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What is over-50s life insurance?
Over-50s life insurance is a type of whole of life cover and is very different to regular life insurance. It is guaranteed to pay out when you die and is therefore a type of life assurance. However, premiums can be higher than with other types of policy and you might pay more in than your beneficiaries receive when you pass away.
Policyholders choose an over-50s life plan for all sort of reasons, such as covering funeral expenses, leaving an inheritance to children and grandchildren and ensuring that their partner or spouse is financially comfortable. You do not need a medical assessment to take out over-50s life cover and your medical history is not taken into account.
How does over-50s life insurance work?
Over-50s life insurance is for people aged between 50 and 80. Policyholders pay a monthly premium, and a fixed sum is paid to their beneficiaries when they pass away.
Over-50s cover can be ideal for people who have pre-existing conditions or who have experienced poor health previously, as acceptance is guaranteed without the need for a medical examination. In contrast, standard life insurance policies often calculate the cost based your health history, making them less affordable to many than over-50s life insurance.
Premiums are, however, fixed for the duration of the policy, and do not decrease as you get older. It’s therefore important to understand you could end up paying more into the policy than the lump sum payable when you die.
Note that most policies have an initial period - often 12 or 24 months - during which beneficiaries will not receive the fixed sum if you die, unless your death is the result of an accident. The premiums paid in to date, however, will be returned.
Am I eligible for over-50s life insurance?
An over-50s life insurance policy can be taken out by anyone who is resident in the UK for at least six months of the year and is aged between 50 and 80. Although medical details are disregarded, smoking can increase the cost of the policy, as the life expectancy of smokers tends to be lower than that of non-smokers.
Do I need over-50s life insurance?
Few of us like to think about whether we need life insurance at all and, when we reach 50, these thoughts can become even more daunting. However, planning ahead is the best thing for your loved ones should the worst happen, and will give you peace of mind that they will have a financial safety net to cover funeral costs or to maintain their current lifestyle.
Over-50s life insurance could be the ideal solution, depending on your circumstances. You can compare over-50s life insurance by filing in our short online form and getting competitive quotes in less than two minutes. We work in partnership with trusted names including Gocompare.com, Uswitch and MoneySavingExpert, as well as offering free, impartial advice over the phone from our specialist team.