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Over 50s Life Insurance

Our Over 50s Life Insurance cover is an affordable way to leave money to your family after you pass away. You can use an Over 50s policy to provide money for funeral costs, unpaid bills or to settle outstanding debts.

Leaving a lump sum behind for your family can make a big difference and give them the help they need.

What is Over 50s life insurance?

Over 50s life cover is a particular type of life insurance policy that you can take out between the age of 50 and 80 usually. It pays out a cash lump sum (tax free) to your family when you die.

The cash sum is usually used to pay for things like:

  • Funeral costs
  • Outstanding bills
  • Debts
  • Gift to your family

Your family is ‘GUARANTEED’ to receive the pay out as long as you continue to pay your premiums.

Five Stars

Rated "Excellent" 5 out of 5

"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."

by Elizabeth Turner-Long - 9th August 2023

Best over 50s life insurance

There are a wide range of over 50s life insurance policies to choose from and lots of options available to you.

At iam|INSURED, we’ve looked for the best over 50s life insurance in the UK for people with pre-existing medical conditions. We’re also constantly looking for new and innovative policies that offer excellent benefits.

Some of the benefits included in our over 50s life cover are:

Virtual GP service

Get access to your FREE virtual GP service whenever you need it and wherever you are. Friendly GP offers 24/7 consultations either online or over the phone.

  • 24/7 GP consultations
  • Video or telephone consultations
  • Private prescriptions
  • Open referrals

Accidental death cover

If you die as a result of an accident in the first two years of the policy term then you will receive a cash sum.

You can get the cover you need and pay the right price so we’re confident that you’ll be satisfied with your policy.

Need help getting over 50s life insurance?

If you need help or advice on getting the best life insurance for over 50s in the UK then we’re here to help and our FRIENDLY EXPERTS are ready to speak.

You can contact us FREE on 0800 009 6559 or CLICK HERE.

Why should I take out over 50s life insurance with iam|INSURED?

We’re extremely proud to be the UK’s #1 rated life insurance EXPERTS thanks to our AMAZING customer rating of 5.0 out of 5.0 Stars on Feefo.

You can contact us to speak to one of our SUPER FRIENDLY specialists and get the BEST cover to protect your family for less. We are constantly reviewing our over 50s insurance partners to make sure that we give you the most competitive premiums.

  • Price Match Promise
  • FREE expert advice
  • No obligation
  • FREE policy Trust service
  • 100% customer rating

Getting over 50 life insurance with iam|INSURED is quick and easy, and we also have over 20 years expertise in helping people with:

Cheapest life insurance for over 50s

You can also keep the costs of your over 50s life insurance lower by following a few simple steps. Simply make sure that you choose the right insurance product for your circumstances and remember that cheapest isn’t always best.

Here are a few simple ways to help reduce the cost of your over 50s life cover:

  • Shop around to make sure that you’ve got a good idea of what’s available and can compare several offers to get the best options for you.
  • Stop smoking will reduce your over 50s life insurance premiums because of the risks to your health that smoking can cause, especially in later life.
  • Pre-existing medical conditions is often a good option for over 50s life cover because of the potential impact on life expectancy, it will mean that cover is more cost effective.
  • Reduce your cover will also reduce the cost of your over 50s life insurance policy so make sure that your policy is right for you.

Compare over 50s life insurance

It’s important to get a good picture of what cover is available and make sure that you compare different providers to find the best for you.

We’ve looked around to find the best over 50s life insurance providers and products for our customers. There are lots of different options and some of the more famous brands that offer this type of cover.

Make sure that you compare a few different options to find one that works for you before you make the final decision.

Something that you need to consider is that when you buy over 50s life insurance, it is not something that you can cancel easily. If you pay premiums for cover then you cancel that policy you would lose the money that you have paid in.

How does over 50s life insurance work?

There are a few key points that will help you to understand exactly how over 50s life insurance works and what it does.

  • Pay fixed monthly premiums for your over 50s life insurance and when you pass away, your loved ones will receive a cash lump sum. This money can help to ease the financial burden through a difficult time.
  • Guaranteed lifetime cover as long as you continue to keep paying your monthly premiums. Your cover will continue as long as you maintain your payments up to when you pass away or until you reach a certain age with some insurers (usually age 90).
  • Fixed cash lump sum payout when you pass away that will be paid to your beneficiaries (family) to help them with funeral costs and other expenses. The death of a family member is difficult enough without having to worry about money.

How much is over 50s life insurance?

The cost of your cover will generally not only depend on your age but also a few different elements and these will include:

  • Your age is one of the key factors that will have an impact on your premiums because as we all know, our health will deteriorate as we get older. If you take out cover closer to age 50 then premiums will be lower or you’ll get more cover for your money.
  • Amount of cover you need will also have a direct impact on how much you pay for over 50s life insurance. As with every other type of life insurance, you’ll pay a higher premium for more cover.
  • Smoker rates are higher for over 50s life cover due to the health risks related to smoking tobacco or nicotine products. If you are thinking about giving up smoking in the near future then it may well be worth waiting until you have stopped.
  • Optional medical questions can reduce your monthly payments and give you extra cover as long as you qualify.

How much over 50s life insurance do I need?

The amount of cover that you need will depend on your circumstances and what you want to leave to your family. Some of the key points to consider before you take out this type of cover are:

  • Loans or debts that you have and how much your repayments are on anything that you have outstanding.
  • Your income and how much your dependents rely on anything that you provide to them.
  • Affordability is also something to consider as you need to be able to continue to maintain payments in the future.

What are the benefits of over 50s life insurance?

Here are some of the main benefits to taking out an over 50s life insurance policy.

  • Guaranteed acceptance which means that you won’t need to answer any complicated medical questionnaires. You don’t have to disclose any medical information so this is ideal for people with pre-existing medical conditions.
  • Fixed monthly premiums helps you to budget accurately and manage the costs in the future. Premiums are generally between £10 and £50 for the term of the policy.
  • Policy Trust Deed will mean that your wishes will be followed so that the money goes to where you want it to and helps to avoid paying 40% inheritance tax (IHT).
  • FREE cover is an option that is provided by many insurers so that your cover continues and you will stop paying premiums over a certain age.
  • Effects of inflation can erode the amount of cover that you have so it is worth keeping track of your cover and what you want it to do. Consider how much things might cost (e.g. funerals) in 20 or 30 years.
  • No cancellation options so if you do end up cancelling your policy then you’ll lose the money that you have already paid in. There is no cash-in value to over 50s life insurance.
  • Pay more in than you get out depending on how long you live, this is a possibility if you take out a new policy when you’re just over 50 and you live until much later.
  • Minimum premiums is something that is common in over 50s life cover and therefore means that you have to pay at least £10 per month.

How to find the best over 50s life insurance

We’re constantly looking for the best insurance partners to make sure that we’re getting the right cover for you.

We are proud to have partnered with National Friendly to offer their unique over 50s life insurance plan.

For more information you can speak to our team of FRIENDLY EXPERTS absolutely FREE on 0800 009 6559 or CLICK HERE.

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