Over 50s life insurance is a type of life insurance for anyone aged over 50. You pay for this kind of life insurance with regular monthly instalments and when you die, it pays out a lump sum. The money could be used towards your funeral costs, to pay off any existing debts or simply as a gift to leave your loved ones.
Usually you will need to be a UK resident, aged 50 to 80 to qualify and sometimes you’ll need to have a medical or show a doctor’s report.
Topics
Featured: Shepherds Friendly Society*
- One of the oldest and most respected mutual insurers in the world
- Excellent customer feedback and reviews
- 5 Star Defaqto Rating
- Over 50s Life Insurance plan gives free access to the National Bereavement Service
- For UK residents aged 50 to 80
- Monthly premiums from £10
- No medical examination required
- Partnered with Golden Charter Funeral Services who will contribute an extra £300 on top of your cover
- An excellent, easy to navigate website
- Useful information and comparison tables available
- Handy online Resource Centre
- A range of related financial services also available
- Free £50 Love2Shop voucher for new customers
- Also offers income protection insurance
Website: Shepherds Friendly Society
Read the full Shepherds Friendly Society over 50s life insurance review.
Please note companies are ranked in no particular order and data comes from each company’s website and was last updated in March 2023.
1. AIG
- AIG Life Limited is the UK life insurance arm of the American International Group
- Customers in more than 80 countries
- Large range of insurance products and protection cover
- Guaranteed acceptance to those between 55 and 85
- Premiums start from £5 a month
- Generally favourable reviews and customer experiences
- Free Smart Health consultations and Best Doctors service
- Unbiased financial advisers available
- Useful supporting literature and online help
- Also offers general life insurance, critical illness, income protection and whole life insurance
Website: AIG
Read the full AIG over 50s life insurance review.
2. Aviva
- Established in 1696
- The largest insurance company in the UK
- Over 15 million customers
- For people aged between 50 and 80 years old
- Monthly premiums between £5 and £100 a month
- Medical exams not needed
- A large range of life and health insurance plans and related products
- 98.9% of claims paid
- Currently offer a free £50 M&S voucher for new customers
- An informative website with plain English explanations
- Useful ‘cover calculator’ resource online
- 5 Star rated by Defaqto
- Generally mixed online reviews
- Also offers general life insurance and critical illness life insurance
Website: Aviva
Read the full Aviva over 50s life insurance review.
3. Churchill
- A large, respected UK brand
- Now acquired by the Royal Bank of Scotland Group
- The second largest general insurer in the UK
- 2019 Organisation of the Year award winner
- Many positive reviews and happy customers
- Specialist in life cover for over 50s
- Competitive cover from £5 per month
- Smart Health services offered at no extra cost
- Online virtual assistant can make changes to your policy and offer additional resources
- Useful online life insurance calculator available
- Tesco gift card offered to new customers
- Also offers general life insurance and critical illness life insurance
Website: Churchill
Read the full Churchill over 50s life insurance review.
4. Coop
- A long established, trusted brand since 1844
- One of the world’s largest consumer co-operatives
- Competitive monthly payments from £3.95
- Acceptance guaranteed if you are a 50 to 80 year old UK resident
- 5% off life cover for members for the term of the policy
- £50 Co-op Food vouchers when you buy a new life cover policy
- Payment holidays offered
- Terminal illness cover included at no extra cost
- A large range of insurance offerings including car, home, life, travel, buildings, pet, breakdown and young driver insurance
- Also offers general life insurance and critical illness life insurance
Website: Coop
Read the full Coop over 50s life insurance review.
5. Covea
- A global commercial insurer
- Over 5 years heritage in the market
- Specialist insurance products for members of HM Armed Forces
- Award winning claims service
- Guaranteed acceptance
- Some positive reviews and feedback from happy customers
- UK customer support team available 24/7
- Other products include car and home insurance and accident protection
- Also offers general life insurance and critical illness life insurance
Website: Covea
Read the full Covea over 50s life insurance review.
6. Direct Line
- A well-known brand offering a large portfolio of insurance products
- Defaqto 5 Star rating
- An informative website with decent supporting documentation
- Existing customers receive a 7% discount
- Competitive premiums from £5 per month
- Policy provided by AIG
- 99% of claims paid out
- For UK residents aged between 50 and 85 (81 if you smoke)
- Guaranteed acceptance
- Medical or health assessments not required
- Gift card worth up to £180 for new customers
- Other products include car, home, business, travel, pet and landlord insurance
- Also offers general life insurance and critical illness life insurance
Website: Direct Line
Read the full Direct Line over 50s life insurance review.
7. Legal & General
- A popular, trusted brand, founded in 1836
- One of the UK’s largest providers of life insurance
- 5 Star Defaqto rated
- 2020 Moneyfacts award winner
- A large range of individual life assurance products to choose from
- Competitive premiums from £5 per month
- For UK residents aged 50-80
- Acceptance is guaranteed with no medicals required
- Helpful online life insurance calculator
- A well informed website with decent FAQs and supporting information
- Free £100 M&S or Amazon gift card for new customers
- Also offers general life insurance, mortgage, critical illness and income protection life insurance
Website: Legal & General
Read the full Legal & General over 50s life insurance review.
8. One Family
- A mutual society with a growing reputation for good business
- 5 Star Defaqto Rating
- Excellent customer reviews and feedback
- Specialists in over 50s life insurance products
- For UK residents between 50 and 80
- Acceptance is guaranteed without the need for a medical examination
- Premiums start from £8 per month
- Serious Illness, Terminal Illness and Funeral Funding built in
- A range of investment, mortgage and insurance products also offered
- An informative website with helpful information and online resources
Website: One Family
Read the full One Family over 50s life insurance review.
9. Post Office
- A trusted and well-respected brand, owned by UK Government Investments
- Voted Best Online Life Insurance Provider 2019 by YourMoney.com
- For UK residents aged 50 to 80
- No need of a medical examination
- Monthly premiums are from £7 per month
- A large range of financial and related services offered
- Life insurance policy is provided by The Royal London Mutual Insurance Society Limited
- An informative website with useful links, FAQs and an online Life Insurance Calculator
- Free £50 Argos, M&S or Amazon Gift Card for new customers
- Also offers general life insurance, mortgage and critical illness life insurance
Website: Post Office
Read the full Post Office over 50s life insurance review.
10. Royal London
- A popular, well established and respected brand
- The UK’s largest mutual life and pensions company
- 2020 Platinum Trusted Service award winner
- Some excellent online reviews from happy customers
- A large range of insurance, pension, investment, retirement and funeral products offered
- For UK residents aged 50 to 80 years old
- Monthly premiums from £3.95 a month
- Acceptance is guaranteed with no medical required
- A helpful website with decent access to FAQs and online resources
- Also offers general life insurance, critical illness, mortgage, income protection and whole life insurance
Website: Royal London
Read the full Royal London over 50s life insurance review.
11. Sainsbury’s Bank
- A trusted British brand
- Britain’s longest standing Supermarket Bank
- Good customer feedback and reviews
- A quick, simple online process
- Most life insurance products offered
- Related services include loans, savings, insurance, travel money and credit cards
- Also offers general life insurance, mortgage, critical illness and whole life insurance
Website: Sainsbury’s Bank
Read the full Sainsbury’s Bank over 50s life insurance review.
13. Sunlife
- A popular, trusted brand name
- Long established and credible for over 200 years
- Specialists in insurance, equity release and funeral protection products for Over 50s
- The first company in the UK to offer life insurance without a medical
- Acceptance guaranteed with no lifestyle questions
- For UK residents aged 50 to 85
- Competitive monthly premiums from just £3.70
- Excellent customer reviews and a highly recommended company
- A helpful, informative and easy to understand website
- 5 Star Defaqto Rating
- Free £110 gift card offered to new customers
- Over 60s plans also offered
Website: Sunlife
Read the full Sunlife over 50s life insurance review.
What is over 50 life insurance?
Over 50s life insurance is a type of life insurance for anyone aged over 50. You pay for this kind of life insurance with regular monthly instalments and when you die, it pays out a lump sum. The money could be used towards your funeral costs, to pay off any existing debts or simply as a gift to leave your loved ones.
Usually you will need to be a UK resident, aged 50 to 80 to qualify and sometimes you’ll need to have a medical or show a doctor’s report. It is worth keeping in mind that taking out an over 50s policy is more about the stage in life you’ve reached, and your changing circumstances like your financial security, rather than just your age.
You choose the premium that you want to pay and can afford each month, and the cash amount that pays out is thus determined accordingly.
How does over 50 life insurance work?
An over 50s plan pays out a lump sum payment after you have passed away. It can work as a helping hand to your family such as to help with funeral costs, bills that need to be paid, or to allow you to leave some money to your children or grand children when you pass away.
Usually you are guaranteed to be accepted for a plan if you are aged between 50 and 80 years old, but this varies from provider to provider. You can have more than one over 50s plan and beneficiaries can make multiple life insurance claims when you die. However, providers do restrict the maximum amount of life cover allowed per person, which ultimately means there are limitations on the number of over 50 plans you can have.
Premiums are paid until you pass away, at which point your estate will receive the lump sum agreed; or premiums are paid until you (usually) reach 90 years old, and then you will no longer have to pay your premiums, but your estate will still receive the agreed lump sum when you die.
How much does over 50 life insurance cost?
Over 50s life insurance will usually cost you more than regular insurance. That’s because as you age, you typically have more health conditions, and are likely to develop more as you get closer to reaching your life expectancy. That said, monthly premiums for over 50s life insurance, which are usually fixed and do not go up, can typically be from £5 per month, which equates to 16p a day.
This cost can vary significantly depending on where you fall on the age spectrum, as well as your lifestyle and overall health. Since over 50s life insurance is often bought to help your family pay for funeral costs – which on average in the UK is £4,417 – monthly premiums and thus payouts are designed to equate to this amount.
Most insurers set a limit on the premiums you can choose from. For example, you could choose to pay between £5 and £100 a month.
What is the best life insurance for those over 50?
As with all life insurance policies, the type of cover you get and the amount you pay will depend mostly on your personal circumstances. To find the best life insurance policy for over 50s, start by getting quotes from the best life insurance companies in the market, comparing the size of the payout and the length of the cover.
The price of life insurance for over 50s varies from person to person. The quotes you get will be based on your age, how much cover you want, how long you want it for, and your medical history. Your fixed payout will be based on how much you pay for your policy, and your age. The older you are, the lower your payout will be.
Most insurers set a limit on the premiums you can choose from. For example, you could choose to pay between £5 and £100 a month.
Why buy life insurance when you’re over 50?
Over 50s life insurance is a really affordable and popular way to help cover funeral costs or leave a cash gift for loved ones. You pay a little each month and get a cash payout when you die. Usually you are fully covered after just one year, so the cash will payout your chosen amount when you die.
The big advantage of an over 50s policy is that acceptance is guaranteed. You usually don’t have to answer any health questions or pass any medical test. So if you have already been diagnosed with a medical condition, you’re a heavy smoker or are seriously obese, you will still get an over 50s plan.
This is not always the case with regular life insurance products. The age range for qualification is normally between the ages of 50 and 80, or sometimes even 85 depending on the policy.
* Please note we are a Shepherds Friendly affiliate.