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Over 50s Life Insurance

What is over 50s life insurance?

Over 50s life insurance, as the name suggests, is a life insurance policy specially designed to meet the unique needs of people aged 50 and over. It is sometimes referred to as ‘over 50s life cover’ or an ‘over 50s plan’.

You pay in a fixed, monthly premium that you can afford and the policy will pay out a fixed, cash lump sum to your beneficiaries, upon your death.

For many, life definitely begins at 50. This is often the age when your mortgage is largely paid off, the children have left home and well-paid management jobs are secured. However, you may need life cover that reflects these changing circumstances.

Over 50s policies are a form of whole of life cover and therefore are guaranteed to pay out when you die. This is sometimes called ‘life assurance’ – as a pay out is assured at some point.

In contrast, a traditional term life insurance policy, provides cover for a set period of time, (the term). Although these policies tend to pay out much larger sums.

The main advantages of an over 50s plan are:

Over 50s life insurance cover through Reassured

Why might you want over 50s life cover?

People choose to take out over 50s life insurance for a variety of reasons. From our experience at Reassured, common reasons include:

Another common reason to take out an over 50s policy is cost. Although you can pay more, many choose to pay just a few pounds each month, making cover very affordable.

Once you pass 50, getting standard life cover can become expensive, as statistically you are more likely to die during the policy term.

There could also be restrictions on the length of the term an insurer is willing to protect you. As a result, an over 50s plan could be the best option.

However, it is important to remember there is a chance, especially if you have just turned 50 and are in good health, that you could pay more into the policy than it will ever pay out. So, depending on your individual circumstances, traditional term cover or a whole of life policy may represent better value for money.

See this great tool from life insurance provider Aviva, that helps estimate your life expectancy

Over 50s waiting periods

Having no medical and being over 50, makes you ‘higher risk’ and consequently insurers will employ ‘waiting periods’ at the beginning of the policy, to mitigate their risk.

Call our Reassured experts today on 0808 168 2025 and let our impartial life insurance consultants provide you with a number of suitable over 50s quotes for you to compare.

The policy pay out

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An example scenario:

Derek is a 55-year-old lorry driver in poor health. He is severely overweight and recently suffered a heart attack.

He has 3 children, all in their 20s, who he does not want to burden if the worst were to happen. He has little in the way of savings.

His recent health scare has made Derek think seriously about the future and what he would leave behind. However, because he represents a high risk for insurers, he is unable to secure traditional life cover, at an affordable price.

He decides his best option is to take out an over 50s life insurance plan; there was no medical or health questions on the application and he was able to set his premiums at a rate he could afford.

Because Derek fears he might not live into his 70s/80s, he feels an over 50s plan represents the best value, as he is unlikely to pay in more than the policy pays out.

Over 50s life insurance in summary:



Why use Reassured to compare over 50s life insurance?

Talk to our Reassured consultants on 0808 168 2025 and let us help you compare the best available over 50s life insurance quotes. Alternatively Start Your Quote online today – it only takes 2 minutes.