How much does Over 50s cost?
When you’re thinking about buying Over 50 Life Insurance, it’s likely the first thing you’ll consider is cost – how much will it cost you and how much you'll want to leave.
To help you get a better idea of how our Over 50s Fixed Life Insurance could work for you, we’ve created some examples below to show what a plan might pay out under different circumstances.
Get a free quote in 2 minutes
But first, here are some of the factors to consider when you take out a plan:
What’s paid out will depend on the amount you decide to pay each month – your premium. Our premiums start from just £5, depending on your age and your smoker status.
- It is not a savings or investment product and has no cash value unless a valid claim is made.
- The cash payout is fixed, so inflation will reduce it's buying power in the future.
- If you stop paying premiums when due, your plan will be cancelled and you won't get anything back.
- Over 50s Fixed Life Insurance is not designed to meet the full costs of a funeral, and does not guarantee to do so.
Once you do choose a premium, it won’t go up, and your cover continues for the rest of your life, even though you stop paying premiums at age 90. If your circumstances change, you have the option to reduce your premium if you've had your plan for a year (minimum premium applies).
You are guaranteed acceptance with no need for a medical, as long as you’re a UK resident aged between 50 and 80. And the full cover is payable after one year or if you pass away within the first year, we will refund any premiums paid. However, if you die as a result of an accident then full cover will be paid. Full information can be found in our Policy Summary (PDF:121KB) and the Policy Terms and Conditions (PDF:110KB).
The final thing to bear in mind is that, depending on how long you live after taking out your policy, you could end up paying in more money than the cash sum that’s paid out when you die.
Take a look at some examples below:
Figures are correct as at 24 January 2024. These illustrations are examples. Quotes take account of each customers individual circumstances.
Paul wants to leave a sum of money as a gift to his loved ones after he passes away.
| Paul's age taking out the policy | 73 |
| Chosen monthly premium | £25 |
| Tobacco, e-cigarette or nicotine replacement use in past 12 months | None |
| Cash sum on death* | £3,066 |
*The full cash sum is payable after one year of starting the plan.
How much might the plan cost Paul?
| Age at death | 78 |
| Total premiums paid over 6 years | £1,800 |
| Total cash sum paid out on death | £3,066 |
Jack has a sum of money in mind that he'd like to leave and has decided that the premium is affordable for him.
| Jack's age taking out the policy | 55 |
| Chosen monthly premium | £34 |
| Tobacco, e-cigarette or nicotine replacement use in past 12 months | None |
| Cash sum on death* | £9,103 |
*The full cash sum is payable after one year of starting the plan.
How much might the plan cost Jack?
| Age at death | 75 |
| Total premiums paid over 20 years | £8,160 |
| Total cash sum paid out on death | £9,103 |
Wendy would like to leave a sum of money to help pay for her funeral.
| Wendy's age taking out the policy | 70 |
| Chosen monthly premium | £20 |
| Tobacco, e-cigarette or nicotine replacement use in past 12 months | Regular smoker |
| Cash sum on death* | £1,727 |
*The full cash sum is payable after one year of starting the plan.
How much might the plan cost Wendy?
| Age at death | 80 |
| Total premiums paid over 10 years | £2,400 |
| Total cash sum paid out on death | £1,727 |
Shaleen would like to leave £1,000 for each of her three children when she passes away.
| Shaleen's age taking out the policy | 65 |
| Chosen monthly premium | £27 |
| Tobacco, e-cigarette or nicotine replacement use in past 12 months | Occassional |
| Cash sum on death* | £3,157 |
*The full cash sum is payable after one year of starting the plan.
How much might the plan cost Shaleen?
| Age at death | 73 |
| Total premiums paid over 8 years | £2,592 |
| Total cash sum paid out on death | £3,157 |
Find out more about our Over 50s Fixed Life Insurance
Related products and articles
Over 50 Life Insurance
Our Over 50s Fixed Life Insurance could be an affordable way for you to leave some money for your loved ones after you die. It could be used to help settle unpaid bills, as a gift or to help towards the cost of a funeral.
Is over 50s life insurance worth it?
Over 50s Life Insurance provides peace of mind when it comes to covering your final expenses. Discover the pros and cons of this type of insurance.
Over 50s life insurance vs funeral plans
What are the advantages of over 50s life insurance versus funeral plans? Read our verdict and decide how to cover the cost of your funeral.
Funeral costs in the UK
Planning a funeral takes time and money. So to help you plan a funeral according to your budget, we've put together a simple guide to costs.
The importance of writing a will
Writing a will is important in making sure your loved ones inherit your money and assets after you’re gone. But what should you put in a will? Read our guide.