What is British Seniors life insurance?

British Seniors life insurance logoBritish Seniors is a long-standing, FCA regulated provider of over 50 life insurance policies.

They guarantee acceptance to all UK residents aged between 50 – 80, without the need to provide any information on your medical wellbeing.

British Seniors have been awarded the 2018 Feefo Gold Trusted award for their customer service.

All policies provided by British Seniors are underwritten by AIG Life Limited.

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British Seniors free welcome gift

British Seniors currently offers a £75 M&S gift card to all new customers upon payment of their third premium.

Whilst it’s possible to obtain a larger welcome gift with different insurers (£100+), the qualifying period is much shorter than most, which tend to require 6 months’ premiums to be paid before the benefit is released.

It’s important to remember that whilst everyone enjoys receiving a sign-up gift, the most important aspect when arranging your life insurance is to secure the right cover to suit your needs.

The cost of British Seniors life insurance

British Seniors offer life cover from £3.72, which equates to just 13p-a-day.

Your age and smoking status will have an effect on the cost of your premiums, even though no other medical information is required.

All premiums offered through British Seniors are fixed, meaning that you’ll never experience an increase in the amount you pay each month.

One of the biggest pitfalls with a British Seniors policy, as with most over 50s plans, is the possibility of paying more into the policy than the overall sum your loved ones will receive.

Therefore, it’s important to estimate how long you’re likely to pay into the policy and whether it looks like a cost-effective option.

From the age of 95, you’re no longer required to make premium payments, although your cover will remain valid for the rest of your life.

Due to the unknown risk associated with over 50s policies, insurers mitigate their risk by charging higher premiums.

Therefore, if you’re in good health or are towards the younger end of the age range, you may benefit more from providing health information to obtain either term or whole of life cover.

With these policies, you’re much more likely to be able to secure a larger sum assured, at a lower monthly premium.

As with all life insurance cover, the cost of an over 50s policy will differ between insurers.

Therefore, to ensure you obtain the best possible deal, it’s essential to compare multiple quotes.

Our award-winning team at Reassured can do this on your behalf for free, saving you time and money.

The 24-month waiting period

An over 50 life insurance policy with British Seniors will provide immediate cover for accidental death.

However, there is a 24-month waiting period for death due to natural causes.

This means that if you die within the first two years of your policy, your loved ones won’t receive a full pay out, but will instead receive a refund of the premiums paid in.

Whilst a 24-month period is relatively standard for over 50s life cover, it’s possible to obtain cover with a waiting period of just 12-months.

Therefore, if this aspect of cover is of importance to you, it’s best to compare policies to ensure you get the best cover to suit your needs.

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Sum assured (or pay out amount)

British Seniors provides life insurance cover between £1,000 – £20,000.

However, the amount of cover you’re able to secure decreases as you age.

A 50-year-old is able to take out the full £20,000, a 65-year-old can take out £12,000 worth of cover, whilst an 80-year-old can only secure £6,000.

A policy with British Seniors will provide you with the option to increase or decrease the overall sum assured if required.

This will be reflected in the amount you pay each month.

This is ideal for those entering retirement, who find themselves experiencing a budget-tightening due to now having to live off of a pension.

Unlike most joint life insurance policies, a British Seniors joint policy (see below) will actually provide a pay out for both partners upon their passing.

When the first partner passes away, a pay out is made but the cover remains in place for the surviving partner.

Another lump sum pay out is then made when this partner passes away at a later date.

If both partners pass away simultaneously, two pay outs will be made.

Accidental death

Unlike many over 50s products, British Seniors offers a pay out 3 times the sum assured if you die of accidental death at anytime within the policy term, (no waiting period required).

Whilst the vast majority of over 50s policies will provide you with accidental death cover from the start of your policy, this tends to mean that if you die you’ll only receive the sum assured, not 3 times the amount.

Cash-in benefit

British Seniors is one of the only over 50s insurers in the UK to provide a cash-in option.

This means that from your 80th birthday, or 15 years after the policy start date (whichever occurs later), you’re able to cash-in your policy to obtain 50% of the overall sum assured.

However, it’s important to note that if you opt for this option, your life cover will cease, and you’ll no longer be covered.

Once you reach eligibility, you can cash-in your policy, but any extra premiums paid between eligibility point and cash-in won’t be refunded.

With a joint British Seniors policy (see below) however, one partner is able to opt for the cash-in option when eligible and the life cover for the alternate partner will remain in place.

This means that on a joint British Seniors policy, it’s possible to obtain 150% of the overall sum assured (50% cash-in option for partner one and 100% sum assured death benefit for the other partner).

As discussed, there’s the option to increase/decrease your overall sum assured.

If you choose to increase your sum assured, the 15-year eligibility period to opt for cash-in starts from the point of increase.

If you choose to decrease your overall sum assured, on the other hand, the eligibility period doesn’t change.

But should you choose to cash-in your policy when available, you’ll only receive 50% of the decreased sum assured, as opposed to the amount arranged at application.

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Funeral benefit

The average cost of a funeral in the UK has risen 122% over the past 15 years and shows no sign of slowing down.

As a result, many are looking to over 50s plans to cover the cost of their funeral upon their death.

All British Seniors policies provide you with the option to opt for a funeral benefit.

This involves signing over your policy to Golden Charter (partnered with British Seniors) upon your death, allowing for the cost of your funeral to be covered.

If you choose to opt for this benefit, you’ll receive an additional £300 bonus on top of your overall sum assured, however, it’ll require you to use a Golden Charter funeral director.

Whilst the £300 bonus may look appealing, Golden Charter only makes a contribution towards third-party costs (minister fees, cremation fees etc.).

This could result in your loved ones still having to cover a significant proportion of your funeral costs.

Any excess in charges will be paid back to your estate/loved ones upon completion of your funeral, whilst any shortfall will be required for them to pay.

Some funeral plans, such as Co-op funeral plans, cover all third-party costs, as well as allowing you to lock in today’s rate.

Therefore, if the cost of your funeral is your primary reason for arranging cover, this may be more suitable.

Simply contact our team today to discuss which is the best option for you.

Joint life insurance policy

Unlike many over 50’s products, British Seniors offers the option to take out a joint policy.

However, this isn’t the same as a standard joint life insurance policy, which would usually save you on average 25% compared with purchasing two single policies.

Instead, British Seniors offer a discount on the second policy when adding a partner, making it a joint policy.

However, the price is still more than a single policy alone.

In order to arrange a joint policy with British Seniors, both partners must fit the eligibility criteria (UK citizens between the ages 50-80).

In instances where one partner reaches these criteria before the other, it’s possible to add a partner to a British Seniors policy at a later date.

The claims process

Upon your death, your loved ones will simply be required to contact British Seniors quoting your policy number.

A trained member of staff will then talk your loved ones through the process, helping them every step of the way.

They pride themselves on providing a fast pay out (usually within a few days) and will even put you in touch with a member of the National Bereavement Service if required.

This service will then provide your loved ones with all of the emotional support required at a difficult time.


If your British Seniors policy is cancelled for any reason, your loved ones won’t receive a pay out upon your passing, and you’ll be unlikely to receive back any of the premiums you’ve paid.

Your policy will automatically be cancelled should you fail to make two consecutive premium payments.

On occasion, the cover can be reinstated if the missed payments are covered and all future premiums are kept up-to-date, (although this is not always the case).

It’s also possible for AIG to cancel your British Seniors policy due to non-disclosure, alongside fines and possible imprisonment due to insurance fraud.

Therefore, it’s essential you’re honest and forthcoming throughout the application process, to ensure your cover is valid.

Should you choose to cancel your policy after the point of eligibility for the cash-in option, you’ll receive the cash-in value and then your cover with British Seniors will expire.

Cancelling before being eligible will result in the termination of cover and the premiums you’ve paid in will be lost.

Compare quotes to get the best cover for you

As with all life insurance, the most important thing is to ensure you get the right cover to meet your needs.

At Reassured, we can compare different quotes on your behalf, ensuring you secure the perfect policy.

And the best part is our award-winning service is completely free to use.

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