Updated: October 29, 2019

Life Insurance for People Over 50

Over 50 and looking for life insurance? There are plenty of policies available at this age. Read our guide to find out how to choose the right one

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: October 29, 2019

Typically, life insurance is taken out to give you, as the policyholder, peace of mind that your loved ones will have financial security when you pass away.

Over-50s life insurance involves you paying regular monthly instalments for the entirety of the policy, so that your beneficiaries will receive a lump sum when you pass away. Another common use of life cover in later years is preparation for an inheritance tax bill.

In this article we discuss the following which should help you establish whether it’s a financially viable option for you:

How does over 50s life insurance work?

Unlike term life insurance, which provides coverage for a specified number of years (an “agreed term”), over 50s cover is whole-of-life.

This means that you pay an agreed monthly premium from the date you take out the policy right up until you die, or until the maturity date (usually when you reach the age of 90).

After this time you will no longer be required to pay for the cover, and, when you do pass away, the policy will provide your beneficiaries with the agreed payout.

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How much does it cost?

As with all types of insurance, the price of an over 50s life insurance policy is completely case-dependent.

Your age when you take out a policy plays a role. The younger you are, the cheaper your premiums should be. The amount you pay in premiums and therefore what the end payout is, will dictate how much you can expect to be set back each month.

There are plans available to suit most budgets, with prices starting at as low as £4 a month – although some insurers restrict to £10 and cap at £50. On the plus side, premiums for life insurance for those aged 50+ tend to be fixed, meaning your payments should stay the same for the duration of the policy.

Of course, how much you can expect to spend on premiums in total is unpredictable; none of us know exactly when we’re going to die, so the overall cost is heavily dependant on how long you live for.

This means that, in some cases, you could end up paying more than the value of the lump sum your loved ones will receive when you pass away.

If you have any questions, don’t hesitate to get in touch. You can use our online enquiry form, or call 0808 189 0463. And we’ll connect you with one of the expert insurance advisors we work with for a free, no-obligation chat.

Joint life insurance

Many providers only offer single policies, but some do give you the choice of taking out joint over 50s life insurance which also covers your partner.

The terms and price of your plan is between you and your insurer, but adding another person will of course increase the cost – although it’s likely to be cheaper than taking out two separate policies.

Gender and life insurance

Historically, life (and other forms of) insurance has cost more for men than for women. Insurers used to take gender into consideration due to the difference between the sexes in life expectancy and lifestyle.

For example, life insurance for a 50 year old male may have been more expensive than it would have cost for a 50 year old female based on gender alone.

However, in 2012, the European Court of Justice imposed a ruling that insurers could no longer discriminate against the gender of their customers when setting their insurance premiums.

How much does it cost for a 55 year old?

Typically, the older you are the higher the price you’ll have to pay for standard life insurance and the same is true for over 50s life insurance.

Exactly how much your monthly premiums will be will vary by insurer if you’re 55, but it’s unlikely to be significantly higher than that of a 50 year old.

If you’re aged 55 plus and concerned about the cost of taking out a plan, contact an expert for competitive, accurate quotes and the best deal based on your specific circumstances.

Regardless of whether you’re 50, 55 or 59 (or any other figure between 50 and 80, come to that!), you should be eligible for cover because, with this type of life insurance, no medical is required.

Can I get cover with no medical questions?

One of the main advantages of an over-50s life insurance is guaranteed acceptance.

Unlike life insurance policies for under 50s, in which you may be subject to tests and your medical history scrutinised, no health-related questions are asked, so your application should have guaranteed approval.

For this reason, taking out this type of life insurance policy could be pretty lucrative if you’re aged 50+ and likely to pass away sooner than the average person – perhaps if you lead an unhealthy lifestyle, or you’ve already been diagnosed with a serious medical condition

For example, if you’re in poor health aged 65 and unlikely to live past 70, you could take out a plan costing, say, £74 a month, with an agreed payout of £13,360. If you die aged 70, you’ll only have paid £4,400, meaning a “profit” of £8,960 for your beneficiaries.

To compare the cost of no medical over 50s life insurance policies, and to find out whether this type of plan is suitable for you, why not speak to a specialist? The experts we work with will give you free, no-obligation advice tailored to you.

How to find the cheapest life insurance

When it comes to taking out insurance cover, many people are swayed by cheap quotes.

However, just because a plan is cheap doesn’t necessarily mean that it’s the most suitable option. For example, there could be hidden costs, or particular terms or conditions which aren’t made clear which could end up invalidating your plan.

In a nutshell, it’s important to know what you’re getting yourself into before signing on the dotted line. One of the experts we work with will be happy to answer your questions and compare quotes from across the entire market to find not only the cheapest, but most suitable cover for your needs.

What’s more, there are plenty of affordable life insurance options out there for over 50s. So get in touch, and we’ll refer your enquiry to one of the experts.

What’s the best over 50s life cover?

Again, in order to find “the best” over 50s insurance policy for your needs, it’s recommended that you speak to a specialist who can provide you with independent financial advice.

The specialists we work with will compare quotes of suitable plans, tell you what the monthly premiums will be, how much the policies will pay out, and on what terms.

They will also explain other benefits offered by particular providers if you’re interested, such as flexible payments, funeral benefits or other health insurance add-ons.

Life insurance in Ireland

If you’re based in Ireland, especially outside of Northern Ireland, some of the details contained within this article may not be applicable because insurance terms can vary if you live in another country.

But don’t worry – we’re still on hand to help! We can carry out an over 50s life cover comparison regardless of where you live. Submit an enquiry and one of the advisors we work with will be in touch with accurate advice, tailored to you.

Should I use an online calculator?

While it can be tempting to turn to an online calculator to compare quotes for life insurance, it’s highly recommended that you seek independent financial advice because online calculators often lack the ability to factor in all your individual circumstances.

What’s more, when you compare quotes, it’s more than likely that the cheapest ones will appear at the top of the list, making it even more tempting to select a cheaper plan.

But as we continue to reiterate, cheapest life insurance doesn’t always mean “the best”!

Speak to an expert

If you wish to speak to an expert for more information, or to find out whether it’s likely to be a suitable, or cost-effective, choice for you, get in touch!

The experts we work with offer an over 50s life insurance comparison service, and will carry out an assessment to provide you with bespoke advice.

You can use our online enquiry form, or call us on 0808 189 0463. We only work with the best, whole-of-market providers, we don’t charge a fee, and there are no obligations on your part.

Ask A Quick Question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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