Life insurance vs Over 50s life insurance.

When you’re in your 50’s there could be several reasons why you need to consider life insurance:

  • You may have an outstanding mortgage or loan
  • You need to provide for your dependants in the event of your death
  • You want to help cover your funeral expenses so that your loved ones aren’t left with this expense at a difficult time.

But there’s a commonly held view that it’s difficult for any one aged over 50 to get life insurance – and this isn’t the case. Now more than ever, people in their 50’s have a selection of specific Over 50s Life Insurance Plans to choose from as well as the option to apply for regular term assurance policies.

First of all, lets clear up what the difference is between a regular term assurance policy and an Over 50s Life Insurance Plan. We will use our Level Term Assurance plan and Over 50s Fixed Life Insurance Plan for comparison purposes.

Feature/BenefitLevel term assuranceOver 50s Fixed Plan
Benefit typeLump sum payoutLump sum payout
Maximum sum assuredNo maximum£22,000 (initial)
Benefits payableFull benefit paid from the start of the plan (valid claim required)Full benefit paid after one year.

If death occurs in first year, premiums are returned without interest if death is not covered under accidental death criteria.
Basis of coverSingle or joint life coverSingle cover only
Medical underwritingPolicy is underwritten. Doctor reports and medicals possibleNo medical underwriting required - guaranteed acceptance
Age limits at application stageMaximum: 78 next birthdayMinimum: 50
Maximum: 80
Age limits at end of coverMinimum: 29.5 next birthday
Maximum: 80
Premiums stop at age 90 although cover continues until death
Premiums (per month)Minimum: £6
Maximum: no maximum
Minimum: £8 (depending on your age)
Maximum: £50

Why consider term assurance?

Term assurance is an affordable type of policy. It’s a popular choice for those who want to help pay off a mortgage if they die or want to leave a lump sum to their loved ones to help ensure that their financial well being is taken care of.

It pays out a cash lump sum if you die during the term of the policy. The term can be between 1 and 40 years, and you choose how much cover you want.

It’s worth remembering that term assurance policies only pay out if you die during the term. If you survive past the end of the term, the plan ends and you won’t get any money back.

Why consider an Over 50’s plan?

These types of plan are very popular for several reasons:

  • They’re affordable
  • You can usually elect for a specific funeral plan, or arrange for the cash lump sum to be put towards funeral costs
  • If you meet the age and UK residency requirements you’re guaranteed to be accepted without the need for  any medical underwriting.

Our Over 50s plans are whole of life policies meaning that life cover continues from the time the policy starts, until you die as long as you continue to pay premiums when they are due.  If you stop paying premiums then the life cover will cease, however when you reach age 90 you stop paying premiums, but the life cover will continue until you die.

We also offer the Insured Funeral Plan which is designed to cover the costs of a traditional cremation funeral. This means you can make your own funeral decisions removing a lot of stress from your family at a difficult time. 

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0800 316 5591
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9am to 5pm Saturday

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Life assurance

The bills don’t stop coming when someone dies. Help protect your family financially with our life assurance starting from only £6 a month.