Over 50s Life Insurance Calculator | Free Cover Estimate & Quotes

Q: How much does over 50s life insurance pay out?

Over 50s life insurance typically pays out up to a maximum of £20,000, depending on the insurer and your personal circumstances. Factors such as your age, monthly budget and, in some cases, your smoking habits, will determine how much cover you can get. Generally, the younger you are, the higher your pay out amount will be.

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Over 50s life insurance calculator

How does our over 50s life insurance calculator work?

Our free over 50s life insurance calculator helps you easily work out how much cover you may need to help protect your loved ones.

There’s no need to provide any personal details - simply fill in which costs you’d like your policy to help cover and an instant estimate will appear.

Once you have a rough idea of how much cover you may need, you can use this to help you compare quotes and choose a suitable policy.

Best over 50s life insurance calculator UK

How to use: Enter the value of each financial commitment and any other costs you’d like your policy to help cover. Hover over the question mark beside each cost for more information and guidance. Your estimated total cover amount will update instantly as you enter your figures.

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Over 50s life insurance key features

Guarantees acceptance if you’re a UK resident aged 50 -85
Quick and simple application process without any medical questions or exam
Affordable monthly premiums for all policyholders, even if you have a serious medical condition
Guaranteed lump sum pay out after a specified waiting period (the first 12 or 24 months of the policy you’ll be fully covered for accidental death but not natural death)
Quotes from just £5 a month through Reassured⁺

How much does over 50s life insurance pay out?

Over 50s life insurance typically pays out up to a maximum of £20,000, depending on the insurer and your personal circumstances.

Factors such as your age, monthly budget and, in some cases, your smoking habits, will determine how much cover you can get.

Generally, the younger you are, the higher your pay out amount will be.

Here are some pay out examples for different ages, based on a non-smoker paying £15 a month:

How much life insurance do I need in my 50s?

The amount of life insurance you may need in your 50s depends on what you’re looking to help cover for your family.

Many people choose a pay out of around £5,000^[1], as this aligns with the average cost of a traditional funeral in the UK (£4,510)^[2].

However, there are various other costs you may want to consider when calculating your cover amount.

These may include:

Outstanding debts such as your mortgage, personal loans or credit cards.

According to SunLife’s Well Spent Report, over 50s with outstanding debts spend an average of £696 a month on repayments^[3].

Household bills that you normally contribute towards, such as gas, water, electricity, and council tax.

According to Zoopla’s research, these bills add up to around £376 a month^[4].

Everyday living costs for your dependents, such as food, drink, clothing and transport.

A life insurance pay out could help supplement their income.

A housing deposit, car, holiday or education fees for your loved ones, by leaving a lump sum pay out as a small inheritance.

Inheritance tax. If your estate is liable for inheritance tax when you pass away, a life insurance pay out could help your beneficiaries meet the bill.

However, you’ll also need to consider writing your policy in trust to help protect the pay out from inheritance tax. This option is available with selected policies.

Do you have an existing life insurance policy, funeral plan, or savings?

To avoid applying for more cover than you need, you may want to consider any existing protection policies or cash savings you have which may reduce the amount of over 50s life insurance you require.

If you need further support choosing a suitable amount of over 50s cover, an expert at Reassured is on hand to help.

How much does over 50s life insurance cost?

With Reassured, over 50s life insurance can cost between £5 and £75 a month, depending on your age, monthly budget and the level of cover you’re looking for.

Monthly premiums remain fixed throughout the policy term and you’ll need to continue paying each month until you reach a specified age (such as 95) or when you pass way (whichever comes first).

To give you a better idea of costs, we’ve included some example monthly premiums from two different insurers in the table below.

These quotes are based on a non-smoker taking out £5,000 of cover.

Age
50	£17.41	£15.00
55	£19.59	£18.00
60	£21.92	£20.00
65	£26.59	£25.00
70	£35.25	£35.00
75	£48.85	£51.00
80	£67.70	£75.00
85	£74.00 (for a maximum of £3,703 of cover)	N/A (One Family’s maximum age is 80)

Compare life insurance calculators

There are various life insurance calculators available that can help you work out how much cover you may need and choose an appropriate policy based on your results.

To calculate your over 50s life cover, here are some alternative options you could try:

Aviva over 50s life insurance quote calculator

This simple over 50s life insurance calculator gives you an example of how much cover you could get for a premium of £10, £20 or £30 a month. You simply enter your age and smoker status and select the monthly premium you want to test to get your instant cover estimate.

For example, the calculator indicates that a 60 year old non smoker could get an over 50s life insurance pay out of £4,718 for £20 a month with Aviva.

Legal & General life insurance calculator

This life insurance calculator can help you understand your protection needs and which policy may be best for you based on your cover estimate.

It requires you to enter a range of figures including your outstanding mortgage balance, debts such as any credit cards and loans, and predicted funeral costs.

The calculator doesn’t provide pricing examples.

Post office over 50s life insurance calculator

The Post Office offer a life insurance calculator that’s not specific to any type of policy.

It asks you a series of questions about your income, mortgage, savings, investments and debts, helping to provide you with a cover estimate based on your answers.

How to compare over 50s life insurance pay outs?

Compare over 50s life insurance pay outs using our FCA regulated broker service.

Reasons to choose us:

Get free quotes from leading UK insurers, including SunLife and OneFamily
Receive expert guidance from our dedicated team throughout the process
Benefit from our free online trust writing service on selected policies, helping to minimise or avoid inheritance tax on your pay out
Award-winning service tailored to your needs and circumstances

Over 50s life insurance quotes start from just £5 a month. Submit you details today and our friendly team will be in touch.

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FAQs

How does over 50s life insurance work?

Over 50s life insurance lasts for the rest of your life and pays out a fixed lump sum to your family if you pass away while the cover is in place.

It’s specifically designed for UK residents aged 50 – 85, guaranteeing acceptance if you meet these criteria as there are no medical questions.

Once you take out a policy, you’ll be covered immediately for accidental death.

After a waiting period, which is usually either 12 months or 24 months, you’ll be fully covered for accidental and natural death.

Is over 50s life insurance worth it?

An over 50s policy could be worth considering if you’re aged 50 – 85 and looking for a simple whole of life policy without answering medical questions.

It may suit people who could be declined for traditional cover but still want to leave a lump sum to help support their loved ones financially.

However, over 50s life insurance may not offer the best value in every case.

If you’re in good health, you could also consider a medically underwritten policy, such as term life insurance or standard whole of life cover.

Because medically underwritten policies take your health into account, people in good health may be able to secure a higher level of cover for a lower monthly premium.

Which over 50s life insurance calculator is most accurate?

Over 50s life insurance calculators are generally accurate, however, the best way to get the most accurate cover amount and quote is to submit your details directly with an insurer or through Reassured.

Which factors affect over 50s life policy quotes?

Factors that can affect over 50s life policy quotes include: