The Over 50s Life Insurance pay-out process
If you've lost a loved one, we understand it can be distressing to make a claim. So for some extra reassurance, in this guide we explain how the Over 50s Fixed Life Insurance payout process works.
At Legal & General our dedicated claims team have experienced claims assessors that are trained by Samaritans and will be there to talk to loved ones and take the pressure off during this difficult time. We want to help with a stress-free claims process and rest assured - each claim will be treated individually and personally.
Find out how to make an Over 50 Life Insurance claim
How over 50s life insurance works
An over 50s life insurance policy is designed to pay a cash sum when the policyholder passes away. Legal & General's Over 50s Fixed Life Insurance can be used to help settle unpaid bills, buy a small gift or put some money towards funeral costs.
What to expect from your claim
If the policy holder has died and you'd like to claim for an Over 50s Life Insurnace payout, here is what you can expect from the process.
How to make an over 50s life insurance claim - step by step
When the policy holder has passed away, you can make a claim as soon as you feel ready. Here is how you can claim for an over 50s life insurance payout in three simple steps.
Find out more about how to make an Over 50s Life Insurance claim
You will need to be listed as a life insurance beneficiary in order to receive the cash sum from an Over 50s Fixed Life Insurance payout. The beneficiary is often a spouse, sibling, or adult son or daughter of the insured person. The cash sum can then be used according to the wishes of the deceased - which may be mentioned in their letter of wishes.
Where the policy is not placed in Trust or there is no will, we follow the law of intestate. In these situations, we will pay the claim according to the order of intestacy - find out more on GOV.UK, or read our guide about dying without a will.
In the majority of cases, you do not need to apply for a grant of probate in order to make an over 50s life insurance claim. We understand that some families choose to put an over 50s life insurance payout towards funeral costs, so we endeavour to ensure the process can be completed within days.
The cash sum will be paid as soon as possible once our assessors have gathered any necessary information from third parties. We also offer a Funeral Payment Pledge that could help you partially finance a funeral if your valid claim has been delayed.
Unless an over 50s life insurance policy has been written in trust, the value of the policy will form part of the estate of the deceased person, so it could be subject to Inheritance Tax (IHT). But of course, the Inheritance Tax threshold is £325,000 for 2025/26, so not every estate is required to pay IHT.
If you are a named executor of the estate, you'll be responsible for managing your loved one's financial affairs, which includes making a claim for a life insurance payout and paying any taxes owed.
It's worth noting that if a valid claim is made, L&G will pay the person (or people) who are legally entitled to receive the proceeds. But if a policy has been written in trust, we will pay out to the trustees rather than the estate, and there should be no Inheritance Tax Liability.
You can claim on an over 50s life insurance policy as soon as the death certificate has been issued, and gather the other documents covered on this page, such as the will. It may take a few days to obtain these documents before you decide the make the life insurance claim.
People to talk to
CRUSE Bereavement Care
Somewhere to turn to when a loved one dies
Call: 0808 808 1677
Samaritans
Contact Samaritans anytime for confidential support
Macmillan
Cancer support every step of the way
Call: 0808 808 00 00
British Heart Foundation
Further information about heart disease
