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over 50s life insurance

Should I buy over 50s Life Insurance?

Over 50 life insurance is a type of life cover for anyone over the age of 50. An over 50s policy does not require you to fill out medical questions or provide a medical history, unlike standard life insurance cover.

The cash lump-sum is paid to loved ones and can be spent; however, they wish, providing the policy has been in force for typically over two years. The over 50s life insurance payout is often used to help cover funeral costs or pay off a mortgage and a great way of helping to protect your loved ones from unexpected expenses.

To ensure your life’s covered, you will be required to pay a monthly premium for the insurance policy term continually. When you pass away, a lump-sum will be paid out, and this is called ‘the payout’ or ‘the sum assured’.

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How does over 50s Life Insurance work?

Guaranteed acceptance.

Over 50s life insurance doesn’t require you to answer any health or medical questions. You are guaranteed to be accepted. Other life insurance types might ask you to complete a lifestyle questionnaire, and potentially a medical exam before the insurer will cover you.

Fixed monthly premiums.

With the majority of Over 50s life insurance plans, the premiums are fixed. ‘Fixed premiums’ means they never go up. If you take out an insurance policy today for £10 a month, that is the amount you will continue to pay throughout the agreement.

There is no cash-value attributed to an Over 50s life insurance plan, meaning, if you stop paying the premiums, you will no longer be covered and will not receive a payout should anything happen to you.

Fixed lump sum.

Over 50s life insurance plans pay out a cash lump sum when you die, no matter how long you live and that the policy is still in force and you’ve continued to pay the premiums. You choose the value of the fixed cash lump sum you would like to be delivered to your loved ones when you take out the plan. Because the payout never changes, you know exactly how much your loved ones will receive.

Your lump-sum payout may be less than the total value of the premiums you have paid, a life insurance policy should not be treated as a savings plan.

Your age.

As the name suggests, to take out Over 50s life insurance, you usually have to be aged 50 or over. There is also normally a maximum age you can take out life insurance but, this is dependent on the insurance provider. Most stop offering cover once you reach 80 years old.


We have the answers.

Have a look over our frequently asked questions, and if you can’t find what you’re looking for simply get in touch with our friendly team who are here to answer any questions you might have.

Do I need to complete a medical to take out an Over 50s Life Insurance?

There is no requirement to fill out any medical or lifestyle questionnaires to purchase an Over 50s Life Insurance plan. For people 50 – 80 years old, you are guaranteed to be accepted regardless of your medical history.

Who needs Over 50s Life Insurance?

Over 50s Life Insurance is for UK residents aged 50 – 80, and will provide your nominated dependents with a fixed cash lump sum after you die, providing that you have kept up with the monthly premiums. The fixed cash lump sum can be used for anything your dependents require but is generally used to help pay for your funeral costs.

What is the best over 50s life insurance?

Several providers can sell you an Over 50s Life Insurance policy, and the best insurance policy is subject to your needs and requirements. The insurance agents at Hilltop Finance will take all of your requirements and demands to deliver quotes from our selected providers.

How can I ensure my family get the money when I die?

The only way to be sure the right person gets your money when you die is to make a Will or write the policy into a trust and name your beneficiaries. Our team at Hilltop Finance can help with will writing and trusts. Within your Will, you should include your Over 50s insurance plan and detail who you want your life insurance payout to go to.

Why do people take out over 50 life insurance?

When reaching your 50’s peoples insurance need may have changed. Funeral costs, cover bills and leaving a financial gift to loved ones may become a priority. Furthermore, over 50s life insurance does not require any medical questions and guaranteed acceptance.