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Over 50s Life insurance

Compare quotes for over 50s life insurance plans through our preferred provider, Neilson[1]

How does an over 50s life insurance policy work?

With an over 50s life insurance plan you will get a guaranteed pay-out without having to submit your medical records or do any health checks - it’s very different from traditional life insurance.

It’s similar to a whole of life policy, where you get a guaranteed pay out when you die.

With an over 50s plan, you're asked how much life insurance cover you want, which will be paid as a lump sum upon your death. Generally, the higher the pay-out sum, the more your monthly payments will be.

How much should you pay?

The problem with that though, is it’s possible you’ll pay more into your policy than you’d get in a pay-out.

For example, do you want the insurer to pay a set balance when you die regardless of how long you've held the policy for? Alternatively, would you prefer the insurer to decrease the value of cover as the policy gets older to cover outstanding debts?

For example, if the pay-out was £1,000, and you paid £10/month for 20 years - equalling £2,400 - your policy would still only pay out £1,000 and you’d be at a loss.

Most insurers cap the premiums you pay for your policy. Each insurer is different, but usually when you get to between 80 and 90 years old you won’t have to keep paying premiums.

Compare over 50s life insurance quotes and find the right cover for you

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How to apply for an over 50s plan

  1. Enter a few personal details, like your name, date of birth and address

  2. Let us know how much you’d like the policy to pay out. For example, you might want to choose a sum that’ll cover your funeral expenses

  3. Finally, you’ll be asked whether you smoke or not

  4. Compare plans, with cover details for each policy

  5. If you find the plan you want, click for more details and go ahead with your purchase

Why choose an over 50s life insurance plan?

Over-50s life insurance plans are an option if you want to guarantee a certain amount of money to pass on as an inheritance, or to pay for your funeral.

Whether or not you’ll benefit from taking out an over 50s policy will come down to how long you’re going to live.

If you live longer, you could end up paying more in to a policy than will be payed-out. Inflation will have an impact too.

However, the fact that there’s no medical check could be handy for those with existing health issues, but it’s important to remember the ‘initial period’.

How do I find out whether this plan is right for me?

If you pay more into the policy than it will pay out when you die, it’s not worthwhile. Compare a range of over 50s life insurance plans and alternatives to find an option that works for you.

For example:

  • Say the over 50s life insurance pay-out is £1,000
  • You agree to pay the insurer £10 every month until you die to get the £1,000 pay-out
  • Divide £1,000 by £10 to find out how long it will take to accumulate the pay-out value
  • In 100 months, or eight years and three months, you'll have paid the insurer £1,000
  • If you continue to pay £10 per month beyond 100 months, the sum of the pay-out doesn’t increase

Alternatives to over 50s life insurance

Here are a few other options to consider:

Regular life insurance

There's nothing to stop you taking out a regular life insurance policy, but if you have health issues, you might find it’s a more expensive option.

A level term policy is an option. It pays out a fixed lump sum which you agree on when you take out the cover. If you die with the policy is in place, it’s paid out to your beneficiaries.

Find out more

Funeral plans

These are similar to over 50s plans, but the pay-out only covers the costs associated with a funeral, so they’re not practical if you want to leave a cash sum for your loved ones.

Find out more

Savings and investments

You could set aside the money you would have paid in premiums into a savings account instead. You’ll earn interest on your money and you won’t lose out if you stop making payments.

Find out more

Compare over 50s cover and see if it’s right for you

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Frequently asked questions

  • Do I need life insurance after 50?

    Often people choose to buy life insurance to give their children or spouse some financial security should anything happen to them. If your children are grown-up and your spouse doesn’t rely on your income to cover the bills, it may not be worth investing on an over 50s policy.

  • Does a standard life insurance policy cost more for over 50s?

    Yes, unfortunately, your premiums will be higher as you get older as you’re considered a higher risk. Things like pre-existing conditions will also bump up your premiums. Make sure you research your options to get the cover you need.

  • If I already have a policy should I cancel it?

    Only you’ll be able to decide if it's worthwhile continuing paying the premiums for an existing policy.

    If you cancel, you’ll get nothing back from all the payments you've already made. But if you plan to continue paying, double check it’s worthwhile.

    If you’ve seen a more attractive over-50s policy than the one you're currently paying into, before switching factor in the initial period when you won’t receive the guaranteed pay-out.

Guides to life insurance

[1]For comparing quotes online, Gocompare.com introduces customers to Neilson. Which is a trading name of Neilson Financial Services Limited who are authorised and regulated by the Financial Conduct Authority no. 594926. Gocompare.com's relationship with Neilson Financial Services Limited is limited to that of a business partnership, no common ownership or control exist between us.

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