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Average cost of Over 50 Life Insurance 2024

The average cost of Over 50 Life Insurance in the UK in 2024 is between £20.00 and £24.00 for £7,000 of cover for a 50 to 55 year old. Most of these types of policies tend to cost between £25 and £45 per month for the average person taking out Over 50 life insurance, depending on your age and smoker status.

Our extensive research of the Over 50 life insurance market suggests that most people tend to take out these policies at around 55 to 65 years of age. Over 50 life insurance is designed to pay for funeral expenses when you die and potentially to leave a small amount of money for your family to pay for other similar costs.

There are lots of different opinions of Over 50 life insurance which include some very negative reviews from Martin Lewis. We also recently reviewed the Martin Lewis Over 50 life insurance guidance to explain more about his opinions on this topic and how it might not apply to everyone.

In this guide, our team of insurance experts explains how Over 50 life insurance policies work and how much they cost. We’ll review several of the top Over 50 life insurance providers to explain which ones might be best for you and your circumstances.

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60-Second Summary – What is the average cost of Over 50 life insurance 2024?

If you’re over 50 and you want to take out life insurance to help your family to pay for funeral expenses, then Over 50 life insurance can be a good option. There are however several things to think about before you purchase a policy and you should always make sure that this is what you want before you buy it.

The cost of Over 50 life insurance will be different from insurance company to insurance company and depending on which policy you buy.

  • Over 50 life insurance is mainly designed to cover the cost of your funeral and other associated costs for your family after you’ve passed.
  • The average cost of a basic funeral in the UK in 2023 was £4,141 (according to SunLife Cost of Dying Report 2024) and this increases by around 5% per year.
  • Costs of dying in the UK in 2023 were £9,658 which includes funeral expenses, legal and professional fees, and send-off costs.
  • Over 50 life insurance provides cover for people aged 50 to 80 for non-smokers and 50 to 75 for smokers.

The average cost of an Over 50 life insurance policy in the UK in 2024 is between £20.00 and £24.00 based on quotes from the top 5 insurance companies. Research suggests that the average amount of cover for Over 50 life insurance in the UK is around £10,000 and the average age for taking out a policy is between 55 and 60 years of age.

Our research suggests that most people take out Over 50 life insurance for between £7,000 and £12,000 to cover the cost of funerals and other associated costs. This is based on research from SunLife in the Cost of Dying Report 2023 which is also published annually.

Over 50s life cover is a popular policy in the UK and you will often see adverts for these policies online or on TV, like this advert for Post Office Over 50s life cover.

Post Office Over 50s Life Cover TV Advert

Note: Most people will base the amount of cover that they take out on how much they can afford and their financial situation.

Smokers and anyone that uses nicotine products will naturally pay more for Over 50 life insurance. This is purely based on the life expectancy of smokers vs non-smokers and the associated health risks from the use of nicotine.

The average cost of Over 50 life insurance in the UK in 2024 for smokers is between £29.00 and £39.00 from the top 5 insurance providers. There are some insurers who are clearly better for smokers than others and so it’s important to choose your provider carefully by comparing quotes from several different insurers.

According to recent research from Bupa, smoking reduces your life expectancy by an average of 10 years. Over 40 years of age, every year that you smoke also reduces your life expectancy by a further 3 months, and the top causes of death are lung cancer, COPD, and cardiovascular disease.

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The cost of Over 50 life insurance is based on your age, health, and if you are a smoker. Most of these policies don’t ask for any medical information, however some do offer an additional amount of cover if you answer several medical questions.

Most Over 50 life insurance policies will offer cover from as little as £4 per month up to as much as £100 per month. Your cover amount will vary depending on how old you are when you take out your policy and whether or not you are a smoker.

Below is a table that shows how much each of the top insurers offer for Over 50 life insurance.

ProviderMin. Premium (Non-smoker)Max. Premium (Non-smoker)Min. Premium (Smoker)Max. Premium (Smoker)
SunLife logo£4£68£4£72
National Friendly logo£20£100£20£100
Shepherd's Friendly logo£10£50£10£50
OneFamily logo£10£75£10£75
Legal & General logo£5£75£8£75

You should carefully compare the cost of Over 50 life insurance from the top insurers to find out which is most cost-effective for you. Also, look at whether the insurer offers benefits such as online GP services and what the qualification period is.

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There are lots of options for Over 50 life insurance in the UK and it is a common type of cover for people looking for funeral payment protection especially. You can save yourself money on these policies if you can think ahead and prepare yourself.

Here are some top tips to help you to save money on Over 50 life insurance:

  • Smoker vs Non-smokers: You can reduce your premiums significantly if you are a smoker by stopping smoking which is ideal for people who are trying to quit.
  • Medical questions: Some insurance providers will offer more cover for people who are prepared to answer some simple medical questions.
  • Cancellation: You will lose money if you cancel Over 50 life insurance and so you should make sure that when you buy one of these policies that you intend to keep it.
  • Entry age: Premiums will automatically increase if you take out an Over 50 life insurance policy when you are older (e.g. over 60).

Note: An Over 50 life insurance specialist should be able to help you to save money on your cover and will compare quotes from the top insurance providers for you.

You should always compare quotes from several of the top Over 50 life insurance providers to get the cheapest premiums. You will also find that each insurer will offer different cover options, benefits, and limits, so it can be difficult to compare one with another.

It is usually quicker and easier to get quotes from an Over 50 life insurance specialist who can help you to save money. You can speak to one of our friendly team of Over 50 life insurance experts by calling 0800 009 6559 or CLICK HERE.

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Is it worth paying for life insurance?

Yes, if you’ve got children or financial dependents then you should have life insurance to protect them if you die. Martin Lewis and the Financial Conduct Authority recommend that you take out life insurance to protect your family and your home. Generally, life insurance premiums start from as little as £5 per month and will be cheaper for younger adults.

Common myths about life insurance:

  • Life insurance won’t pay out (pays out 98% of claims)
  • People with medical conditions can’t have life insurance
  • Life insurance is expensive
  • Savings can be just as effective as life insurance
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What is the average cost of life insurance per month?

Based on recent research carried out, the average cost of life insurance is approximately £38 per month and the average level of cover is £152,000. Life insurance premiums also vary dramatically from one insurance provider to another and you can reduce your monthly premiums by shopping around.

Fundamentally, life insurance premiums vary depending on your age, health and the amount of cover that you need, starting from as little as £5 per month. You can also get life insurance to protect your family and your home against financial loss if you die.

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Average cost of life insurance - iam|INSURED

What does life insurance cover you for?

Life insurance is a monthly renewable ‘term insurance’ contract that pays out a cash lump sum or regular payments on death to your family or beneficiaries. Policies are most commonly used for family protection or mortgage protection for your loved ones if you die and your household income reduces, plus the additional issues of losing a parent or carer.

Traditional life insurance will not exclude any pre-existing medical conditions and will cover suicide after 12 or 24 months. You can also use life insurance for business protection purposes as well as tax-efficient business life insurance for directors or key people.

What are the disadvantages of life insurance?

The biggest and most common problem that consumers have with life insurance is the cost and the monthly premiums. This is the top reason for policy cancellations and why more people don’t take out life insurance to protect their family.

Another key disadvantage with life insurance is that it holds no investment value, nor can you cash it in. Life insurance works like any other traditional general insurance policy (e.g. car insurance, house insurance, pet insurance etc.), you pay a monthly premium and it will pay out in the event of a claim. Some people decide to use savings instead of taking out life insurance but you need to make sure that you have sufficient savings to cover the costs of death for your family.

Why do I need life insurance?

The fact is that nobody actually ‘needs’ life insurance, but it is strongly recommended that families and couples have cover to protect their loved ones in the event of death. Martin Lewis recommends life insurance and says “this is something that every parent, partner, or person with any other type of dependent needs to consider”.

Life insurance financially protects your loved ones if you die and pays out a cash lump sum to repay your mortgage, pay for school fees, replace lost income, and pay for regular outgoings. Mortgage life insurance is not linked to your mortgage debt so you can use it to pay off some or all of your mortgage.

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