Are you over 50 and thinking of getting life insurance? The Insurance Surgery is an expert in finding the best quotes for over 50s life cover to suit your circumstances, so give us a call today.
Get in touch to discuss your over 50s life insurance cover
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The Insurance Surgery
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- Access to high street and independent insurers
- 20 years’ experience & price match promise
What Is Over 50s Life Insurance?
Life insurance for over 50s differs slightly from regular life insurance. If you hadn’t already guessed, this cover is designed for people over the age of 50 and below the age of 85. Cover is available up to £40,000 and can be used for a selection of unique reasons. Some of these may include:
- Covering mortgage debt
- Replacing lost income and helping with household bills
- Outstanding debts such as credit cards
- Funeral costs
How Does Over 50s Life Insurance Work?
Qualifying for over 50s life insurance is quite simple – as long as you’re between the ages of 50 and 85, of course. Unlike many other types of life insurance, your health status won’t be questioned during an over 50s life cover application, and you won’t be required to take a medical either!
You can generally expect your monthly payments to be fixed premiums, meaning that your payments aren’t affected by inflation and are easier to budget for. However, premiums are typically higher than those for traditional life insurance policies. Yet, the cover is often more affordable for people who don’t qualify for other types of insurance due to their age or health status.
Whilst there are many benefits to over 50s life cover, they don’t necessarily work for everyone. Our role as insurance brokers is to make sure that you have the right protection in place for you and your family – that includes advising on whether your circumstances would benefit more from an over 50 life insurance plan or a regular life insurance policy.
Our experts will explain our recommendations and give you everything you need to know to make an informed decision.
What Is the Cost of Over 50 Life Insurance?
When taking out over 50s life insurance, you can choose to take out as much as £40,000, paid out as a fixed lump sum when you pass. The amount of cover you require will determine how much your monthly payment will be. It will be much cheaper if you take out a policy for £5,000 compared to one for £35,000.
Take a look at some of our case studies, for example:
Over 50s Life Insurance Example 1 Cost
Jean is a 57-year-old female with no medical conditions. She would like a payout of £25,000 to cover funeral costs and leave a lump sum of inheritance for her two children.
Jean should expect to pay around £37.68 per month for over 50 life insurance.
Jean’s monthly premium is £37.68 | £25,000 payout.
Over 50s Life Insurance Example 2 Cost
Daniel is a 59-year-old man whose wife is employed part-time because of an illness. He worries about her being able to afford the mortgage if he passes. He would like a £40,000 payout to cover funeral costs and pay off what remains of his mortgage.
Daniel can expect to pay around £49.48 per month for over 50 life insurance.
Daniel’s monthly premium is £49.48 | £40,000 payout.
With our price promise, we can guarantee that you won’t find a better deal anywhere else for your over 50s life insurance plan. That’s because we will always price match any like-for-like policy, ensuring that you are getting the most value for your money.
What are the pros and cons of over-50s life insurance?
There are many pros and cons when it comes to over 50s life insurance policies. We won’t expect you to know all of the details, which is why we’ll talk through your available options during our phone conversations.
But if you’re not yet ready to call us, here are some of the pros and cons at a glance.
What’s the difference between an over 50s life plan insurance and regular life insurance?
For some people, an over-50s plan may be ideal. For others, it could be more expensive, and they could potentially receive better levels of cover with a regular life policy.
Our role as insurance brokers is to make sure that you have the right protection in place for you and your family. You may have begun by looking for an over-50s life plan, but if we feel that you are better suited to another type of policy, we’ll explain our recommendations and give you everything you need to know to make an informed decision.
Our reputation is built on giving you the right advice at the right time. That’s why we’ll talk to you about why you are taking out a life insurance policy – because hearing your stories will help us to identify the right protection that you’re looking for.
There are many differences between an over 50s life plan insurance and regular life insurance, including:
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Do you need a medical for an over 50s life insurance plan
Unlike regular life insurance, an over-50s life insurance plan is slightly different. You will not be asked any medical questions or need to attend a medical.
This is perhaps the biggest difference between the two types of life insurance cover. Even if you have a pre-existing medical condition, you will not be asked about it during the application process. It will also not affect the cost of your monthly payments.
Over 50 life insurance with no medical is a guaranteed acceptance policy, which means anyone over 50 can take out a policy.
At The Insurance Surgery, we are here to help you find the best insurance policy for you. But more importantly, we can make sure that you have the right protection in place for you and your family, whether it’s an over-50s plan or something different.
What are the different types of life insurance if you’re over 50?
If an over-50s plan isn’t right for you (and it’s not suitable for everyone), we know that we can match you to the right deal for you.
There are other options available, and the great news is that because we are independent insurance brokers, we can make sure that your needs come first. Our access to the whole market and our relationships with niche insurers and high-street names mean that we have access to policies that are not available directly to the public.
Typically, other options for life insurance beyond an over-50s plan include:
- Whole life insurance: This type of insurance covers you for your entire life. It offers a guaranteed payout when you pass away. Typically, this type of insurance can be more expensive. Your age and level of cover can affect your monthly premium, and you may have to answer medical questions during your application.
- Term life insurance: Term life insurance is where your policy covers you for a certain term or length of time, i.e. 20 years. If you were to pass away within this term, then your policy would pay out a cash sum. The term would be agreed upon when you take out your initial policy. There are two types of term life insurance: level and decreasing. Level-term life insurance pays a fixed lump sum, but with a decreasing term, the fixed amount decreases each year.
With our help, we can make sure that we match your life insurance plan to your budget. So, no matter what, we can make sure you have some form of financial security in place, and you will never have to pay a penny more than is necessary.
How Much Cover Do I Need?
This is a question that tends to stump our clients, but that’s what we’re here for! Over-insuring yourself may seem like a logical solution, but that can lead to expensive premiums. At the same time, 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.
At The Insurance Surgery, we can help you do the calculations to work out exactly what would work best for your circumstances.
Frequently Asked Questions.
It’s always cheaper to take out life insurance at a younger age because insurers will perceive that you are at minimal risk of making a claim. If you take out a policy in your early 20s, you could benefit from long-term financial security for just a few pounds per month. The older you get, the more likely you will make a claim or have developed a pre-existing condition that could affect your premium price.
If you are keen to protect your family’s finances and leave behind a lump sum after you pass, you may want to consider life insurance over 50. Whilst it isn’t necessary for everyone, it can provide that extra bit of security and peace of mind, knowing that you are covered if anything were to happen. Get in touch with us today to receive free advice from our experts!
As someone over the age of 50, there are several life insurance options available for you to choose from. There is over 50s life insurance, allowing you to get a maximum of a £40,000 payout to cover the costs of funerals and leave behind a lump sum for family members. However, this policy isn’t suitable for everyone. Our experts may, instead, advise you to choose between a whole of life insurance policy and term life insurance.
Unlike regular life insurance, an over-50s life insurance plan is slightly different. You will not be asked any medical questions or need to attend a medical.
This is perhaps the biggest difference between the two types of life insurance cover. Even if you have a pre-existing medical condition, you will not be asked about it during the application process. It will also not affect the cost of your monthly payments.
Useful Links
If you have any further questions about anything to do with Life Insurance and protection for your family, please feel free to contact our team of expert Life Insurance advisors.
Click the links below to find out more: