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What is Over 50 Life Insurance?


Becky Simmonds,
25 April 2022

Reading time: 5 minutes

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What is Over 50 Life insurance?

Over 50 Life Insurance is also commonly referred to as an ‘Over 50 Plan’ or an ‘Over 50 Policy’. This type of policy covers you for the whole of your life and it pays out a lump sum when you die. This money can then be used to help your loved ones with financial commitments such as outstanding bills or funeral costs. Choose how much you want to pay each month or how much cover you want to leave behind when you die. Normally, the more you pay each month, the bigger the pay-out your family will get.

Although “traditional” Life Insurance policies are available to people aged 50-79, Over 50 policies are designed specifically for people aged 50 years to 79. If you're aged 50-79 and a UK resident, you should be eligible, although criteria may vary from provider-to-provider.

What are the key benefits of Over 50 life Insurance?

  • Guaranteed acceptance with no medical questions. Your health status doesn't affect the availability of cover. You won't even need to answer any medical or health questions.
  • Fixed monthly premiums. Most Over 50 Life Insurance policies have fixed premiums. So, even as you get older and your health changes, you'll pay the same amount.

Are there any disadvantages?

  • The sum of money that an Over 50 Life Insurance policy will pay out upon your death, is not specifically set aside to cover your funeral costs. If you wish to have your funeral costs explicitly covered, then a Pre-Paid Funeral Plan might better suit your needs.
  • As there are no medical questions or exams, there's usually a waiting period before you are fully covered. This is typically 12 months, but can be 24 months depending on the provider.

What about life insurance if you're over 60 or 70?

Over 50 Life Insurance offers guaranteed acceptance, as long as youre aged between 50 and 79 and a UK resident, so it can still be a great option for those in their late 60's or even 70's.

There are a number of different types of cover out there which may be suitable for those in this particular age group. Which policy is best for you, depends however on your individual circumstances; age, health, budget and what you would like to protect.

How much is Over 50 Life Insurance?

The amount of cover you get will depend on your age and the maximum level that the provider will allow you to have. Normally, the more you pay each month, the bigger the pay-out will be for your loved ones.

Get your Free Over 50 Life Insurance Quote here

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