Over 50s life insurance

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Over 50s life insurance

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.

Over 50s life insurance is available to UK residents aged 50 to 80. 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 £4,417*, 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 loved ones pay the extra bills you leave behind.

*Sunlife cost of dying report 2019

How does an over 50s policy work?

There are three big factors that determine how much cover you’d be able to take out:

You pay your agreed monthly premium either until you die, or until you reach 90 and then when you eventually pass away, the policy will pay out. Bear in mind that your policy may have a deferred period, typically 12 to 24 months. The amount paid out during this period will vary by provider, so be sure to check the policy details. If you’ve set your policy up in trust it will go to whoever you named as a beneficiary.

Over 50s life insurance are purely insurance plans and as such have no investment element to them meaning they will never have a cash-in or surrender value - so if you stop paying your premiums you won’t get anything back.

Why buy through Confused.com?

With Confused.com, getting an over 50 life insurance quote is easy. When you apply for insurance through us, your application will be processed by our partner Direct Life & Pension Services Ltd. They’ll assign a dedicated case handler to your application who will process it and arrange with you when you’d like the policy to start. 

Rather get a quote over the phone? You can contact our UK based call centre on 0800 652 9754. 

If you're still doing your research, take a look at our guides 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.

Confused Life is arranged and administered by Direct Life & Pension Services Ltd, who are authorised and regulated by the Financial Conduct Authority. Registered office; 2nd Floor Gateway 2, Holgate Park Drive, York, United Kingdom, YO26 4GB. Registered in England and Wales No 2467691. Our service is free. Confused.com is an intermediary and receives commission from Direct Life & Pension Services Ltd which is based on a percentage of the total annual premium if you decide to buy through our website. We pride ourselves on impartiality and independence – therefore we don't promote any one insurance provider over another.