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Last updated: 30 April 2022

What is over-50s life insurance?

Life insurance for over-50s is a type of policy that’s only available to people who are more than 50 years old. It pays out a lump sum to your family when you die.

You are guaranteed to be accepted for an over-50s life insurance policy even if you have a poor medical history.

What are the pros and cons of life insurance when you’re over 50?

The advantages and disadvantages depend partly on your personal circumstances.

Pros

  • You know exactly what payout you’ll get from the start

  • You’re guaranteed to be accepted whatever your medical history

  • The payout could be more than you pay in

Cons

  • Even if you’re fit and healthy, you get the same payout as someone who isn’t

  • Most policies don’t rise with inflation, so the value of the payout won’t seem as high if you live longer 

  • The payout could end up being less than you pay in

How is over-50s life insurance different from other types of life insurance?

An over-50s policy will accept you even if you have medical issues.

The monthly premium and your age define the size of the payout. With other types of life insurance, you choose how much your beneficiaries will receive but the payouts are usually lower for over-50s policies. 

Alternatives to over-50 insurance

Is it easy to get life insurance over 50?

Finding life insurance when you’re over 50 can be tricky, but it’s not impossible. Many insurance providers offer policies that are specifically designed for over-50s, but they cost more than regular insurance because you are likely to develop more health conditions as you age.

Is over-50s life insurance guaranteed to pay out?

As long as your cause of death is covered and you die during the term of your policy, your family will receive a payout. 

How life insurance works

How long does over-50s insurance last?

You normally need to keep paying your premiums until you die. If you stop paying, the policy ends and you lose everything you’ve paid in.

A few insurance providers stop taking premiums when you reach a certain age, such as 90. Others stop when you’ve paid for a set length of time, such as 30 years.

How can I find the best life insurance?

Click the get quotes button at the top of this page to view deals from our panel of life insurance companies. Compare the size of the payout and the length of cover to find a policy that fits your needs.

Many life insurance policies can pay millions on death (although this is less likely with life insurance for over-50s), but the bigger the payout, the higher your monthly premiums.

How much does it cost to get life insurance for over-50-year-olds?

The price varies from person to person. Quotes are based on your age, how much cover you want, how long you want it and your medical history.

Your fixed payout is based on how much you pay for your policy as well as your age. The older you are, the lower the payout. 

Most insurers set a limit on the premiums. For example, you could choose to pay between £5 and £100 a month.

There are ways to cut the cost of your life insurance. Click the link to find the cheapest over-50s policy that still meets all your needs.

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Why compare Life insurance with money.co.uk?

By comparing life insurance, you could save money on the policy. The best value life insurance will offer the cover to you and your family. Choose a life cover plan from one of the best UK life insurance companies and see the online discounts they offer.

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