Over 50s life insurance

Find out about over 50s life insurance
on Confused.com

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Over 50s life insurance

If you’re in your 50s, 60s or 70s and looking for life insurance, you may want to consider an over 50s policy.

An over 50s policy is a whole-of-life insurance policy designed to leave your loved ones with a tax free lump sum in the event of your death. This lump sum could be used to pay for funeral costs, household bills or simply as a financial gift for your family.

With an over 50s policy there is no medical required and acceptance is guaranteed. You decide on your monthly premium and the provider will show you what pay-out to expect. This could be ideal if you’re looking for a life insurance policy where you choose what you want to pay and no medical checks are needed.

Don’t think an over 50s policy is the best option for you? You may find more suitable cover through our standard life insurance quote process.

What could my policy cover?

  • Funerals - By taking out an over 50s life insurance policy (or whole of life policy as it's sometimes called) you could protect your family from financial hardship. With the average funeral costing in excess of £2,000, this initial outlay could be covered when your family needs the help the most
  • Financial gift - Leaving a financial gift behind for your loved ones, whether that's children, grandchildren or just people who are close to you
  • Household bills – Even the basics can mount up, so having some extra money from a life policy could help pay the extra bills you leave behind

What if I'm over 60?

If you're aged over 60 or 70 and looking for over 60s life insurance you can still take out an over 50s policy (also sometimes referred to as whole of life insurance), as it offers the same plan.  There are three big factors that determine how much would be paid out when you die:
  • Your age
  • Whether you're a smoker
  • What premium you'd like to pay each month i.e. £10, £15, £20 etc

You pay your agreed monthly premium either until you die, or until you reach 90, then when you eventually pass away, the policy will pay out - bear in mind there may be an initial period where the policy won't pay out, typically 18 months - 2 years.  If you've set it up in trust, it'll go to whoever you name as the beneficiary. Regardless of whether you're elderly or senior, you could still get cover in place whether that's to cover funeral costs or to leave a financial gift for loved ones.

Why buy through Confused.com?

Confused.com doesn't currently offer over 50s life insurance but you can buy term life insurance and critical illness cover.

If you're still doing your research, take a look at our guides and FAQs, which can help you understand how a life policy works - you can even check out our handy life insurance calculator for an idea of how much cover you'll need.

How much life insurance you need can be confusing, so we've created this handy life insurance calculator tool to help you decide how much cover you need.

read more
Confused Life is arranged and administered by Direct Life & Pension Services Ltd, who are authorised and regulated by the Financial Conduct Authority. Registered office; Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire WD6 2XX. Registered in England and Wales No 2467691.