Age 50-plus Life Insurance

Life insurance cover for the over 50's

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Life insurance tends to become more expensive and generally less available the older you get, and when you turn 50 years of age or older, your life insurance options reduce significantly.

Between the ages of 50 and 80, your main option is likely to be what is known as an over 50's life insurance plan. These life insurance plans have several key features, including:

  • Guaranteed acceptance
  • No health-related questions to answer
  • No medical required
50-plus life insurance

For those taking out life cover later in life, a policy with guaranteed acceptance and no health questions asked might be an attractive option

How much does over 50's life insurance cost?

The cost of life insurance for the over 50's will depend on the following factors:

  • Your age
  • Whether you are a smoker, or former smoker

Why do I need 50+ life insurance?

There may be several reasons why you want to take out life insurance later in life. You might have left it until you're looking for over 60's life insurance, or even over 70's life insurance but you are aged under 80, there is likely to be a life insurance policy that will provide you a lump sum.

The main reasons for taking out life cover in older age include:

  • Funeral expenses
  • Leaving a lump sum for your next of kin
  • >Repaying existing financial debts

What are the drawbacks of a 50+ life insurance plan?

There are some considerations that you should take into account before committing to an over 50's guaranteed acceptance life insurance plan, including:

  • There is no cash-in value of these policies
  • Depending upon your age when you die, you could have paid in more in premiums than your life cover pays out
  • Over 50's life insurance policies tend to offer lower pay-outs than some other life insurance products

How do I get a quote for an over 50's life insurance policy?

Before signing up to any life insurance product, it would be worthwhile considering the advice you can get from an independent financial adviser. They will be able to consider all of the factors relevant to your individual circumstances and assess whether an over 50's life insurance policy is the right option for you.

How can QuoteRack help me?

QuoteRack works closely with FCA authorised and regulated independent financial advisers who are familiar with the requirements of someone seeking life insurance cover later in life. If you are in your early 50's, there may be other life insurance policies that might offer you better cover for the same or lower premiums.

To be contacted by an independent financial adviser, without initial cost or obligatin, simply click the 'GET A QUOTE' button to submit your details online.

Frequently asked questions

Are there over 60's or over 70's life insurance policies?

Life cover is usually available to those aged between 50 and 80 years of age. In most cases, you can secure life insurance cover without a medical or other requirements. However, in some circumstances it might be necessary for more specific information to be provided.

What is a life insurance policy 'in trust'?

When you take out a life insurance policy, in order to protect the eventual pay-out from inheritance tax, you can write the policy 'in trust'. This means that the money paid out upon your death does not form part of your overall estate and can save your beneficiaries significant amounts of money.

Is an over 50's insurance plan the same as a funeral plan?

There are insurance products that are specifically intended to cover the cost of funeral expenses. An over 50's life insurance policy is not specifically intended for this purpose, although your beneficiaries could use part or all of the pay-out to cover your funeral costs, if these have not previously been discussed and agreed prior to your death.

Am I covered straightaway by an over 50's insurance plan?

There is usually a waiting period after you start your over 50's insurance policy and before your next of kin will receive the full sum insured as a benefit under the policy.

This waiting period is also known as a qualification period and varies from insurance policy to insurance policy. Your independent financial adviser will discuss the qualification period that applies to your policy.

Does the amount of life cover increase with inflation?

In most cases, the agreed benefit amount of an over 50's life policy is fixed at the start of the policy. Inflation will therefore have an effect on the amount that your beneficiaries eventually receive.

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