Is SunLife the right over 50 life insurance provider for…
With so many life insurance providers now on the market, it can be hard to make a decision as to who you should secure a policy with.
This is currently the only life insurance product they sell, so if you don’t fit into the 50 - 80 age bracket, you won’t be able to secure a policy through them.
At Reassured we can compare over 50s life cover options from One Family and SunLife to find you our best deal.
Using our award-winning broker service to compare quotes could help you to save time and money, so why not get in touch?
Keep reading for an in-depth review of One Family over 50s plans to find out if they’re the right insurer for you…
One Family are a financial services company and mutual society insurer with roots dating back to 1979.
As well as over 50s plans they also provide:
As well as many other investment options for both children and adults.
One Family is also an environmentally conscious life insurance provider, choosing to only invest customers’ money in sustainable businesses.
One Family over 50 life insurance is highly rated by experts, having received a 5 star rating by Defaqto (the highest you can get) in 2023.
|Review site||Star rating (out of 5 stars)|
One Family is also rated 4.6 out of 5 stars on Trustpilot based on more than 2,000 reviews - although this rating includes all their services and not just life insurance.
In 2021, One Family was awarded ‘Best Life Insurance Provider (over 50s)’ at the What Mortgage Awards.
At Reassured, our life insurance broker service is rated 5 out of 5 stars on Trustpilot with over 70,000 customer reviews.
An over 50s plan is the only life insurance option offered by One Family.
It’s a type of policy that provides lifetime cover and guarantees a cash pay out to your loved ones when you pass away.
An over 50s plan provided by One Family is only available to people aged between 50 - 80 who live in the UK.
If you’re in this age group then you’re guaranteed to be accepted, even if you have a health condition, as no medical questions are asked.
Read on as we delve into the key features and benefits of One Family over 50s life insurance…
As mentioned, over 50 life insurance can allow you to leave some money to your loved ones after you’re gone.
It could be a helping hand towards the cost of your funeral, retirement funds, unpaid bills or as a cash gift.
Here are the main features of the One Family over 50s plan that you should be aware of:
|Fixed monthly premiums||£10 - £75|
|Guaranteed acceptance||Ages 50 - 80|
(no medical questions asked)
|Maximum sum assured||£20,000|
(£10,000 for customers aged 59 or under)
|Waiting period||Full cover will start after the 2 year waiting period has ended. If you pass away during the waiting period from natural causes, a pay out won’t be made. However, One Family will pay out 150% of the premiums you’ve paid|
|Lifetime cover||Cover will continue until you pass away. However, premium payments are no longer required after you turn 90 years old|
|Accidental death cover||If you pass away because of an accident in the first 2 years, 3x your life cover amount (up to £48,000) will be paid out|
|Terminal illness cover||Included as standard once full cover has started. Make an early claim on your policy if you're diagnosed with a life-threatening illness and given less than 12 months to live|
|Funeral Funding||Included as standard once full cover has started. The funds from your policy will be paid directly to a Golden Charter funeral director (opt out option available). Also receive £300 contribution towards your funeral costs|
|Joint cover||Not available|
Why not use our fee-free life insurance broker service to receive your personalised quote for One Family over 50s life cover?
Life insurance premiums with One Family range between £10 - £75 a month*.
To calculate your monthly premium, the insurer takes into account the following information:
If you’re aged 60 - 80 then the maximum pay out amount is £20,000, which is higher than most other over 50 plans.
However, if you’re under the age of 59 then the maximum pay out is £10,000.
The tables below show an example of prices for a non-smoker and the pay out amount you could get according to your age.
Based on a premium of £25 a month:
Based on a premium of £40 a month:
Depending on your needs and circumstances you can add additional policies to increase your sum assured, up to the total sum of £20,000 and up to the maximum premium payment of £75, (although any plans taken out before 01/01/2007 won’t be counted in these limits).
One Family also offer the flexibility to reduce your monthly premium amount, in case there is a change in circumstances.
You’ll need to have held your policy for at least four years to be eligible for this option and your sum assured will also be reduced accordingly.
At Reassured, we can compare over 50 life insurance quotes from just £5 a month, although prices vary based on your circumstances.
You can use our award-winning service to compare multiple deals to see if we can help you save money.
Unlike most over 50s plans on the market, One Family over 50s life insurance includes terminal illness cover.
Terminal illness cover is an additional form of protection that will allow you to make an early claim on your policy should you fall ill with a life-threatening illness and given less than 12 months to live.
Your policy will need to have been active for more than 2 years for you to be able to make a claim for terminal illness.
Once you have made a terminal illness claim and received the life insurance pay out your policy will expire.
A One Family over 50s plan automatically includes a Funeral Funding feature, provided by Golden Charter.
This is a feature that will allow the proceeds of your policy to be paid to a funeral director to help cover the cost of your funeral.
Golden Charter will also provide a £300 contribution towards the cost of your funeral.
If the proceeds are more than what’s needed for your funeral, the remaining balance will be paid to your estate.
You should be aware, that if your chosen funeral type is a direct cremation you won’t be eligible for the £300 contribution.
You also won’t be able to use this feature if you pass away within the first 2 years of your policy. Instead, 150% of the premiums you have paid will be paid out to your estate.
While this is a very generous policy add on, the contribution plus the pay out from the policy may not cover all the associated costs of a funeral.
The average cost of a funeral is currently £3,953 and the average cost of dying is now £9,200.
Please note: If you’d prefer that the funds from your policy go directly to your loved ones (to spend at their discretion), then you’ll need to opt out of the Funeral Funding option when taking out your plan.
Comparing over 50 plans can help you to make a fully informed decision as to which policy is right for you.
This is because each insurer has different prices, features and benefits which need to be considered while making your choice.
At Reassured, we offer One Family as well as SunLife over 50 plans, which we have compared in the table below:
|Premiums||£10 - £75 a month||£5 - £74 a month|
|Maximum pay out||£20,000||£18,000|
|Waiting period||24 months||12 months|
|Payment term||Age 90||Premiums must be paid until you pass away (or until age 88 with PayStop premium cap option)|
|Free funeral benefit contribution||£300||£250|
|Additional policy benefits||Accidental death cover|
Terminal illness cover
|Accidental death cover|
|Defaqto rating (out of 5 stars)||5 stars||2 stars|
SunLife provide the most trusted and popular over 50 life insurance policy in the UK.
We have written a comprehensive SunLife over 50 plan review if you’d like to learn more.
For more information or to get your free quotes, get in touch with our award-winning team.
Claims can be made by calling 0800 028 112.
If your loved ones are claiming due to your passing, they’ll need to send One Family the death certificate or a certified copy of it. A claims form will be sent off on receipt of the death certificate.
The named beneficiary, listed within the policy, will need to complete the claims form and send it back.
Once this has been received, along with any other requested documents, the claim will be processed.
If you’re making a terminal illness claim you can do this yourself or a loved one can do this on your behalf using the same contact number.
If you need to contact One Family for any reason, be that to claim, make a complaint or if you just need to ask some questions about your policy, you can contact them by calling 0800 028 112.
Whether One Family is the right insurer for you will ultimately depend on your needs and what you want to cover.
It’s possible to get the right policy, for the right price, by comparing quotes.
Why not let Reassured help?
We can compare quotes from One Family, as well as SunLife, to help you find the cheapest quotes they can offer you.
We can also help you through every step of the application process and answer any questions you may have at each stage.
Our life insurance brokerage is FCA-regulated and we won’t charge you a fee for our quotes.
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry