Compare over 50 life insurance quotes

  • Quotes from just 20p-a-day through Reassured +
  • Guaranteed acceptance for those aged 50 - 85
  • No medical questions or exam
  • Cash pay out up to £20,000*
  • Quick & easy application process
Over 50s life insurance features

What is over 50 life insurance?

Over 50 life insurance, often referred to as an ‘over 50s plan’ or a ‘guaranteed over 50 plan’ is a type of policy that guarantees a cash pay out to your loved ones when you pass away.

They can use the money to help cover your funeral costs, clear unpaid debts in your name, or as a small inheritance.

Unlike traditional life insurance, acceptance is guaranteed for an over 50s plan if you’re aged 50 - 85 and you don’t have to answer any health questions.

This makes it ideal for anyone in this age group who could find it difficult or too expensive to obtain standard cover due to a pre-existing medical condition.

Why not compare over 50 life insurance quotes through Reassured?

Our award-winning service can provide you with free quotes from leading insurers to help you save money.

Watch our short video to learn more about life insurance for over 50s:

How does over 50 life insurance work?

Applying for over 50 life insurance is quick and simple compared to other types of life insurance as you won’t need to answer any medical questions.

Here’s how an over 50 life insurance policy works:

Paperwork Application

Guaranteed acceptance to UK residents aged 50 - 85. Your age, sum assured (pay out amount) and smoking status will determine the cost of your monthly premium.

Cost Money Quotes

Fixed premiums from £5 a month. The policy will last for the rest of your life (as long as you keep up with payments) and your premiums will never increase.

Guaranteed Acceptance

Fixed pay out guaranteed. The maximum pay out amount is £20,000, but the exact amount you can secure will depend on your personal circumstances and budget.

Family Protection

Immediate accidental death cover. During the first 12 or 24 months (depending on the insurer) you’ll be covered for accidental death but not natural death. After the 12 or 24 month waiting period, you’ll be covered for all causes of death.

Funeral Director

Funeral benefit option. A free option which allows the proceeds of your policy to go directly to a funeral provider. It also provides an extra contribution towards your funeral.

Inhertiance

Easy claims process & fast pay out. Over 50s plans are renowned for a fast pay out, usually within a few days or weeks after a valid claim.

Why buy life insurance over 50?

Over 50 life insurance is an affordable way to set money aside for your loved ones to help them cover expenses after you’re gone.

Perhaps you need over 50 life insurance to:

  • Help cover your funeral costs. The average cost of a UK funeral is £3,953 and the total cost of dying is £9,200[1]. A life insurance pay out can contribute towards this large expense
  • Help clear outstanding debts in your name such as credit cards, personal loans, or store cards. The average total unsecured debt per adult in the UK is £4,022[2]
  • Contribute towards living costs of a spouse. The pay out can provide some financial support for your partner, perhaps when they’re retired and living off a pension
  • Provide an inheritance. If you have children or grandchildren, the proceeds of your policy could be left as a gift for them to spend on anything they like
  • Donate to a chosen charity. Perhaps there’s a charity which has helped you during your life or there’s a particular cause that’s close to your heart. If so, depending on how else you’d like your pay out to be used, all or some of the proceeds could go to charity

Over 50 life insurance calculator

How much over 50 life insurance do you need? Fill in the fields below with the costs 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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Let us help you find our best quotes

Over 50 life insurance comparison

Comparing over 50 life insurance from different insurers can help you find the right policy to suit your needs and budget.

Below we have compared the main features and benefits of the most popular over 50 life insurance policies provided by top UK insurers:

SunLife logo OneFamily logo Legal & General Post Office logo Direct Line logo British Seniors logo
Guaranteed acceptance age limits50 - 8550 - 8050 - 8050 - 8050 - 8550 - 80
Maximum pay out amount£18,000£20,000£10,000£10,000£15,000£10,000
Waiting period before full cover starts12 months24 months12 months12 months24 months12 months
Funeral benefit option & contributionYes - £250Yes - £300Yes - £250Yes - £250NoYes - £300
Free welcome gift cardYes - £100NoYes - £120Yes - £100Yes - £100Yes - £125
Terminal illness cover included as standardNoYes

No

NoNoNo
Age your premium payments stop88
(if you choose cover with PayStop)
9090959095

This information in these tables has been taken from each insurer’s website and is correct as of 09/08/23

Waiting period

The waiting period is the first 12 or 24 months from the start of the policy during which you won’t be covered for non-accidental death.

If you pass away during the waiting period, whether from natural causes or because of an accident, the outcome varies depending on the insurer.

Here’s a comparison of what they each offer in this scenario:

InsurerAccidental deathNon-accidental death
SunLife logo Full pay out100% refund of premiums paid
OneFamily logo Full pay out x3
(up to £48,000)
150% refund of premiums paid
Legal & General Full pay out100% refund of premiums paid
Post Office logo Full pay out x2150% refund of premiums paid
Direct Line logo Full pay out x3150% refund of premiums paid
British Seniors logo Full pay out x2
(up to £20,000)
100% refund of premiums paid

.

Funeral benefit option

This option allows you to choose if you’d like your pay out to go directly to a funeral provider (instead of to your beneficiaries).

Using this free benefit means there’ll be an extra contribution towards your funeral costs, usually between £250 - £300 depending on the insurer.


Welcome gift card

When looking at free welcome gifts, it’s important to note that terms and conditions will apply and vary between insurers.

Check out our over 50 life insurance free gift guide for a full list of the current offers available.


Terminal illness cover

This isn’t often included with over 50 plans. It allows you to make an early claim on your policy if you’re diagnosed with a terminal illness.


Age premium payments stop

Most insurers allow you to stop paying your monthly premiums when you reach a specified age, such as 90 or 95, but your cover will remain in place until you pass away.

What is the best over 50 life insurance?

The best over 50 life insurance for you will depend on your personal circumstances.

However, looking at star ratings can help you find the best options available on the market according to experts and based on previous customer experiences.

The table below shows the expert ratings provided by Fairer Finance and customer ratings from Trustpilot for each of the insurers we have compared:

InsurerFairer Finance rating
(out of 5 stars)
Trustpilot rating
(out of 5 stars)
SunLife logo 4 stars4.6 stars
OneFamily logo 4 stars4.6 stars
Legal & General 3 stars2.7 stars
Post Office logo 4 starsN/A
(no life insurance reviews available)
Direct Line logo 3 stars3.7 stars
British Seniors logo 3 stars4.9 stars


At Reassured, we can help you compare over 50 life insurance quotes from two highly rated and trusted insurers:

SunLife logo

SunLife over 50 life insurance

  • Rated ‘Excellenton Trustpilot
  • Available to those aged 50 - 85
  • Sum assured up to £18,000
  • Funeral benefit option (+ £250 contribution)
  • Premium cap option (PayStop) can be added to allow you to stop paying premiums by a certain age
  • 12 month waiting period
  • Available from just £5-a-month through Reassured
OneFamily logo resized
  • Rated ‘Excellenton Trustpilot
  • Available to those aged 50 - 80
  • Sum assured up to £20,000
  • Funeral benefit option (+ £300 contribution)
  • Premium payments stop at age 90
  • Terminal illness cover included
  • 24 month waiting period
  • Available from just £10-a-month through Reassured

We have written a dedicated SunLife over 50 plan review and One Family life insurance review so you can discover more about their policies.

Contact our experienced team for your free, personalised life insurance quotes for over 50 and secure an affordable deal.

How much is over 50 life insurance?

Over 50 life insurance tends to cost between £5 and £75 a month. Although some insurers have a maximum premium of £100 a month.

At Reassured, the average premium price for an over 50s plan is £29.83. This is amount based on 2,047 over 50 life insurance policies sold by Reassured between 01/02/22 and 01/02/23.

Although the exact amount you’ll pay will depend on your:

  • Age
  • Sum assured (pay out amount)
  • Smoking status (depending on the insurer)

Usually, you can choose a maximum premium that’s affordable for you and this will determine how much cover you can get.

The table below shows a price comparison between SunLife and One Family over 50 life insurance. Quotes are based on a non-smoker for £4,000 of cover:

Age SunLife logo OneFamily logo
50£13.75£12
55£15.48£14
60£17.35£16
65£20.67£20
70£27.36£27
75£38.75£39
80£53.54£65
85£72.29-x

xOne Family only provide cover up to age 80, therefore we can’t display pricing for this age.

Comparing quotes is essential to help you find the right policy to meet your needs and budget.

Contact Reassured for your free, personalised over 50 plan quotes.

Life insurance for smokers over 50

Some over 50 plan providers take into account your smoking status to help calculate your monthly premium.

However, it’s still possible to secure affordable cover as a smoker over 50.

The table below shows a price comparison between an over 50s plan for a smoker vs a non-smoker. Quotes are based on £4,000 of cover:

AgeOver 50s plan price per month for a smokerOver 50s plan price per month for a non-smoker
50£17£12
55£22£14
60£25£16
65£34£20
70£45£27
75£59£38.57
80£67£53.54
85-x£72.29

xDue to the risk involved we were unable to find quotes for a smoker of this age for this amount of cover

As you can see from the table above, smoking can increase the price you pay for a policy - particularly as you get older.

Quitting smoking can help you secure a more favourable premium price. However, most providers will need you to be nicotine free (this includes nicotine replacements) for at least one year before you’ll be offered standard rates.

We have written a comprehensive article on life insurance for smokers which you may like to read for more information »

Other types of life insurance for over 50s

While an over 50 plan is specifically designed for people over 50, at this stage of life you may also consider other types of life insurance depending on your personal circumstances.

Alternative policy types include:

Whole of life over 50s summary

Whole of life insurance

If you’re still in good health, whole of life insurance is a common choice for those over 50 who want to secure a larger pay out for their loved ones.

  • Provides lifelong cover
  • Guarantees a pay out to loved ones when you pass away
  • Can provide a much larger sum assured than an over 50s plan
  • Requires medical information during the application process
  • Well suited to those over 50 who are still in good overall health
  • Pay out can help to cover family living costs, provide an inheritance or help towards funeral costs
  • Available through Reassured from 27p-a-day ±
Decreasing term for over 50s summary

Term life insurance

If you’re still paying off a mortgage and want to help protect this asset for your loved ones, or you need a more short-term form of cover, it’s still possible to secure term life insurance for over 50s.

  • Provides cover for a specified term (typically 2 - 40 years)
  • Provides a lump sum pay out (either level or decreasing)
  • Will pay out if you pass away during the policy term
  • Requires medical information during the application process
  • Ideal for helping to protect a mortgage and other debts, as well as help towards family living costs
  • Available through Reassured from 20p-a-day

Compare whole of life insurance and term life insurance for over 50s through Reassured to find our best deal.

Life insurance over 50 FAQs

Is over 50 life insurance worth it?

Over 50 life insurance is worth it for many people who would like to leave a cash sum for their loved ones when they pass away and help relieve some financial worry during a difficult time.

However, to ensure that you’re making a fully informed decision about whether this policy is right for you, it’s important to consider the following points:

  • If you’re in good health then other types of life insurance may be more suitable and less expensive, such as term life insurance
  • Depending on when you take out the policy and how long you live, it’s possible that you could pay more into the policy than what’s paid out to your loved ones
  • The policy pay out isn’t protected from inflation, which means the value of your cash sum could reduce over time

How are over 50 life insurance premiums calculated?

Over 50 life insurance premiums are calculated using your age and sum assured. Some insurers may also require your smoking status.

All over 50 life insurance premiums are fixed - meaning your monthly payments will never increase, no matter how long you live for.

What happens if I miss a monthly premium payment?

If you miss a monthly payment, your policy will be cancelled unless you can pay the outstanding amount within a specified time frame (usually 30 days).

If your policy is cancelled due to a missed monthly payment, you won’t receive a refund of any premiums paid.

Can I reduce my monthly premium?

Yes, with some insurers it’s possible to reduce your monthly premium amount. Doing this will also reduce the pay out amount.

Being able to reduce your monthly premium may be helpful if you’re circumstances change (such as entering retirement) which can affect your budget.

Does over 50 life insurance include terminal illness cover?

Most over 50s plans don’t include terminal illness cover as the risk to the insurer is already increased due to no medical information being provided.

However, the exception to this is One Family who offer terminal illness cover as standard with their over 50s plans.

Terminal illness cover allows you to make an early claim on your policy if you’re diagnosed with a life-threatening illness and predicted to pass away within 12 months.

The pay out received can help pay for private medical treatment or help you get your financial affairs in order.

Can you get over 50 life insurance with critical illness cover?

Critical illness cover can’t be added to an over 50s plan or whole of life insurance.

Critical illness cover is typically added to a term life insurance policy, for an additional cost, to provide an extra safety net.

It will provide a lump sum pay out if you’re diagnosed with a serious illness (that’s listed within the policy).

The funds from this can help to replace lost income while you’re unable to work and/or to cover private medical fees.

What is the funeral benefit option?

Some insurers offer a funeral benefit option (also known as a funeral funding option) with their over 50s plans.

This is a free option which can be included with your policy to ensure that your cash pay out is paid directly to a funeral provider to help cover your funeral costs.

The funeral provider will also provide a discount for your funeral when the time comes, usually £250 or £300 off the final bill.

Can you take out joint over 50 life insurance?

Unfortunately, it’s not possible to take out a joint over 50 life insurance policy.

Due to no medical information being disclosed, the risk to the insurer is unknown - adding a second life to the policy increases the risk further.

However, if you’re still in good health and opt for term life insurance or whole of life insurance, you could secure a joint life insurance policy.

Reassured can take your needs into consideration and provide you with the most suitable options for your circumstances.

Can you write over 50 life insurance in trust?

Yes, it could be possible to write some over 50 life insurance policies in trust.

By writing your life insurance in trust you sign your policy over to a trustee upon your passing (similar to an executor of a Will).

This process detaches the proceeds of your life insurance policy from your estate and provides the following benefits:

  1. Inheritance tax is minimised/avoided (40% inheritance tax is applied on any amount that takes an estate over the threshold of £325,000)
  2. The probate process can be bypassed (allowing a faster pay out)
  3. More control over who gets what (your trustee will be responsible for distributing the funds as per your wishes)

At Reassured we offer a free trust writing service on the majority of the policies we arrange, where our trained staff can guide you through the process.

Can you have more than one over 50s plan?

Yes, like traditional life insurance, it’s possible to have multiple over 50s plans.

The sum assured for over 50 life insurance tends to be much smaller than term-based or whole of life insurance policies.

As a result, taking out multiple policies could allow you to secure a higher level of cover.

However, most insurers tend to have a maximum cover amount. For example, with One Family, you can take out a maximum of £20,000 as one policy or across multiple policies.

Many insurers also have a maximum premium amount (for example, with SunLife, this is £100), meaning you won’t be able to take out cover which exceeds this amount.

Therefore, if you’re looking for a higher level of cover, you may need to take out multiple policies with multiple insurers.

Can you get life insurance in your 60s, 70s and 80s?

Yes, an over 50s plan could still be a great policy option for those aged 60, 70 and beyond, as acceptance is guaranteed up until age 85.

However, ultimately, it depends on your individual circumstances; age, health, budget and what you need to cover.

We have produced three in-depth articles which delve into the different options available to those in their 60s, 70s and 80s:

Compare life insurance quotes over 50

At Reassured, we can help you compare life insurance for over 50 to help you find your perfect policy at the right price.

Our award-winning service can provide you with free, personalised quotes for a range of policies, saving you time and money.

We’ll also help you with the decision process, providing all the information you need to make a fully informed decision.

It’s quick and simple to get your over 50 life insurance comparison, so get in touch today to secure our best deal.

Sources:

*Depending on your age, smoking status and budget

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

[2] https://themoneycharity.org.uk/money-statistics/

[3] https://www.fairerfinance.com/ratings/product-ratings/over-50s-life-insurance

Related articles:


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