SunLife guaranteed over 50 plan [2022]

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

This is a type of policy that lasts for the rest of your life and guarantees a cash pay out for your family when you pass away.

SunLife Logo

SunLife guaranteed over 50 plan key features:

  • Guaranteed acceptance to UK residents aged 50 - 85 and no medical questions asked
  • Guaranteed fixed cash pay out after 12 months
  • Fixed premiums from just £5* a month
  • Up to £18,000 of cover
  • Free funeral benefit option (£250 contribution for your funeral)

In this review, we explore in detail the SunLife over 50 plan so you can decide if it’s the right option for you.

Reassured can help you compare over 50 life insurance quotes from top UK insurers, including SunLife.

Make the most of our award-winning and FCA-regulated service today by getting in touch.

SunLife over 50 plan reviews

SunLife is the highest rated over 50 life insurance provider on Feefo and has received the Feefo Platinum Trusted Service Award 2021.

 

About SunLife

SunLife is a financial services provider, offering products designed for people who’re over 50.

They started out over 200 years ago and were the first ever company to offer life insurance without a medical.

SunLife are now the UK’s most trusted over 50s life insurance provider, with 98% of new customers saying they would recommend their guaranteed over 50 plan.

What is the SunLife over 50 plan?

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

Many people take out an over 50 plan as an affordable way to help pay for their funeral when the time comes.

Especially as funeral expenses continue to rise year on year (up 128% since 2004), with a cremation now costing £3,885 and a burial funeral £5,033 on average in the UK[2].

Having an over 50 plan in place gives you peace of mind that your family will have the money available to help pay for your funeral when the time comes.

Alternatively the pay out could be used to cover outstanding debts in your name or to leave as an inheritance for loved ones.

Cost of funerals infographic desktop

How does the SunLife over 50 plan work?

  • Guaranteed acceptance
    With the SunLife over 50 plan you’re guaranteed to be accepted if you’re aged 50 - 85 and you don’t need to provide any medical information during the application process
  • Whole of life cover
    The SunLife over 50 plan is known as life assurance or whole of life insurance because it covers you for the rest of your life
  • Guaranteed pay out after 12 months
    Once your policy has been in place for 12 months, your loved ones are guaranteed a pay out when you pass away, regardless of when that may happen in the future. Unlike a term life insurance policy which will only pay out if you pass away during the policy term
  • Fixed premiums
    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
  • Fixed pay out amount (sum assured)
    It’s possible to choose a pay out amount up to £18,000. The exact amount you can secure will depend on your budget and personal circumstances

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

When will SunLife life insurance pay out?

A SunLife guaranteed over 50 plan will pay out the full sum assured to your family when the initial waiting period has ended.

The waiting period is the first 12 months of the plan during which you won’t be covered for natural death.

This means if you pass away of natural causes within the first 12 months then the full sum assured won’t be paid.

However, your premiums will be refunded to your loved ones.

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

When the waiting period is over, then you’ll be fully covered for all causes of death and the full sum assured will be paid out when you pass away.

Insurers implement a waiting period for over 50 plans because you don’t need to answer any medical questions and the risk you pose to them is unknown.

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
  • The pay out 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 over 50 life insurance quotes

Over 50 life insurance quotes vary from insurer to insurer. For this reason, it’s important to compare multiple quotes to ensure you’re getting the best possible deal.

Why not take advantage of our fee-free, award-winning broker service to help you with this task?

One of our life insurance experts will be on hand to help you save time and money today.

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 your budget 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 a the SunLife guaranteed over 50 plan through Reassured receive a free welcome gift.

This is an £80 Love2Shop gift voucher which you can use to spend at various retail stores.

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).

Reassured has put together this list of the best over 50 life insurance free gifts in 2022 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.

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 many people, taking out an over 50 plan is an easy and affordable way to set money aside for their funeral.

Especially as funeral costs continue to rise faster than inflation every year (128% since 2004) and the average cost is now more than £4,000[2].

A SunLife guaranteed over 50 plan may be worthwhile for you if:

  • You struggle to secure standard life insurance (or the premiums are too high) due to your age or health
  • You don’t have an existing life insurance policy, a funeral plan or sufficient savings which could be used to help cover your funeral costs
  • You’re able to secure the level of cover you need at an affordable monthly premium

There are also some drawbacks which you’ll need to consider before taking out a plan. These include:

  • You could pay more into the plan than what is paid out to your loved ones, depending on what age you take out the plan and how long you live
  • The value of the pay out amount may reduce over time due to inflation
  • It may not be good value for money if you’re closer to 50 and in good health (a term or whole of life insurance policy may be more suitable)

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 claims

SunLife pay out 100% of the claims they receive and 98% of claims are paid within 3 working days.

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

Telephone: Call the SunLife call centre on 0800 008 6060 (open Monday - Friday 08:30 - 17:30)

In writing: 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.

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 over 50 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 Dignity funeral director to pay for your funeral.

Dignity is a nationwide funeral provider with a over 800 funeral homes located in most towns across the UK.

If you choose to add the funeral benefit option to your plan, then Dignity will also contribute £250 to the cost of your funeral when the time comes.

SunLife funeral plan

As well as over 50 life insurance, SunLife also offer funeral plans for people over 50.

A funeral plan allows you to plan and pay for your funeral in advance - helping to relieve some stress for your loved ones when the time comes.

You may consider a SunLife funeral plan as an alternative to life insurance or you may take out both types of cover for comprehensive protection.

SunLife funeral plan key features:

  • Guaranteed acceptance to UK residents aged 50 - 80
  • No medical information required
  • Premiums starting from £9.19 a month[3]
  • Premiums stop when you turn 90 (or when you pass away, whichever is soonest)
  • Guarantees to cover the cost of your key funeral services after two years
  • Accidental death cover in the first two years

Visit our funeral plans page for more information on the funeral plans we can help you arrange at Reassured »

Compare over 50 life insurance quotes to get the right policy

Whilst the SunLife guaranteed over 50 plan is the most popular in the UK, it’s helpful to look at a variety of options before making a final decision.

At Reassured, we can help you compare over 50s life insurance quotes from top UK insurers, allowing you to find the one that’s most suitable for your needs.

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.

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

Sources:

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

[2] SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021

[3] https://www.sunlife.co.uk/funeral-plans/

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