Over 50s Life Insurance Guide

Over 50s life insurance pays a cash sum to your loved ones when you die. If you you have existing health issues, over 50s life cover is a useful way to provide some financial peace of mind as acceptance is guaranteed. If you have limited assets and savings, it’s important to have some provision in place to pay for funeral costs and any unpaid bills you may leave behind.

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An over 50s life insurance plan with no medical examination is one option for providing this peace of mind, and means you can leave your children and grandchildren without the worry of additional expenses after you’ve passed away. There has been some debate about over 50 life insurance offering poor value for money – the reality is that this depends your personal circumstances, so read on for information about which plan could work for you:


What an Over 50 Life plan does and doesn't provide

What Over 50 Life Insurance provides:  life insurance over 50 provides a lump sum for loved ones and dependents in the event of your death. The amount paid under the policy when you die varies by your age and monthly premium level, but there’s never any need for a medical examination. People who take out the best over 50 life insurance plans often have lower levels of lifetime savings but want to leave a legacy for family members.

What it doesn’t provide An over 50 life  plan isn’t designed to clear larger debts like mortgages or provide larger lump sums needed by younger families or people who depend on you financially. Term Life Insurance or Whole Life Insurance products provide these larger sums – but they require medical questionnaires and generally have higher monthly premiums.

These life insurance policies aren’t an investment vehicle, and they can’t be used build a nest egg for your own future. The products offer a basic level of protection, and it’s worth speaking to a financial advisor if you have investment goals and more complex financial needs, to ensure you’re getting the best possible life cover

How much over 50s life cover will I need?

One of the key things to consider when taking out 50 plus life insurance is the level of cover you need. It’s not something anyone likes to think about, but would you be happy with a very basic funeral? Everyone has preferences between cremations and burials, and your religious and cultural beliefs may be an influence on the type of funeral you would like to prepare for financially.

You’ll want people to remember you in the best way possible, and making your funeral exactly how you’d want it is an important way for your loved ones to celebrate your life. Taking out the appropriate amount of over 50s life cover can be a great way to make sure this happens.

Another thing you should consider is whether you’ll have any smaller debts which may need to be cleared when you pass away, and are there any provisions in place for this? You may also like to provide a small sum of money as a gift to grandchildren or other loved ones. Leaving a small gift  can mean a lot to your family, and can be a nice addition to any sentimental mementos you bestow on your favourites!

Considering these things allows you to make an informed decision about the level of life cover to arrange. If the amount is less than twenty-five thousand pounds, an Over 50 Life Plan may be the right product for you.

How to get the best over 50 life insurance quote

The popularity of over 50 life insurance plans (over 2.3 million plans are in force in the UK) means that many of the biggest names on the high street now offer products. This is great for the consumer, as competition means that there are different premiums, features and benefits available. There are plenty of life insurance over 50 available to compare, so make sure you shop around for the plan with the features you need at an affordable price.

It’s worth doing an over 50 life insurance comparison as some providers offer higher payouts for the same monthly premiums and higher age limits. As we’ve mentioned, 50 plus life cover is a popular product in the UK, and you can reduce the price you pay if you take the time to compare quotes.


Should I continue with the over 50 life plan I already have?

If you’re already paying into an over 50 life insurance plan any money already paid into a plan is not recoverable. To understand if a life insurance over 50 plan is potentially still value for money, multiply the annual premiums by the number of years you expect to live. Look at the amount the policy will pay on your death, and consider whether continuing premiums means the value of the payout can be justified. If you misunderstood what an over 50s plan actually is, you may need to consider whether you need an alternative product, such as a Term Insurance Policy.

What are the alternatives to over 50 life insurance?

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