Life insurance for over 50’s – What you need to know

Over 50 life insurancePeople often think that getting life insurance when over 50 can be difficult, however, this isn’t necessarily the case.

Anyone over the age of 18 can apply for life insurance, but there are specific plans in place for those taking out insurance aged 50 plus.

If you are over 50 and looking for the best life insurance deal, read our guide below and get a life insurance quote from today.

Do I need life insurance?

People usually take out life insurance policies when they get a mortgage, get married or have children. They are encouraged to do so to ensure that their families and dependants do not suffer financially in the event of their death.

Even if you are over 50, you may still have family that rely on you financially. For example, you may be the only one who brings a salary into your household, therefore your family may struggle to keep on top of things if you were no longer around.

The Office for National Statistics show that in 2013, over 32,000 people in their 50’s passed away. Around 60% of this figure are males in their 50’s.

UK death stats


By living a healthy lifestyle, the chances of you passing away are lower. However, it is best to plan for the event of your death by taking out a life insurance policy. This will make sure your family are financially covered if you were to pass away and will provide you with peace of mind.

What could be covered?

If you are over 50, there are many benefits to having a life insurance policy. For example:

  • Funeral costs – The average funeral costs upwards of £3,000, so a pay-out from a life insurance policy could save your family having to pay these costs – it’s worth considering that the maximum state grant is less than £1,000 which won’t cover the costs – many people aren’t eligible to claim even this amount.
  • Household bills – If you leave a spouse behind when you pass away, the money paid out could help them to pay any household bills and in turn, not have to worry about them.
  • Inheritance – having a life insurance policy could allow you to leave a sum of money to members of your family as an inheritance gift or to pay any Inheritance Tax Liability you may have without taking this from your estate.

Overall, a pay-out from a life insurance policy is there so that your family will not struggle financially in the event of your death.

Cover options

The majority of life insurance policies are taken out to cover a certain period of time. This is known as term insurance. If you are over 50, you can take out this type of cover, but you may benefit more from a whole of life policy, which will pay out when you die as opposed to if you die during your policy time frame.

Learn more about the different types of life insurance here.

There are also special over 50’s life insurance policies. Below are some examples of the details of a specific over 50’s plan.

  • Guaranteed acceptance – there are no medical examinations for over 50’s cover, so it could be more beneficial for someone who has health issues.
  • Free cover – some insurance companies will offer free cover when an individual reaches a certain age, for example, 90.
  • Fixed premiums – an advantage of these policies is that the premiums are fixed, and may start from as little as £4 a month.

Here at we work with the leading UK life insurance companies to ensure that every customer can choose the best cover to meet their needs. Get a quote, or use our life insurance calculator now:

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