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Is Over 50s Life Insurance Worth It?

Over 50s life cover works slightly differently from regular life insurance. The main criteria are that you must be aged between 50 and 85 to qualify. Cover is available up to the amount of £40,0000; this is to cover funeral costs and to provide a lump sum to your family. Many over-50s life insurance policies pay out a fixed lump sum when you pass away. The amount of cover you require will determine how much your monthly payment will be. But in most cases, the monthly premium is a fixed amount that will never increase. For example, a 57-year-old female with no medical conditions, for a payout of £25,000, could expect to pay £37.68 per month. Premiums may be slightly higher than those for traditional life insurance because this policy has no end date—essentially, it’s a type of whole-of-life insurance. However, it can still be a more affordable option for people who may not qualify for standard life insurance due to their age or health.

Positives of over 50’s life insurance

  • Guaranteed acceptance for ages 50-85 with most plans.
  • No medical questions or health assessments are required by most insurers.
  • Fixed monthly payments for affordability and predictability.
  • Fixed premiums that won’t increase over time.

Negatives of over 50’s life insurance

  • 12-24 month waiting period: No payout if death occurs during this time, but premiums are refunded.
  • Missed payments result in the policy lapsing, with no cover provided.
  • Potential to pay more in premiums than the eventual payout, depending on the level of cover and premium amount.

How much cover do I need for over 50s life insurance?

This is often a question that stumps people when they phone us. We get it. It’s a bit like asking how long a piece of string is. The possibilities are endless. Over-insuring yourself may seem like a logical solution, but that can lead to expensive premiums. Under-insuring yourself could mean that you’ve not got enough protection to look after your family. To help you decide how much cover you need, think about why you want life insurance. This could be to cover your funeral costs, pay off your mortgage or provide an inheritance for your spouse and children. Remember that our over 50s life insurance plans only provide cover up to £40,000. If you need more cover than this, you may be better off looking at a standard life insurance plan.

An over-50’s plan can cover things like:

  • Outstanding mortgage debt
  • Replacing lost income and helping with household bills
  • Outstanding debts such as credit cards
  • Funeral costs

How much is life insurance for a 50-year-old?

The cost of your monthly premiums for over 50’s life cover will depend on the amount of cover you wish to have. For example, it will be much cheaper if you take out a policy for £5,000 compared to one for £35,000. To give you an indication of costs, please see below. The premiums below are based on a 50-year-old non-smoking male with no pre-existing medical conditions looking for an over-50s life insurance plan.
Level of Cover Premium Cost 
£5,000 £9.06
£7,500 £12.08
£10,000 £14.58
£15,000 £20.12
£20,000 £24.96
£25,000 £29.09
£35,000 £37.37
£40,000 £49.48
  If you’re looking to have a guaranteed lump sum to cover your funeral costs, we recommend taking out cover of between £5,000 and £10,000. Recent research from Sunlife has confirmed that while the average UK cost of a funeral in 2023 is currently at £3,953, this can increase to up to £9,200 once additional expenses have been included, such as floral arrangements and catering. At The Insurance Surgery, we only provide quotes over the phone. Our personal approach means we can take the time to understand your needs and match you with the best over 50s life insurance plan. As an insurance broker, we work with many of the top insurers to offer you policies that are not directly available to the public.