Over 50’s Non-Medical

What Is Over 50s Life Insurance?

Over 50s life insurance covers you for the rest of your life without a medical exam or any health questions. This policy will pay a cash sum to your family or beneficiaries when you die. It does not cover any medical expenses, but can have a funeral benefit option to pay for your funeral costs.

Permanent life cover gives you peace of mind because you know you have already taken care of your family and loved ones.

Your Over 50s life insurance policy will provide a fixed payout amount as long as you maintain the monthly payments.

Something to consider is “writing your plan into trust” to reduce the payout amount subject to inheritance tax. 

Who Should Purchase Over 50s Life Insurance?

UK residents aged 50 and over can use an over 50s life insurance policy to leave a fixed lump sum to their dependents as beneficiaries. This sum can pay funeral costs, supplement a pension, finish paying a mortgage, or in any other way that supports your family. 

Here are a few things to think about when you’re deciding on Over 50s life cover:

Buy Over 50s Life Insurance if…

  • Your family or loved ones rely on you financially
  • Mortgage payments are based on your income
  • Funeral costs would be a burden to your family

Choose another policy if…

  • You don’t have any dependents
  • Other sources of income will be enough for your family
  • State benefits will be sufficient to take care of your loved ones

Over 50 Life Insurance:
Protect the Future You’ve Built

Answer a few simple questions to start your quote

How Does Over 50 Life Insurance Work?

Over 50s life insurance is a simple product. There are just three things to understand about how it works:

Fixed Monthly Premiums

Each person has fixed monthly payments based on their risk factors and cash payout amount. These remain the same for the whole term of the life policy.

Cover for Life

Continue your monthly payments and you will be covered for life. Some plans offer a payment term that stops at a certain age, usually 85 or 90.

Receive a Cash Lump Sum

Upon your death, the beneficiaries will receive a payout. You choose the amount of money in the payout when you set up the policy.

Benefits of Over 50s
Life Cover

Fixed Monthly Payments

Your plan will feature fixed payments each month that should not increase.

Guaranteed Acceptance

Over 50s life cover policies feature guaranteed cover without medicals exams.

Policies Can Be “In Trust”

A simple trust document can save on inheritance tax and probate hassles.

Free Cover in Later Years

Some UK plans allow you to stop payments after a certain age.

A Few Things to Consider Before You Purchase a Plan

No Value in the Policy

Your policy pays out a lump sum at your death but has no cash value before this.

Paying in More Than Payout

It’s possible to pay more into the policy than you receive from it if the payout is low or your death is early.

Inflation Affects Your Payout

A large payout today could be worth comparatively less in 15 years.

Waiting Period

Many UK insurers require you to pay into the policy for a few years before a claim can be made.

How Much Over 50s Life Cover Do You Need?

Most plans allow between £1,000 and £25,000 of cover amount. Payments range from £10 to £50 per month. A larger payout is helpful if your family relies on your income. Opt for a smaller payout if you only need to cover funeral costs.

If you need an even larger payout, then you should consider level term insurance or whole life insurance. Both these products can provide a larger payout.

Would you like Over 50’s Non Medical Life Insurance?

We’re here to help with this. Use the quote comparison service on our site to find an Over 50’s policy that is right for you. Then our diligent insurance brokers will give you a ring to discuss your options, and get you set up and covered same day (in most instances) to give you quick and easy peace of mind.

Alternatively, you can call us directly. We will provide you all the facts to any of the questions you have, go through the quotes with you, and get you the best insurance cover for your budget.

How Much Does Over 50 Life Insurance Cost?

Over 50s life insurance is a simple product. There are just three things to understand about how it works:

Your Age

Overs 50s life cover plans become more expensive with each passing year. To get the best deal, you need to start your plan as soon after your 50th birthday as possible.

The Cash Payout

If you want to leave more money to your family, then your life insurance plan will cost more. Think about the support your family may need after your death and plan to help them.

Your Insurer

UK insurers charge different amounts for their products because of their policies. Some offer funeral plans, while others don’t. The benefits in each plan affect the cost.

A Smoker Pays More

Smoking and other unhealthy lifestyle choices will drive up the cost of your plan because they increase the likelihood of an early death.

How to Save Money on
an Over 50's Life Policy

Customers can save money on their over 50s policy by shopping around, lowering the payout, and adopting a healthy lifestyle. Let’s briefly discuss each way to save money.

Only Get the Cover You Need

Only Get the Cover You Need

Customers who choose a lower cover amount will have lower payments. Think about what your plan is going to do for your family. Set your cover to meet any need you can foresee.

Look Around

Look Around

Customers who get multiple quotes for policies often find the best deals. Your life circumstances may mean one UK insurer is a better choice than another. Don’t be afraid to get several quotes and compare them.

Adopt a Healthy Lifestyle

Adopt a Healthy Lifestyle

We don’t want you to pass away soon. We’d like you to live a long time. So choose a healthier life so you can enjoy a longer life with cheaper payments.

Answers to Common

What About Coronavirus?

As long as you are outside any waiting period specified in your policy, then your policy should cover death by the coronavirus.

Is Over 50s Cover Worth It?

Life insurance is almost always a good choice. Over 50s policies fill a special place for customers who need cover but may not have term life policies.

What Is The Difference Between Life Insurance And Over 50s Life Insurance?

Over 50s policies last a lifetime instead of a fixed term. As long as you keep up your payments, your cover will continue. You can get an over 50s policy without a medical exam.

Can You Have Multiple Over 50s Life insurance Policies?

This varies from one insurer to the next. You may be able to have more than one policy in place, but this is something you should verify with your insurer.

Do You Need a Medical Exam?

No, you do not normally need a medical exam to begin an over 50s insurance policy. You will probably not need to answer any health-related questions to qualify for insurance.

What About a Joint Insurance Policy?

Joint insurance policies are not common for over 50s life insurance. This is something you can ask insurers about if you want more information.

What If I Have a Pre-Existing Condition?

Over 50s life insurance policies do not require a medical exam and do not screen for pre-existing conditions. However, many insurance policies also have a minimum term during which a benefit will not be paid, or paid in full. If you pass away during the initial period, you may not receive the benefit. A better choice might be critical illness insurance.

Who Is Eligible for an Over 50s Life Insurance Policy?

Any UK resident between the age of 50 and 80 is eligible for an over 50s life insurance policy. These life insurance policies are designed for older people and are offered with guaranteed acceptance.

How Many Payments Will You Make?

How long you pay for over 50 life insurance changes with each policy, but many insurers stop payments at the age of 90. Your cover doesn’t stop, so this is a period of free life insurance.

Do Premiums Increase with Over 50 Life Insurance?

Your insurance premiums should not increase during your policy term. Some policies may have a review on each policy anniversary, but it is uncommon for any payments to increase. You can check with your life insurance provider for more information.

Does Inflation Affect Your Over 50 Life Insurance Payout?

Not directly. The amount of your payout might feel like less in 20 years due to inflation. This is what it’s important to plan ahead for extra money when you create your over 50 life insurance policy.

Can You Get Over 50 Life Insurance If You’re 60, 70, or 80?

Yes, over 50 life insurance will be available to you, but the premiums will increase with your age. The premiums rise because you are more likely to pass away before paying very much into the policy.

Can You Put Your Over 50 Life Insurance Policy Into Trust?

Yes, and we recommend you do so. Putting your insurance policy into trust is an effective way of avoiding inheritance tax and can reduce any stress caused by probate issues. You can ask your insurance provider for more information or speak to a solicitor who handles estate management.

Can You Cash In Your Over 50 Life Insurance Policy?

No, you cannot cash in an over 50 life insurance policy because it has no cash value. Other policies, especially some forms of whole of life insurance, can be used as an investment. This is not an option for an over 50 life insurance policy.