When you’re thinking about buying Over 50s 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.

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 and the Policy Terms and Conditions.

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.

With that in mind, take a look at some examples below:

Paul

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* £3,135

*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  £3,135

Figures correct as at 30/04/2020. These illustrations are examples. Quotes take account of each customers individual circumstances.

Jack

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
 
Tobacco, e-cigarette or nicotine replacement use in the past 12 months  None
Monthly premium  £34
Cash sum on death*  £9,127

*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  £9,127

Figures correct as at 30/04/2020. These illustrations are examples. Quotes take account of each customers individual circumstances.

Wendy

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 the past 12 months Regular smoker
Cash sum on death*  £1,661

*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  £1,661

Figures correct as at 30/04/2020. These illustrations are examples. Quotes take account of each customers individual circumstances.

Shaleen

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
Tobacco, e-cigarette or nicotine replacement use in the past 12 months Occasional
Monthly premium £27
Cash sum on death* £3,025

*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 £3,025

Figures correct as at 30/04/2020. These illustrations are examples. Quotes take account of each customers individual circumstances.

Find out more about our Over 50s Fixed Life Insurance