SunLife over 50 life insurance UK: An in-depth review

SunLife provide the most popular over 50 life insurance policy in the UK, formerly known as the ‘SunLife guaranteed over 50 plan’[1].

It’s a type of policy which lasts for the rest of your life and guarantees a cash pay out to your family when you pass away.

The money could be used towards:

  • The cost of your funeral
    (average cost of a basic UK funeral is £3,953[2])
  • Unpaid debts or bills
  • A retirement fund for your partner
  • An inheritance
SunLife logo

SunLife over 50 plan highlights:

  • UK’s most trusted over 50 life insurance policy[3]
  • Rated 4.8 out of 5 stars on Feefo based on more than 3,000 reviews
  • Low monthly premiums from just £5 a month
  • Guaranteed acceptance to applicants aged 50 - 85
  • Full cover after 12 months & 100% of valid claims are paid out
  • Free funeral benefit option (£250 funeral contribution)

In this review, we explore the key features and benefits of the SunLife over 50 plan to help you decide if it’s the right option for you.

Reassured can compare over 50 life insurance quotes from SunLife as well as One Family to see who can offer you the best deal.

Our quotes are free and without obligation; so, make the most of our award-winning service today by getting in touch.

Compare SunLife Over 50 Plan Quotes »

SunLife over 50 plan reviews

The SunLife over 50 plan is the highest rated over 50 life insurance policy on Feefo, with an overall score of 4.8 out of 5 stars based on 3,000 reviews in the past year.

Over 90% of new customers say they would recommend the SunLife over 50 plan.

SunLife reviews on Trustpilot are also mainly positive, with their service being rated ‘Excellent’ overall based on over 6,000 customer reviews.

At Reassured, our FCA-regulated broker service is also rated ‘Excellent’ overall on Trustpilot from over 70,000 customer reviews.

 
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About SunLife

SunLife started out more than 200 years ago and was the first ever company to offer life insurance without a medical.

Nowadays, the company provides a range of financial services specifically designed for people aged over 50, including:

  • Over 50 life insurance (over 50 plan)
  • Guaranteed Inheritance Plan (whole of life insurance)
  • Equity release

You may be familiar with the SunLife brand, as they have become a household name thanks to their famous TV adverts.

SunLife has worked with various influential celebrities and TV personalities over the years to promote their products, including:

  • Carol Vorderman
  • Alan Titchmarsh
  • Michael Parkinson

The SunLife over 50 plan is now the most popular type of guaranteed life insurance in the UK, serving more than 80% of the market[3].

Please note: at Reassured, we don’t sell the Guaranteed Inheritance Plan or Equity release plans.

SunLife Life Insurance Calculator

Use our calculator to easily work out how much over 50 life insurance you may need. Fill in the costs that you would like your policy to cover and calculate your ideal cover amount.

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According to Uswitch, it’s estimated that 23,000 people in the UK will still be paying off their mortgage by age 75.

Although an over 50s plan can’t cover the full cost of a mortgage (as cover is capped at £20,000), it could help to contribute some funds towards keeping your family in their home.
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Research by Saga shows that nearly 6 million over 50s owe money on credit cards and loans, with average debt amongst this age group totalling £12,000.

Depending on your personal circumstances, an over 50s plan may not be able to cover all debts (as cover is capped at £20,000) but it could allow you to cover some debts in your name.
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SunLife’s Cost of Dying 2023 report found that the average cost of a basic funeral is £3,953, with the overall cost of dying totalling £9,200.

A pay out from life insurance can help to cover all or some of these costs.
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Age UK have found that many over 50s and 60s will be reliant on their pension to get by.

Life insurance can provide your partner with a helping hand on top of their pension.
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An inheritance can provide your loved ones with a cash gift to spend as they wish.

Alternatively, you could leave a portion of your pay out to a charity that’s close to your heart.
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If you already have a life insurance (or other financial protection) policy in place, and/or you have your own savings, factoring these into your sum assured could reduce the level of cover you require - helping you to save money.
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Your total cover estimate

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What is the SunLife over 50 plan and how does it work?

The SunLife over 50 plan is a life insurance policy which guarantees a cash pay out to your family when you pass away.

For many people, taking out an over 50 plan is an easy and affordable way to help pay for their funeral.

The funds can relieve some financial worry for loved ones at an already difficult time, particularly as the average cost of dying now exceeds £9,000.

The table below explains the key features of SunLife over 50 life insurance and how it works:

FeatureDescription
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Guaranteed acceptance		You’re guaranteed to be accepted for cover if you’re a UK resident aged 50 - 85
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No medical questions		During the application process you don’t need to provide any medical information or undergo a medical exam
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Whole of life cover		This type of policy is also known as life assurance or whole of life insurance because it covers you for the rest of your life
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Guaranteed pay out after 12 months		Once your policy has been in place for 12 months (known as the ‘waiting period’), your loved ones are guaranteed a pay out when you pass away, regardless of when that may happen in the future.
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Accidental death benefit		If you pass away during the first 12 of your policy as a result of an accident, a full pay out will be made
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Fixed monthly premiums from £5 a month		When you take out an over 50 plan your premiums will need to be paid each month to keep cover in place. The amount you pay will depend on your age, smoking status and the sum assured. The cost of your premiums won’t change during the lifetime of your policy
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Fixed pay out amount (sum assured) guaranteed		The maximum pay out is £18,000. The amount you can secure will depend on your personal circumstances and budget

We have written this helpful guide to over 50 life insurance for more information »

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When will SunLife life insurance pay out?

The SunLife over 50 plan will pay out the full sum assured to your family when you pass away, as long as the initial waiting period has ended.

The waiting period is the first 12 months from the start of the policy. If you pass away due to natural causes during this time, then a full pay out won’t be made.

However, any premiums you’ve paid will be refunded to your loved ones.

If you pass away due to an accident within the first 12 months then SunLife will pay out the full sum assured, (referred to as accidental death cover).

Once the waiting period has ended, you’ll be fully covered for death due to any reason and your loved ones can claim for the full sum assured.

SunLife also guarantee that they pay out 100% of valid life insurance claims, usually within three working days.

How much is SunLife over 50 life insurance?

The cost of SunLife over 50 life insurance ranges from £5 to £74 a month when arranged through Reassured.

Your monthly premium is calculated based on:

  • Your age
  • Smoking status
  • Cover amount (sum assured)

You can choose a monthly payment to suit your available budget.

The maximum pay out amount is £18,000. The amount you can secure will depend on your age and smoking status.

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 £15 a month:

Age50556065707580
Sum assured£4,528£3,985£3,521£2,915£2,193£1,561£1,125


Based on a premium of £35 a month:

Age50556065707580
Sum assured£10,945£9,539£8,436£6,989£5,276£3,742£2,695


You can take out more than one over 50 plan with SunLife but the total premium can’t be more than £100 a month for all policies combined.

Compare quotes to find the right price

Over 50 life insurance quotes vary from insurer to insurer. For this reason, it’s important to compare quotes which could help you to save money.

Why not take advantage of our fee-free, award-winning broker service to compare prices from top UK insurers, including SunLife?

One of our life insurance experts will do their best to help you find a policy to suit your needs and budget.

How long will you pay premiums for?

Typically, you’ll need to pay your monthly premium until you pass away.

For this reason, it’s important to choose a monthly amount that suits your budget now, as well as in the future (for example, after you retire).

Any missed payments could invalidate your policy.

Premium cap option

Alternatively, you could choose to customise your SunLife over 50 plan with their premium cap option called ‘PayStop’.

PayStop can be added on to your plan for a slightly higher premium and provides you with a fixed end date for your payments.

You’ll still be covered for the rest of your life but your monthly payments will stop when you reach a certain age.

The table below shows a comparison of standard premium prices and PayStop premium prices for the SunLife over 50 plan. Based on a 60 year old non-smoker:

Premium typeAgeExample monthly premiumAge at final paymentSum assured
Standard60£15When you pass away£3,521
PayStop60£17.5583 years old£3,521

SunLife over 50 plan free gift

New customers who purchase the SunLife over 50 plan directly through Sunlife are entitled to receive a free welcome gift.

This is currently a £110 Love2shop gift card, as well as a free SunLife pen and entry to a £10,000 prize draw after securing a policy.

You’ll be eligible for the free gift when your SunLife plan has been active for 6 months (and your premiums are up to date). This offer expires on the 26/12/23.

Reassured has put together this list of the best over 50 life insurance free gifts in 2023 so you can find out what other offers are available.

Whilst it’s a nice perk to receive a free gift, the most important thing is to ensure that you find the right life cover to suit your needs and budget.

Please note, customers who purchase a SunLife over 50s plans through Reassured will not be eligible for the free gift.

Funeral benefit option (+£250 funeral contribution)

If you haven’t yet made plans for your funeral, then you can choose to add a funeral benefit option to your SunLife plan free of charge.

With the funeral benefit option, your sum assured won’t be paid as a cash lump sum to your loved ones when you pass away.

Instead, the full amount is paid directly to a reputable and UK wide funeral director chosen by SunLife to pay for your funeral.

If you choose to add the funeral benefit option to your plan, then an additional £250 will also be contributed to the cost of your funeral when the time comes.

Is SunLife over 50 life insurance worth it?

Whether SunLife over 50 life insurance is worth it for you or not will depend on your personal circumstances.

For those who haven’t made other financial provisions for their funeral or want to protect their savings, taking out an over 50 plan is an affordable way to leave some money to loved ones.

Here are some pros and cons to help you decide if it’s worthwhile for you:

PROsCONs
Peace of mind that your loved ones will receive a guaranteed cash pay out to spend how they wishPremiums will need to be paid every month until you pass away to keep cover valid (unless you choose the premium cap option)
You can choose a cover amount based on how much you can afford each month, and premiums are fixed for lifeA 12 month waiting period applies before you’re fully covered by the plan
No medical questions or exam, and acceptance is guaranteed, even if you have a health problemYou could pay more into the policy than what pays out depending on your age when you take out the policy and how long you live
Quick and easy application processMight not be cheaper than whole of life insurance if you’re in good health


Reassured is on hand to help you decide if over 50 life insurance is the right option for you and your family.

Get in touch today and a member of our friendly team can provide you with all the information you need to make a fully informed decision.

SunLife over 50 plan vs One Family over 50 plan

Comparing over 50 life insurance policies can help you make a fully informed decision about which policy is right for you.

In the table below we have compared the main features and benefits of the over 50 plans offered by SunLife vs OneFamily.

OneFamily is an award-winning mutual society and insurer, providing financial services to customers for more than 45 years.

SunLife logo OneFamily logo
Premiums£5 - £74 a month£10 - £75 a month
Age limit50 - 8550 - 80
Maximum pay out£18,000£20,000
Waiting period12 months24 months
Payment termRest of life (or until 88 with PayStop premium cap option)Until age 90
Free funeral benefit contribution£250£300
Additional policy benefitsAccidental death coverAccidental death cover
Terminal illness cover


Compare free over 50 plan quotes from SunLife and One Family through Reassured to see if we can help you save money.

We’ve written this OneFamily life insurance review if you’d like to learn more about their product »

SunLife over 50 plan claims

SunLife pay out 100% of valid life insurance claims, usually within 3 working days.

If you need to make a claim for a SunLife over 50 plan then you can do this in a number of ways.

Telephone: The SunLife life insurance contact number is 0800 008 6060 (open Monday to Friday 08:30 - 17:30)

In writing: The SunLife life insurance postal address is:
SunLife
PO Box 1395
Peterborough
PE2 2TR
United Kingdom

If the plan included the funeral benefit option, then you’ll need to contact the funeral director directly.

Ensure that you have the death certificate and the policy documents ready to hand when making a claim.

For more information visit the SunLife website or contact Reassured.

What is the SunLife Guaranteed Inheritance plan?

The SunLife Guaranteed Inheritance Plan is an alternative life insurance option designed for people over 50[4].

It provides lifelong cover and a guaranteed pay out when you pass away, similar to an over 50s plan.

However, the maximum pay out is higher (up to £50,000) and the application form requires some medical details.

For this reason, it’s best suited to applicants over 50 who are in relatively good health.

SunLife Guaranteed Inheritance Plan key features:

  • Available to applicants aged 49 - 75
  • Immediate life cover up to £50,000
  • Some medical questions asked but no medical exam
  • Premiums from £9.55 a month

Please note, Reassured does not currently sell the SunLife Guaranteed Inheritance Plan.

SunLife over 50 plan review summary and next steps

If you’re looking for affordable life insurance for over 50s, then the SunLife over 50 plan could be a strong contender.

As the UK’s most popular over 50 plan that’s gained thousands of positive customer reviews and ratings, you can be confident with this choice.

However, it could still worth shopping around and comparing quotes before making a final decision to assess your available options.

At Reassured, we can help you compare over 50s life insurance quotes from top UK insurers, allowing you to easily identify the right option for you.

Without charging you a fee, we can also provide you with all the information you need regarding each of the plans so you can make a confident choice.

Over 50 plans arranged through us start from just £5 a month and the maximum sum assured is £20,000 depending on your age, smoking status and budget.

Why not make the most of our award-winning, FCA-regulated service today to see if we can help you save time and money?

Compare SunLife Over 50 Life Insurance »

Sources:

[1] https://www.sunlife.co.uk/over-50-life-insurance/

[2] https://www.sunlife.co.uk/funeral-costs/

[3] https://www.sunlife.co.uk/verify/

[4] https://www.sunlife.co.uk/guaranteed-inheritance-plan/

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