Feefo Platinum Trusted Service Award 2024
Free £100 Gift Card Offer
Our logo

PROTECTION PROMISE - 100% Conditions Covered

Our Insurance Partners

Sign up for our newsletter

Stay in the loop about all the latest news, exclusive offers, and fantastic discounts. We promise it's spam-free!

Guaranteed Acceptance Over 50 Life Insurance

Over 50 life insurance is a guaranteed acceptance policy that pays out a cash lump sum when you die. The most common reason for people taking out Over 50 life insurance is to help their family to pay for funeral expenses and other associated costs, such as legal expenses.

The best thing about Over 50 life insurance is how simple it is to buy and how quickly you can be covered. Because this is a Guaranteed Acceptance it means that you don’t need to answer any medical questions and there are no medicals required, which is ideal for people with pre-existing medical conditions.

In this guide, our experts will explain how Over 50 life insurance policies work and answer your common questions. These policies can work for many people but also they might not be suitable for you, so you need to think very carefully about this type of cover before you buy.

You may also have seen that some financial journalists and experts, such as Martin Lewis are not fans of Over 50 life insurance. This can be true and it might not be the best option for you if you need life insurance to protect your family and you are over the age of 50.

A picture of a stopwatch

60-Second Summary – Guaranteed acceptance Over 50 life insurance

Opinions are definitely divided on Over 50 life insurance, mainly because of recent posts by financial experts like Martin Lewis. Previously, Over 50 life insurance products were seen as a harmless insurance policy that was advertised on TV by celebrities such as Michael Parkinson and Carol Vorderman.

It’s not quite as simple as it might seem and you should be careful when taking out Over 50 life insurance to make sure that it’s right for you.

  • Over 50 life insurance is a guaranteed acceptance policy which requires no medical underwriting and doesn’t have any medical questions for most insurers.
  • This is also referred to as Guaranteed Life Insurance which basically means that it is guaranteed to pay out to your family when you die.
  • Most policyholders take out Over 50 life insurance to help their family to pay for funeral expenses and other associated costs when you pass away.
  • Martin Lewis claims that some Over 50 life insurance policies can be inefficient and costly if you don’t consider all of the possible outcomes and if you live longer than the normal life-expectancy.

An Over 50 life insurance policy is a unique version of life cover that was created in the late 70s to help policyholders to pay for funeral expenses. This is a popular choice with the British public and there are currently over 800,000 policyholders nationwide. SunLife helped to popularise this type of policy, by using popular celebrities like Carol Vorderman in their adverts. They have continued producing TV advertisements in recent years, including the one shown in the clip below.

Welcome To Life After 50: SunLife TV Ad 2017

Over 50 life insurance is different to conventional life insurance because it is guaranteed acceptance and it is guaranteed to pay out on death. Traditional life insurance is medically underwritten and it only pays out if you die during the term of the policy (usually up to age 90 maximum).

Over 50s life cover is a type of life insurance that is usually available to UK residents between the ages of 50 and 80. Over 50s life insurance works to protect your loved ones and is often used to cover the cost of your funeral (similar to a funeral plan).

What’s the difference between Over 50 life insurance and term life insurance?

There are some key differences between Over 50 life insurance and term life insurance (e.g. family life insurance and mortgage life insurance) that you might want to think about before buying. Below is a table that shows the main differences and a short explanation about how that can impact you.

 Over 50 life insuranceTerm life insuranceWhat does that mean for me?
Minimum age at entry.5017These policies are designed for individuals and families of all ages.
Maximum age at entry.8085Term life insurance does accept people up to age 80 or 85 for some insurers.
Maximum age at the end of term.No maximum (up to death)90Over 50 life insurance pays out on death which is when the cover stops whereas term life insurance is max. Age 90.
Minimum premiums.£3.70 to £20 (depending on the insurer)£3.50 to £5 (depending on the insurer)Term life insurance tends to be a cheaper option for younger people but premiums do increase as you get older.
Maximum premiums.£60 to £100 (depending on the insurer)No maximum.Over 50 life insurance is generally designed to cover smaller sums, whereas term life insurance can cover higher amounts.
Guaranteed acceptance.YesNoOver 50 life insurance does not require any medical underwriting unlike term life insurance.
Guaranteed payout.YesNoTerm life insurance only pays out if you die during the term of the policy (up to Max. age 90).

Note: There are pros and cons to each of these options and so you should get proper advice and speak to a life insurance expert to fully understand which is the best option for you.

There currently several mainstream as well as some specialist insurers that offer Over 50 life insurance, including:

AIG Life Logo

AIG

(now part of Aviva PLC)
Trustpilot score: 2.8 out of 5.0 Stars

Aviva Logo

Aviva

Trustpilot score: 4.0 out of 5.0 Stars

British Seniors Logo

British Seniors

(a trading name of Neilson Financial Services)
Trustpilot score: 4.9 out of 5.0 Stars

Co-op Logo

Co-op (Legal & General)

Trustpilot score: 4.1 out of 5.0 Stars

Legal & General Logo

Legal & General

Trustpilot score: 3.9 out of 5.0 Stars

National Friendly Logo

National Friendly

Trustpilot score: 3.8 out of 5.0 Stars

One Family Logo

One Family

Trustpilot score: 4.5 out of 5.0 Stars

Post Office Logo

Post Office

(Underwritten by AIG and part of Neilson Financial Services)
Trustpilot score: 1.5 out of 5.0 Stars
This is the score for Post Office rather than the score for AIG who underwrite these policies.

Shepherds Friendly Logo

Shepherds Friendly

Trustpilot score: 4.3 out of 5.0 Stars

SunLife Logo

SunLife

Trustpilot score: 4.7 out of 5.0 Stars

As you can see, there are lots of options but ultimately there are only a handful of companies that offer these policies. Several of the main bands that you see advertised on the internet are provided by another company (e.g. Neilson FS or AIG).

Life Insurance provider reviews

Over 50 life insurance has been around for nearly 50 years in the UK as a financial protection solution for funeral expenses and other associated costs. The reality is that you can end up spending more than your family would get paid out if you live long enough and continue to pay your premiums.

It is considered to be more cost-effective for people with pre-existing medical conditions and those with shorter life expectancy. Over 50 life insurance can be extremely useful in many circumstances where the policyholder simply wants to pay a premium to give their family a small amount money when they die.

We mentioned Martin Lewis earlier in this Over 50 life insurance guide because of his somewhat extreme views on this product. While we understand his point of view, it doesn’t take in to account everyone’s circumstances and their medical background which will have a significant bearing on the value of this product.

Below is a table that shows some examples of the top Over 50 life insurance and how much the pay-out would be vs how much you pay in.

Note: If your life-expectancy is shorter due to a pre-existing medical condition then this can be a more cost-effective and simpler option for you. Think very carefully about your situation and whether this would work for your needs.

SAVE up to *34% on your insurance when you compare quotes with iam|INSURED

Protect you and your family for less

We're rated 'EXCELLENT'

Five Stars

on

Feefo Logo

*Over 1,100 independent customer reviews

One of the most important things to consider before you buy Over 50 life insurance is the other options. There are actually three main alternatives to taking out an Over 50 life insurance policy, which might also be more suitable.

  • Term Life Insurance: you could take out a term life insurance policy instead of Over 50 life insurance which can work out cheaper and can provide you with cover up to age 90. As we’ve mentioned earlier on in this section, the main disadvantages with term life insurance vs Over 50 life insurance is that it is medically underwritten and won’t pay out if you live past the end of the term.
  • Whole of Life Insurance: this is another option which is technically designed to pay out a cash lump sum for Inheritance Tax purposes, but can be used for other things such as funeral costs. Whole of life insurance will be more expensive than term life insurance but it is guaranteed to pay out when you die. This is also medically underwritten and so it might not be suitable for people with pre-existing medical conditions due to the cost.
  • Invest or save money: another riskier option that some people opt for is to invest their money or to put money in to a savings account. This option can offer a greater return as long as you live past the point where the investment gives a greater return and that you continue to pay in to your savings or investment account.

Over 50 life insurance costs will vary depending on your age when you apply and will cover you for the rest of your life, as long as you continue paying your monthly payments. The amount of cover that is available with over 50 life insurance will usually be much less than with a standard policy.

Note: Over 50 life insurance is designed to be a quick and easy solution for people that want to protect their family against the costs of funerals and other expenses. This isn’t always going to be the best option for people with other requirements and more complicated financial circumstances.

There are several main options when you’re looking for Over 50 life insurance and there can be quite a big difference in price for effectively the same cover. The main point to remember is that there isn’t much difference between the actual cover itself because it is a very simple product.

There are several things to look out for when you’re buying Over 50 life insurance and some extra benefits that some companies offer.

Main differences between Over 50 life insurance companies:

  • Smokers and non-smokers: some insurers offer better rates and deals for smokers and for non-smokers which you should look out for. This can be especially important if you’re a smoker because some companies aren’t good for that.
  • Medical question benefit: a handful of Over 50 life insurance companies will offer give you the opportunity to answer a set of qualifying medical questions that can give you better rates or increase your pay-out.

These benefits are designed to add to the value of your policy and can help to support you and your family.

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

There are several ways to buy Over 50 life insurance and the simplest is to get a policy from a specialist broker. This can also help you to quickly compare prices from different companies and understand which is the best option for your circumstances.

Also, if you speak to a broker then they can look at the various different options for you to show you how they compare (e.g. term life insurance and whole of life insurance). Alternatively, you could also get an Over 50 life insurance online which can seem simple, but you should make sure that you read the terms and conditions carefully to understand what you’re signing up for.

If you need Over 50 life insurance advice or to speak to one of our friendly team of experts then you can call 0800 009 6559 or CLICK HERE.

Sign up for our newsletter

Stay in the loop about all the latest news, exclusive offers, and fantastic discounts. We promise it's spam-free!

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
iaminsured logo

iaminsured.co.uk

https://www.iaminsured.co.uk » guides

Is life insurance worth it? - iam|INSURED

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.

iaminsured logo

iaminsured.co.uk

https://www.iaminsured.co.uk » guides

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.

Average Cost of Life Insurance

Average Cost of Life Insurance

The average cost of life insurance is based on your age and your health which are the two main elements to pricing for life...

Martin Lewis Life Insurance

Martin Lewis Life Insurance

Martin Lewis has been quite strong in his views around why some people should seriously consider life insurance and what...

Average Cost of Critical Illness Cover

Average Cost of Critical Illness Cover

Critical illness cover is a good and affordable way to provide extra financial protection for you and your loved ones. Critical illness cover can...

Martin Lewis Income Protection

Martin Lewis Income Protection

MoneySavingExpert.com launched in 2003 for just £100. The website has since become the biggest source of free financial guidance to millions...

View All ❯

Our Mission

At iaminsured.co.uk, we believe in much more than just insurance policies; we believe that everyone is unique and should be treated with the fairness that they deserve. We also believe in providing the very best financial protection, and giving you peace of mind to continue with your busy life without the stress or worry of what might happen.

We are dedicated to providing the best outcomes that we can and access to the best insurance solutions in the way that our customers want or need. We understand that everyone is totally unique in how they want things done and their own individual circumstances, which is where our totally unique approach to financial protection is driven from.

  • 100% online protection solutions
  • Top rated advice from the UK’s leading experts
  • Unique specialist protection services for all medical conditions, occupations and activities
  • Lowest prices and affordable cover options guaranteed
  • Dedicated to providing the best protection products for all your needs

With nearly three decades of expertise and established with a commitment to excellence in everything that we do. We have been a trusted partner for thousands of families, individuals and businesses, all with one common goal of looking for the best protection solutions.

Our Mission: To provide easy access to fair pricing, affordable protection and the very best financial security to families and individuals. We are dedicated to offering comprehensive insurance solutions that safeguard the well-being of our policyholders. Guided by integrity, transparency, and a commitment to excellence, we strive to empower consumers and families to face the future with confidence. Our mission is not just about policies; it's about protecting dreams, ensuring legacies, and being a trusted partner on life's journey.

Open chat
How can we help?
Scan the code
Welcome to iam|INSURED 👋

Please feel free to connect with us on WhatsApp so we can help you and answer your questions.

Click “Open Chat” to start.