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What is the best UK life insurance policy for over 50s?

Best Over 50s Life Insurance

If you’re over 50, you may be thinking about the future and how your loved ones will cope financially if anything happens to you. 

Over-50s life insurance is one way to guarantee financial security for your family.

In this article, we’ll help you find the best over 50s life insurance for you. We’ll also look at the basics of over-50s life insurance, how it compares to normal life insurance, and what you should consider before you take out a policy.

Best life insurance for over 50s

The best life insurance if you’re over 50 will depend on your circumstances and the market at the time of applying, so you’ll need to compare options and shop around.

One of the easiest ways to do this is by using our free comparison tool.  It searches the market for the best over 50 life insurance policies, comparing leading brands and cover types, to find you the cover that provides the protection you need.

Life Insurance For Over 50s

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Compare the best life insurance quotes using our FREE no obligation service to find out which insurer can offer the best cover for your personal circumstances.

What is over-50s life insurance in the UK?

Over-50s life insurance is a type of cover that lasts for your whole lifetime and guarantees a payout to the beneficiaries (usually your family) when you die. 

You pay monthly premiums, and, when you pass away, your beneficiaries receive a lump sum – as long as you’ve been keeping up with your payments for long enough. Usually, the payout amount is fixed and doesn’t depend on how long you live.

Most over-50s life insurance policies are designed for customers aged from 50 to around 80–85 years (with the exact cutoff age depending on the provider).

Over-50s life insurance vs normal life insurance

To better understand whether over-50s life insurance is right for you, it’s important to know how it differs from normal life insurance.

One difference is that over-50s life insurance provides whole-of-life cover – meaning that it applies for your whole lifetime. 

By contrast, normal life insurance usually comprises something called term life insurance. Term life insurance covers you for a set period (such as 10 or 20 years) and pays out only if you pass away within that term. If you live longer, you get nothing. 

Another unique characteristic of over-50s life insurance is the lack of health check requirements. Other life insurance policies often require medical exams or detailed questionnaires; with over-50s insurance, your health and lifestyle aren’t usually factored into calculating your premiums.

How much does over-50s life insurance cost?

Some life insurance policies for over-50s cost as little as a few pounds a month, although more expensive policies are also available. 

The exact amount you pay will depend on various factors, including: 

How much cover will I get from over 50s life insurance?

The payout amount you get from over-50s life insurance will vary, depending on the details of your policy and the age at which you took it out (as policies for older people generally include less generous payouts compared with policies for younger people). 

In general, cover ranges from about £1,000 to £25,000.

When you’re calculating how much cover you should get, you’ll need to take into account considerations like:

What are the alternatives to over-50s life insurance?

We’ve already mentioned ordinary life insurance as one alternative to over-50s life insurance. 

You can also consider other potential sources of financial support for your family after you die:

Is over-50s life insurance worth it?

Over-50s life insurance policies have several advantages that can make them a good option for some people.

Over-50s life insurance also has some important downsides to bear in mind:

 

Life Insurance For Over 50s

Compare Life Insurance Deals with UK Insurers

The Smart Way To Get Life Insurance Cover

Complete our quote form and get a great quote!

 

Compare Life Insurance Quotes »

 

Compare the best life insurance quotes using our FREE no obligation service to find out which insurer can offer the best cover for your personal circumstances.

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