Should you secure a policy with Foresters Friendly? A quick…
In this review, we delve into the key features and benefits of this policy to help you decide.
At Reassured, we can’t provide over 50 life insurance quotes from Santander, but we can provide other quotes from top UK insurers to see if we can find you a better deal.
Over 50 plans through us start from just £5 a month + . Get in touch for our best deals - quotes are free!
Santander is a major UK bank that provides access to a wide range of financial products and services, including life insurance (provided by Aviva).
Customers can choose from the following life protection options:
Santander over 50 life insurance can be purchased online via the Santander website. It’s not possible to buy term life insurance or critical illness cover online.
Aviva has been providing family insurance for more than 320 years and has 18.7 million customers. In 2022, they paid out 99.4% of all life insurance claims.
Over 50 life insurance is a type of policy designed for people over 50 who want to leave a cash lump sum for their loved ones after they’re gone.
You pay a fixed monthly premium and a pay out is guaranteed when you pass away. Your loved ones could use the money to help towards:
You don’t need to answer any health or medical questions when applying for over 50 life insurance and acceptance is guaranteed.
Here are the key features and benefits of over 50 life insurance offered by Santander:
|Guaranteed acceptance age||UK residents aged 50 - 80 are guaranteed to be accepted (no medical questions or exam)|
|Fixed pay out up to £30,000 depending on your personal circumstances and budget|
|Waiting period||The waiting period is 12 months. After this period, a pay out is guaranteed when you pass away. Within the waiting period, if you pass away due to an accident, a full pay out will be made. However, if you pass away due to natural causes, a full pay out won’t be made but your premium payments will be refunded|
|Welcome gift incentive||£100 cashback for new customers or £150 cashback for new and existing Santander mortgage, Edge and Edge Up customers|
It’s important to note that with an over 50s plan, there’s a chance you could pay more for the policy than the cover amount, depending on how long you live for.
Learn more about over 50 life insurance and compare multiple options by checking out our complete over 50 life insurance guide »
Based on Trustpilot reviews, Santander isn’t rated well for customer service quality. However, this doesn’t mean to say that their life insurance products aren’t any good.
Independent ratings for Santander over 50 life insurance are shown in the table below. Independent star ratings (determined by experts) can provide some insight as to the quality of a product.
The highest rating you can get is 5 stars.
|Over 50 life insurance|
|Life insurance||No rating available|
|Life insurance + critical illness cover||No rating available|
The cost of Santander over 50 life insurance will depend on:
When applying for a policy you can select a monthly premium between £5 and £100.
This will also determine how much cover you can secure.
As mentioned, your health and certain lifestyle factors won’t affect the cost of your premiums.
The table below shows an example of how much cover you could get through Santander as a non-smoker, paying a premium of £20 a month:
|Age cover is taken out||Pay out (Santander)|
*Taken directly from the Aviva website and correct as of 29/09/23
It’s possible to take out more than one over 50 life insurance policy with Santander, but the maximum total premium you can pay across all policies is £100 a month.
At Reassured, we can’t provide Santander over 50 life insurance quotes, but we can compare quotes from alternative leading insurers.
The table below shows an example of how much over 50s life cover you could get through us as a non-smoker, paying a premium of £20 a month:
|Age cover is taken out||Pay out (One Family)|
As you can see, comparing quotes from different insurers can help you find the highest amount of cover for the most competitive price.
Contact Reassured for your free, personalised quotes. Over 50 life insurance starts from just £5 a month.
How does Santander over 50 life insurance compare to other policies available on the market?
We have compared the main features and benefits in the table below:
|Premiums||£5 - £100 a month||£5 - £74 a month||£10 - £75 a month||£3.95 - £100 a month|
|Guaranteed acceptance age||50 - 80||50 - 85||50 - 80||50 - 80|
|Maximum sum assured||£30,000||£18,000||£20,000||£10,000|
|Waiting period||12 months||12 months||24 months||24 months|
|Age premium payments stop||Age 90||Payments stop when you pass away (or until you’re 88 with PayStop premium cap option)||Age 90||Age 95|
|Free funeral benefit option + contribution||Not available||Yes - £250 contribution||Yes - £300 contribution||Not available|
|Free terminal illness cover||No||No||Yes||No|
|Fairer Finance rating (out of 5 stars)||4 stars||4 stars||4 stars||4 stars|
What is the free funeral benefit option?
The funeral benefit option is an additional benefit included with policies arranged through Reassured but not available with Santander.
It allows you to specify that the proceeds from your policy are to be used to help cover the cost of your funeral when you pass away.
The insurer will pay out the funds to a nominated funeral provider, who will also contribute up to £300 towards your funeral expenses.
Get in touch to learn more about the funeral benefit option and the over 50s life insurance policies we can arrange.
Santander also offer life insurance policies designed for those who want to help protect a mortgage and/or family living costs during a specified term.
The term-based policy options are provided by Aviva and include:
The cost of term life insurance premiums through Santander depends on various factors such as:
At Reassured, we can’t provide quotes for term life insurance from Santander, however, we can help compare quotes for other term policies from top UK insurers (including Aviva).
Prices start from just £5 a month † through our award-winning, fee-free comparison service.
Santander term life insurance comes with some additional benefits as standard. These are as follows:
Critical illness cover, available through Santander, is a type of policy that provides a cash lump sum pay out if you’re diagnosed with a critical illness.
It covers a range of specified illnesses including:
Santander will pay out if you survive a critical condition for more than 10 days.
They also offer children’s critical illness cover, which will pay out either £25,000 or 50% of your cover amount (whichever is lower) if one of your children becomes ill.
Santander currently offers a free welcome gift of £150 cashback for new customers who take out life insurance or over 50 life insurance with them (correct as of 29/09/23).
If you’re a Santander mortgage, Edge or Edge Up current account customer then you could receive the full £150 cash back after buying a new policy.
If you’re a new customer, you could receive £100 cashback.
Santander will pay the cashback after 280 days of the policy start date, as long as:
A free welcome gift can be tempting, but it shouldn’t be the deciding factor when choosing your ideal policy.
Comparing quotes and finding a good deal on your over 50 life insurance could help you save more than the gift is worth in the long term.
Contact our award-winning team for your free, no-obligation quotes today.
It’s possible to cancel your policy within 30 days of taking it out and receive a full refund of all the premiums you’ve paid.
If you cancel your policy after the 30 days cooling off period, then you won’t receive a refund of any of the premiums you’ve paid.
Some insurers will allow you to reduce your monthly premium during the policy term if you’re struggling with payments, but this is not a feature available with Santander.
Before cancelling your life insurance it’s important to consider if that if you wish to take out a policy again at a later date, the cost will be higher due to your age.
Making a claim for over 50 life insurance with any insurer is quite straight-forward for your loved ones.
They just need to make sure that they have the following information to hand:
For policies taken out with Santander, your family will need to call Aviva on 0800 158 3467 (Monday to Friday, 08:00 - 18:00).
A valid claim is usually paid within a few days.
Having over 50 life insurance can give you peace of mind knowing that your loved ones will receive a pay out after you’re gone, to help them manage financially.
At Reassured, we can’t provide over 50 life insurance from Santander, but we can compare options from top UK insurers to help you make a fully informed choice.
As discussed, it’s important to compare deals so you can secure your desired cover amount for a great price.
Contact Reassured to find out more about our policy options and to get your free, no-obligation quotes.
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry