What is Cover Today over 50s life insurance?

Cover Today over 50s life insurance is a type of policy that can help you leave a cash lump sum to loved ones when you pass away[1].

It’s designed for UK residents aged 50 - 80 and offers up to £22,000 of cover depending on your personal circumstances and budget.

Many people take out over 50s life insurance to help cover:

  • Funeral costs
  • Unpaid debts or bills
  • An inheritance

Cover Today policies aren’t available through Reassured, but we can help you compare quotes for other over 50s policies from top UK insurers.

Prices start from just £5 a month + , and acceptance is guaranteed if you’re aged 50 - 85. Unlike Cover Today, we don’t need to ask any health or medical questions when you apply.

Get in touch for your free, no-obligation quotes. Or continue reading to find out more about Cover Today over 50s life insurance.

Cover Today key points

  • Available to UK residents aged 50 - 80
  • Maximum cover amount is £22,000 depending on your age
  • Immediate cover from when you take out the policy
  • Application includes some health questions
  • Rated 3 stars by experts on Fairer Finance
  • Rated 4.9 (‘Excellent’) by customers on Trustpilot
  • Additional benefits include free access to health & wellbeing services
  • Policies are provided by Scottish Friendly

Cover Today reviews

Cover Today is rated ‘Excellent’ on Trustpilot from more than 2,500 customer reviews (as of 01/11/23).

Most of the reviews are positive, stating that Cover Today provide a friendly and straight-forward service.

On Fairer Finance (an expert review site), Cover Today over 50s life insurance is rated 3 out of 5 stars, which suggests that the product may not be as comprehensive as other options available on the market[2].

Policy Fairer Finance logo Trustpilot logo Google logo
Over 50s life insurance3 stars4.9 stars4.9 stars


Over 50s life insurance arranged through Reassured is rated 4 stars by experts on Fairer Finance. Our service is also rated ‘Excellent’ on Trustpilot, based on more than 75,000+ reviews.

Contact our award-winning team to learn more about the policies we have available and get your free quotes.

Who owns Cover Today?

Cover Today is owned by Neilson Financial Services, a global life insurance provider that’s regulated by the Financial Conduct Authority (FCA).

Neilson also own Smart Insurance and British Seniors, as well as support with life insurance applications for the Post Office.

When taking out over 50s life insurance through Cover Today, your policy is underwritten and administered by Scottish Friendly, an award-winning insurer.

How does Cover Today over 50s life insurance work?

Cover Today over 50s life insurance is a type of policy that lasts for the rest of your life and provides a lump sum pay out when you pass away, in return for a monthly premium.

You can apply for Cover Today over 50s life insurance if you’re aged 50 - 80, but you’ll need to pass some eligibility questions about your health before they’ll accept your application.

How much you pay for your premium will be based on your age, smoking status, the cover amount, and whether you choose the ‘increasing benefit option’.

FeatureDescription
Eligibility requirementsYou’ll be eligible for this policy if you’re a UK resident aged 50 to 80 and you pass the eligibility questions Cover Today ask about your health
Maximum cover amount (sum assured)The maximum cover amount available to you will depend on your age:
• Age 50 to 69 - up to £22,000
• Age 70 to 74 - up to £20,000
• Age 75 to 80 - up to £13,000
Policy termOver 50s life insurance with Cover Today or any other provider will last for the rest of your life, guaranteeing a pay out when you pass away (as long as you keep paying your premiums)
Premium type (level or increasing)You can choose whether your premiums stay the same (level) throughout the policy term, or if they increase in line with an increasing cover amount to help mitigate the effects of inflation (increasing benefit option)
Waiting periodUnlike other over 50s life insurance policies, Cover Today does not implement a waiting period. Full cover starts immediately. They’re able to offer this benefit as their application includes health questions, which helps to reduce their risk of paying out too quickly after you secure your policy
Premium payments stopYou’ll be required to pay your monthly premium until the policy anniversary after you reach 95. Cover will continue until you pass away
Accidental death paymentCover Today will pay out 2x your cover amount for accidental death during the policy term (up to a maximum of £44,000)

Over 50s life insurance calculator

Use our handy calculator to work out how much over 50s life insurance you may need.

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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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Let us help you find our best quotes

How much is Cover Today over 50s life insurance?

Cover Today over 50s life insurance starts from £4.42 a month, according to their website.

However how much you pay for your policy will depend on your personal circumstances and budget.

The insurer will consider the following factors to determine the cost of your monthly premium:

  • Your age
  • Your smoking status
  • The cover amount

The cost of over 50s life insurance through Cover Today will also depend on whether you choose a level or increasing cover amount:

Level cover

If you choose level cover, then your monthly premiums and cover amount will stay the same (level) throughout the policy term.

Increasing benefit option

If you choose this option, then every year (on your policy anniversary) your cover amount will increase by 3% and your premium by 4.5%.

Not all insurers offer the increasing benefit option with their policies and tend to provide level cover as a standard feature.

When looking for the most affordable over 50s life insurance for you, it’s important to compare quotes from different insurers.

At Reassured, we can help you save time and money by sourcing our best available quotes from some top UK over 50 plan providers.

Contact our award-winning team today for your free, personalised quotes.

Cover Today over 50s life insurance additional benefits

Cover Today offer a number of additional benefits with their policies. These include:

  • Free healthcare services - Access to various services including symptom checker, GP advice and appointments, nutrition guidance and mental health tools
  • Free Will kit worth £100 - Helps you write a simple Will so that your final wishes are documented
  • Free funeral benefit option - Gives you the option to have the proceeds of your policy paid to a specified funeral provider when you pass away. The funeral provider will also contribute £300 towards the cost of your funeral
  • £125 welcome gift - New customers can claim a free £125 gift card for M&S, Tesco or Amazon after paying 6 monthly premiums and once the total premiums paid are more than the value of the gift card (as of 01/11/23)
  • Free bereavement support - Cover Today customers and their families are eligible for free support and guidance from the National Bereavement Service

Cover Today over 50s pros and cons

Here are the main pros and cons of Cover Today over 50s life insurance:

Pros

Icon green tick No waiting period at the start of the policy

If your application is accepted with Cover Today, you’ll be fully covered straight away for death due to any reason.

Cover Today is the only insurer in the UK to offer this feature with an over 50s plan.

With most other insurers, you’ll be fully covered straight away for accidental death but not natural death.

Typically, you’ll need to wait a period of time (either 12 or 24 months) before you’re fully covered for death due to any reason.

Icon green tick Accidental death payment

Cover Today will pay out 2x your cover amount (up to £44,000) if you pass away due to an accident during the policy term.

If you pass away due to natural causes, then Cover Today will pay out the original cover amount.

Not all insurers offer an increased accidental death payment.

However, some insurers will pay out an increased payment if you pass away due to an accident during the waiting period (the first 12 or 24 months after you take out the policy).

Cons

Icon ruby cross The application includes some health questions and acceptance is not guaranteed

One of the main drawbacks of Cover Today over 50s life insurance is that you have to answer some health questions when you apply.

The exact nature of these questions isn’t revealed on their website but Cover Today will be looking out for certain high risk health conditions that, if present, could increase the likelihood of an early claim on your policy.

Any applicants who are considered too high risk will be turned away by Cover Today and will need to secure cover elsewhere.

This is something to bear in mind when exploring your options, particularly if you have a pre-existing condition.

Icon ruby cross Premium payments must continue until you reach 95 years old

When looking at the different policy options available, it’s important to consider how long you’ll be required to make monthly premium payments, as the maximum age you can stop paying premiums varies between insurers.

If you take out a policy with Cover Today, you’ll be required to pay your monthly premiums until you reach 95 years old.

Some other insurers only require payments until you reach 85 or 90.

Knowing that you can stop paying for your cover sooner can help give you peace of mind that you won’t have to manage this additional cost at an elderly age.

While Cover Today offers no waiting period and an accidental death payment, these positive aspects might not outweigh the disadvantages depending on your personal circumstances.

If you apply for over 50s life insurance through Reassured, you don’t have to answer any health questions and you’re guaranteed to be accepted if you’re aged 50 - 85 regardless of your health status. This makes the whole process simple and stress-free.

Contact our award-winning team to find out our most affordable over 50s life insurance deals and secure your perfect policy today

If you don’t mind answering some health questions and you’re in good health, then over 50s life insurance might not be the most suitable option for you.

This is because, depending on your needs and circumstances, you might be able to secure a larger cover amount for a smaller premium cost with alternative policies such as whole of life insurance or term life insurance.

At Reassured, we can compare quotes for a range of options to help you find a good deal.

Compare Cover Today with other providers

Before taking out over 50s life insurance with any insurer, it can be helpful to compare the features and benefits of several different policies to make sure you’re getting a good deal.

The table below shows a comparison of some popular over 50s policies:

Cover Today logo SunLife logo OneFamily logo Co-op logo
Age requirements50 - 8050 - 8550 - 8050 - 80
Guaranteed acceptanceNoYesYesYes
Application includes health questionsYesNoNoNo
Maximum cover amount£22,000£18,000£20,000£10,000
Waiting period before full cover startsNo waiting period12 months24 months24 months
Funeral benefit option + contributionYes -
£300 contribution
Yes -
£250 contribution
Yes -
£300 contribution
No
Age premiums stop9588
(if you choose cover with PayStop)
9095


At Reassured, we can provide free quotes for SunLife and One Family with prices starting from just £5 a month.

Acceptance is guaranteed if you’re aged 50 - 85 and there are no health or medical questions when you apply.

Contact our award-winning team to compare our best deals.

Looking for life insurance with no health questions?

One of the main benefits of over 50s life insurance through Reassured is that you don’t have to answer any health questions or attend a medical exam when applying.

Acceptance is guaranteed if you’re aged 50 - 85 and it’s possible to secure up to £20,000 depending on your age, smoking status and budget.

Our life insurance experts can help you compare the options we have available and provide free, personalised quotes so you can choose the best option for you.

We’ll also help with the application process and run through the details of your chosen policy to ensure that you’re 100% confident with your decision.

Having over 50s life insurance in place can provide peace of mind knowing that your loved ones will have some financial protection when you’re no longer around.

Over 50s life insurance with reassured

Over 50s life insurance through Reassured

  • Guaranteed acceptance aged 50 - 85
  • No health questions or medical exam
  • Cash pay out up to £20,000
  • 12 - 24 month waiting period
  • Premiums from just £5 a month

Get in touch with Reassured today to compare free quotes and secure your perfect policy today.

Sources:

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

[2] https://www.fairerfinance.com/ratings/brands/cover-today#showProductRatings

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