Over 50's Life Insurance

For years, obtaining quality life insurance has been a struggle, especially for those over the age of 50.

Here at iam insured, we understand how distressing this can be. After all, you’re looking to protect yourself and family from further distress and financial implications down the line.

As you are becoming older, it’s inevitable that your health will be affected, however this shouldn’t affect your right to feel certain about your elderly life, and how you and your loved ones will be treated once you’ve sadly passed.

If you fall into this category and have limited knowledge of ways to overcome this unnecessary obstacle, stay with us here and read our overview of obtaining a high quality, reliable over 50’s life insurance policy.

The key benefits of an over 50’s policy product

Unlike many other insurance policies, the key benefit of obtaining an over 50’s policy is that you will be guaranteed cover without enclosing any medical or health evidence. Music to your ears, right?

It’s such an easy process to complete that will result in effective results. All you need to do is complete a concise application form and pay any ‘waiting period’ premiums, and you’re covered!

Your cover can become immediate, and if your death sadly occurs in the middle of the ‘waiting period’, your family are provided with a refund on any premiums paid.

What does over 50’s life insurance cover?

There are a variety of different providers out there who offer over 50’s life insurance products, however, they all have factors in common. They provide you with guaranteed lifetime cover which isn’t influenced by your current or future health problems. Additionally, when you sadly pass, your family are provided with a benefit payment which can be used by them as they wish, however, mostly do expect a contribution towards funeral expenses.

The key here is that there’s full guarantee and trust in your policy.

In general, over 50’s policy products are more expensive than generic life cover policies as the insurer is accepting all 50+ year olds. This route is highly recommended and the most effective product.

Here’s an example of a cost break-down from a competitive product, One Family: https://www.specialrisksbureau.co.uk/over-50-life-insurance

Benefit (£)
Monthly premium (£)
50 £10,010.00 £20.00
55 £10,330.00 £27.00
60 £10,125.00 £38.00
65 £10,260.00 £56.00

As stated above, all providers have differing policies which also affects rates and benefit figures, however there are a few similar factors that will influence these:

Percentage (%) loading for over 50’s life insurance:

A ‘percentage loading’ is where a % is applied to standard premium figures based on the levels of calculated risk. This will then apply a multiple to your over 50’s life insurance premium which is based on your current health upon application. This is a generic influencing factor however insurers do have differing maximum levels and are prepared to take on further risk than others.


Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for over 50’s life insurance:

Along with ‘percentage loading’, you may find that ‘per mille loading’ can be applied to your policy premiums, however are much rarer. In addition, this can be applied to your whole over 50’s life insurance policy or can be added for a period from the start of your polic

When applying for an Over 50’s life insurance policy, it is difficult to give an estimation on how much cover you will need. However, there are some rules you can follow to give you a rough estimation prior to applying

You should also be aware that an Over 50’s life insurance policy could increase after underwriting to reflect any additional risks of claim, so affordability may be a consideration.

  • Mortgage amount (£’s)
  • Outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependants
  • Spouse or Partner
  • Income (after Tax)
  • Assets (e.g. car, house, business etc.)

For further information regarding an estimation of your Over 50’s life insurance, see our iam insured life insurance calculator.

Additionally, if you are considering either critical illness or income protection cover to fall beside your over 50’s life insurance policy, contact our dedicated team today on 01244 732 890 and we will provide a full overview of your options.

The type of cover you select should take your personal needs and available budget into consideration to ensure you’re receiving the best possible support.

After soaking in this information, your next step is to decide on a policy provider. There are a large variety of insurance companies out there who offer over 50’s life insurance products, however, their suitability for you will differ depending on your budget and circumstances.

We are a reliable insurance company who offer over 50’s life insurance products and believe that you have a right to protect yours and your family’s financial situation. Our team of experts will take your needs into consideration and find the best possible solution and product to protect your life.

If we sound like the provider for you, great news! All we will need is a small application form, followed by a discussion with one of our expert team members. However, if you’re still deliberating, we can provide you with further information by calling us on 01244 732 890.

Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.

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