you keep a policy for many years, the total amount you pay in premiums could be more than the eventual payout. The payout may also remain fixed, which means inflation can reduce what that money is worth over time.

A quote will show the premium and cover available based on the information you provide. The final terms can change if the insurer receives additional information during the application.

The right amount depends on what you want the policy to achieve.

Some people want enough cover to make a contribution towards funeral costs. Others want to leave money for a partner, children or grandchildren, clear debts or provide a financial gift.

Think about the amount you would like your family to receive and what you can comfortably afford each month. A larger payout usually means a higher premium, and premiums normally need to be kept up for the cover to continue.

Remember that life insurance is a long term commitment. If you stop paying premiums, your cover may end and you may not receive back the money you have already paid.

A life insurance adviser can help you work through the amount of cover that may be appropriate for your needs and budget.

It depends on the policy.

Some over 50s plans do not ask medical questions and offer guaranteed acceptance to applicants who meet their basic eligibility rules. This means existing health conditions do not affect acceptance.

Other life insurance policies ask about your health and lifestyle. You may be asked about medical conditions, prescriptions, your height and weight, smoking, alcohol use and family medical history. In some cases an insurer may ask for additional medical information.

Answer all questions fully and accurately. Incorrect or incomplete information could affect a future claim.

Having a health condition does not automatically mean you cannot get life insurance. Different insurers assess risk in different ways, which is one reason speaking with an adviser can be useful.

You should check the policy terms carefully because cover can work differently between insurers.

Some guaranteed acceptance over 50s plans include a waiting period at the beginning of the policy. If you die from natural causes during that period, the full insured amount may not be paid. The insurer may instead return premiums paid or provide another limited benefit, depending on its terms. Accidental death may be treated differently.

Medically underwritten life insurance can have different conditions.

Every policy also has terms, exclusions and claim requirements. An adviser or insurer should explain the important conditions before you apply, and you should read the policy documents so you understand exactly when a claim would and would not be paid.

In most cases, life insurance only remains in force while the required premiums are being paid.

If you stop paying, your cover may end after any grace period set by the insurer. You would then normally lose the life insurance protection and may not receive a refund of the premiums you have already paid.

This is particularly important with policies intended to continue for the rest of your life. Over a long period, the total premiums paid can become substantial and could eventually exceed the amount the policy pays out.

The monthly payment needs to be one you can keep up for as long as the policy lasts. If your financial circumstances change later, speak to your insurer before cancelling. They can explain whether any other options are available under your policy.

A life insurance payout is generally not subject to Income Tax for the person receiving it. However, Inheritance Tax can sometimes be relevant.

If the policy proceeds form part of your estate when you die, they may increase the value of the estate for Inheritance Tax purposes. Whether any tax is actually due depends on the circumstances and the tax rules that apply at the time.

Some life insurance policies can be placed in trust. A trust can allow the policy proceeds to pass to the chosen beneficiaries outside the estate in certain circumstances and may also help the money reach them more quickly. Trusts have legal and tax consequences, so they should not be set up without understanding how they work.

A life insurance adviser can explain the options available, but you may need separate legal or tax advice for your personal circumstances.