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Compare Over 50s Life Insurance quotes from these insurers & more

insurers

Compare Over 50s Life Insurance quotes from these insurers & more

Since 2006 we have helped 310,754 people compare protection quotes.
We would love to do the same for you...

What type of cover are you looking for?

1. Life Insurance with Guaranteed Acceptance & No Medical *

This is often called a Funeral Plan and offers guaranteed acceptance with no medical examination. However, the maximum amount of cover is limited to £25,000. *(As seen on TV). More info

This specialist type of life insurance is attractive to people with existing health conditions who cannot get approval for a standard life insurance policy.

Premiums are paid monthly and the cover will cease if the premiums are stopped. Insurers will also often only pay back the premiums paid instead of the sum insured if the policyholder dies within two years of taking out the policy.

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2. Life Insurance (Fixed Term)

This is the most popular type of life insurance policy in the UK. You have to disclose any health problems and you are likely to require a GP report or medical, but there is no restriction on how much you can be insured for, though the term is typically limited to 80 years of age. Any claim is paid as a one-off lump-sum. More info

Premiums are paid monthly and the cover is set for a fixed period of time, often for the length of a mortgage or up to the age of retirement. The amount of life insurance cover varies according to how much you can afford and how much cover you think you need to pay off debts and provide day to day income.

The cost of the insurance is affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

Insurers historically pay 99% of all life insurance claims - when they don’t pay out, it is usually because the policyholder was not truthful on their initial application about an existing health condition or a regular dangerous pursuit which led to their death. All insurers cover Covid-19 Coronavirus.

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3. Whole-of-Life Assurance for a Guaranteed Payout

This policy is guaranteed to pay out at whatever age you die provided the premiums continue to be paid. You will have to disclose any health problems and could require a GP report or medical. Unlike advertised 'over 50’s' policies, you can insure yourself for any amount. More info

Whole-of-Life Assurance policies are linked to investments and are primarily used as a tax-efficient way of passing wealth on to future generations through a trust which helps reduce inheritance tax.

The investment element means they are more complex than the other two life insurance options available for Over 50s, and as such it is best to seek advice from an independent financial adviser rather than an insurance adviser.

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Can't decide?

For free advice, speak to a UK-based adviser (8am–8pm Mon-Fri & 9am–2:30pm Sat)

> Call 0800 316 6917*

* The telephone service is provided in partnership with LifeSearch Ltd

About Over 50s

What is Over 50s Life Insurance?

Over 50s Life insurance is a special type of life insurance with guaranteed acceptance for those aged 50 and above and it pays out a limited lump-sum amount to your loved ones if you die or are diagnosed with a terminal illness during the term of your contract.

As it offers guaranteed acceptance with no medical required, its monthly premiums are much higher than standard term life policies for the same amount of cover, which is often limited to £25,000.

What are the main features of an Over-50s Life Insurance policy?

  • Guaranteed Acceptance
    Whatever your state of health or financial status, most insurers will accept you with a few questions and no tests
  • Fixed pay-outs
    Most policies limit the maximum payment to £25,000 and will only pay back the value of the monthly premiums if you die within 2 years of taking out the policy
  • Fixed premiums
    Most policies offer fixed premiums for the duration of the policy, with payments or around £10 to £50 per month
  • Free Cover
    Some insurers will offer free cover beyond the age of 90 meaning you no longer have to make monthly payments but you will still be covered

I’m over 50, which life product should I chose?

Most qualified advisers would recommend a standard term life insurance product first and foremost as most people are looking to protect existing debts like a mortgage, which is likely to be in excess of the maximum £25,000 offered by most Over 50s policies.

Obviously, the older you get, outstanding mortgages are reduced and possibly paid off and children leave home, so the need for a life insurance policy reduces.

Where Over 50s Life Insurance policies become attractive are for those with serious health conditions who cannot get cover for a standard term life policy, even if the maximum £25,000 might be lower than preferable.

For those in good health, though, the amount paid in monthly premiums over the years could exceed the maximum pay-out when they die.

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Top Tip for Over 50s Life Insurance

Despite its name, over 50s life insurance is better suited to those with serious health conditions who cannot qualify for a standard term life policy. For those in good health and in their 50s and 60s, a term life insurance policy will offer better levels of protection, even if the process takes a little longer.

The quotation service is provided by an FCA-authorised insurance specialist

Why use BritishLife?

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Excellent Service

Great service, easy to understand terminology. Everything explained and documented by adviser. Thank you.

Glenda - 2020

How much does Over 50s cost?

The cost of your monthly premiums will depend on your age, health, lifestyle, occupation, whether you smoke, the amount of cover you take out and the length of the fixed term.

* A majority of customers who went on to purchase achieved a quote based on the figures above for level term, life-only (without critical illness cover) single person policies. BritishLife data May 2019 to April 2020.

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Life Insurance *

Age Avg premium
18-24 £10.80 /month
25-34 £12.46 /month
35-44 £21.47 /month
45-54 £27.12 /month
55-64 £35.68 /month
65+ £53.72 /month

About Us

BritishLife is an independent business looking to do big things - like get more British families protected financially should the worst things happen.

We offer our customers access to some of the very best quotes, guidance and advice on protection insurance through a number of carefully selected partnerships with some of the best specialist firms in the UK.

They provide competitive rates from a wide range of insurers but critically they understand the importance of value over simply price - getting the right advice can save you a lot of money.

Since 2006 we have helped over 300,000 families compare protection quotes, and we would love to do the same for you.

Best wishes
The BritishLife Team