Best over 50s life insurance in the UK 2025

Why you can trust our over 50s life insurance reviews

We specialise in life and health insurance in the UK and base our reviews on detailed analysis of each insurer’s policy documents, alongside tens of thousands of verified customer reviews. Our work is independent, data-led and designed to help you understand how life policies really work.

• Independent and impartial - no commercial ties with insurers
• 20 over 50s life insurance products and 300+ policy features analysed
• 30+ years’ insurance experience and CII-qualified experts

What is the best over 50s life insurance in 2025?

We reviewed the full range of over 50s life insurance providers and plans that are currently available in the UK. The providers listed in our top ten are those that scored highest on the criteria that our experts feel are most important to the over 50s age group.

Having analysed the latest product data and policy features, our highest-rated over 50s life insurance providers in 2025 are:

1. SunLife

myTribe rating: 5.0

Policy reviewed: SunLife Guaranteed Over 50 Plan

What it's good for: Higher cover amounts, older individuals, customer service, quicker full cover

What are the key takeaways from our SunLife review?

The SunLife Guaranteed Over 50 Plan is our top rated over 50s life insurance plan for 2025.

It boasts high customer satisfaction levels and has the broadest joining criteria - its the only over 50s life plan that caters for those between the ages of 80 and 85. The ability to choose up to £18,000 of life cover makes it suitable for those wanting to leave a more meaningful gift, pay for a bigger funeral or provide a financial cushion for loved ones. SunLife’s only drawbacks are a lack of extra options and benefits and a slightly longer premium ceasing age.

Key product details

• Policy starting ages:

  49-85 years old

• Cover amount:

  £500 - £18,000

• Monthly premium:

  £4 minimum, £100 maximum

• Full life cover:

  After one year

• Premiums stop:

  At age 95

Compare Quotes

Why SunLife’s over 50s life insurance might work for you

• You can choose a cash payout amount up to £18,000, which is a more generous maximum limit than many other over 50s plans.
• With monthly premiums starting as low as £4, it should be accessible for most budgets.
• SunLife has the broadest range of joining ages on the market, you can take out a policy between the ages of 49 and 85.
• The full life cover amount kicks in after just one year.
• There’s some built-in flexibility. You can reduce your premium once after your policy starts, which is handy if your finances become stretched.
• SunLife includes unlimited free access to RedArc’s nurse-led wellbeing services as an extra perk. This cover ranges from bereavement counselling to lifestyle advice, not just for you, but also for your partner and any children living at home.
• SunLife has excellent customer satisfaction with a 4.8 out of 5 Trustpilot rating from 22,793 reviews (1st December 2025). Furthermore, 88% of customers give it the full five stars.

Why SunLife’s over 50s life insurance might not work for you

• You’ll need to keep paying premiums until the policy anniversary after your 95th birthday, unless you pass away earlier, which may not appeal to those wanting shorter payment periods.
• The accidental death benefit (if you pass away due to an accident in the first year) is just the standard cover amount.
• The SunLife life cover is relatively basic. There are no extra options or features such as joint life cover, inflation-linked cover or a funeral benefit.

Sources:

• SunLife website
• SunLife Terms and Conditions
• SunLife Trustpilot profile

2. OneFamily

myTribe rating: 5.0

Policy reviewed: OneFamily Over 50s Life Cover

What it's good for: Higher cover amounts, shorter premium payment period, terminal illness benefit

What are the key takeaways from our OneFamily review?

OneFamily scored five stars in our 2025 review of the best Over 50s Life Cover. It offers a well-rounded package of benefits with some unique features. 

The amount of life cover you can get depends on your age when you take out the policy. While the OneFamily Over 50s life insurance generally keeps things simple, it includes thoughtful extras that aren’t commonly found in similar plans, most notably terminal illness cover. The main downsides are lower maximum cover for younger policyholders and a full payout that only kicks in after two years.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  £20,000 (£10,000 for 50-59 year olds)

• Monthly premium:

  £10 minimum, £75 maximum

• Full life cover:

  After two years

• Premiums stop:

  At age 90

Compare Quotes

Why OneFamily’s over 50s life insurance might work for you

• The maximum guaranteed lump sum for those aged 60 and over is £20,000, which could appeal if you want higher cover.
• You stop making payments when you reach 90.
• Terminal illness cover comes as standard. If you’re diagnosed with a terminal illness, you can claim the full benefit amount early.
• OneFamily’s accidental death benefit during the first two years is very generous, paying three times your cover amount, up to a maximum of £48,000.
• There’s a Funeral Funding feature, which means OneFamily will make a £300 contribution towards a funeral through Golden Charter.
• Policyholders and their immediate family can get free access to RedArc’s personal support service, which offers practical, emotional and health-related help.
• Customer feedback is reassuring, with OneFamily holding a Trustpilot rating of 4.3 out of 5 based on 3,998 reviews (1st December 2025).

Why OneFamily’s over 50s life insurance might not work for you

• If you’re aged 50 to 59 the maximum life cover is capped at £10,000.
• The full payout only applies after the policy has been in place for two years.
• Although there’s some flexibility to reduce your premiums if your financial situation changes, you can only do so once you have held your policy for at least four years.
• OneFamily doesn’t offer joint life cover and you can’t choose inflation-linked cover either.

Sources:

• OneFamily website
• OneFamily Terms and Conditions
• OneFamily Trustpilot profile

3. Aviva

myTribe rating: 5.0

Policy reviewed: Aviva Over 50s Life Insurance

What it's good for: Higher cover amounts, quicker full cover, shorter premium payment period, health and wellbeing perks

What are the key takeaways from our Aviva review?

Aviva is one of just five providers that gained a five-star rating in our 2025 review of over 50s life insurance. 

Crucially, it combines quick access to full cover after one year with a relatively short premium payment period. The amount of cover you can get depends on how much you choose to pay each month, but with a maximum premium of £100 it could be particularly suitable for those seeking higher amounts. Where Aviva falls short is in its lack of flexibility to make changes. So if you value the freedom to reduce your premiums in the future, you’ll need to look elsewhere.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  Determined by the monthly premium you choose

• Monthly premium:

  £5 minimum, £100 maximum

• Full life cover:

  After one year

• Premiums stop:

  At age 90, or after 30 years

Compare Quotes

Why Aviva’s over 50s life insurance might work for you

• Aviva’s high maximum premium means it can offer larger cover amounts than many of its competitors, making it an option for those wanting greater cover.
• You’ll stop paying your premiums after 30 years, or when you reach age 90, whichever happens first.
• The full life cover becomes payable if you pass away after 12 months.
• Aviva provides access to some excellent health and wellbeing services via its DigiCare+ app. These include an annual health check, mental health support, nutrition advice, second medical opinions and access to the Bupa Anytime HealthLine.
• Aviva has a Trustpilot customer score of 4.3 out of 5 based on 53,592 reviews (1st December 2025). However, you should note that this covers all of its products, not just over 50 life insurance plans.

Why Aviva’s over 50s life insurance might not work for you

• There’s no flexibility. Once your policy is in place, you can’t make changes, including reducing your premiums.
• If you suffer an accidental death during the first 12 months of the policy, there’s no enhanced payout - just your standard cover amount.
• There’s no funeral benefit option, joint life cover or inflation-linked benefit, which some other providers offer.

Sources:

• Aviva website
• Aviva Terms and Conditions
• Aviva Trustpilot profile

4. Shepherds Friendly

myTribe rating: 5.0

Policy reviewed: Shepherds Friendly Over 50s Life Insurance

What it's good for: Flexibility, shorter premium payment period

What are the key takeaways from our Shepherds Friendly review?

Shepherds Friendly scored the maximum five stars in our 2025 review of the best over 50s life insurance providers.

The Shepherds Friendly Over 50s life insurance plan mixes simplicity with flexibility. While over 50s life plans aren’t renowned for their flexibility once a policy starts, Shepherds Friendly allows you to reduce your monthly premium at any time, which can be especially useful if your financial situation changes. The main drawback is that you’ll have to wait two years for the full life cover to apply, unless death is caused by an accident, in which case you're fully covered from day one.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  Determined by the monthly premium you choose

• Monthly premium:

  £10 minimum, £50 maximum

• Full life cover:

  After two years

• Premiums stop:

  At age 90, or after 30 years

Compare Quotes

Why Shepherds Friendly’s over 50s life insurance might work for you

• Your premiums are payable for 30 years, or until you reach 90, whichever comes first.
• You can reduce your monthly premium at any time, as long as it doesn’t drop below the £10 minimum.
• You can add a funeral benefit option, which gives you a £250 discount on the cost of a funeral with Co-op Funeralcare.
• A welcome extra perk is access to the National Bereavement Service, a not-for-profit organisation that offers emotional support and practical advice to your loved ones after your death.
• Shepherds Friendly has a Trustpilot score of 4.1 out of 5 based on 868 reviews (1st December 2025). While not the highest, it still reflects a good level of satisfaction among policyholders, with many highlighting its ease of setup and helpful customer support.

Why Shepherds Friendly’s over 50s life insurance might not work for you

• The full life cover only becomes payable after you’ve held the policy for two years.
• The accidental death benefit during the first two years of the policy is equal to your cover amount, which is less generous than some other providers.
• Shepherds Friendly doesn’t offer joint life or inflation-linked cover on its over 50s life insurance, which some people may prefer.

Sources:

• Shepherds Friendly website
• Shepherds Friendly insurance plan summary
• Shepherds Friendly Terms and Conditions
• Shepherds Friendly Trustpilot profile

5. British Seniors

myTribe rating: 4.5

Policy reviewed: British Seniors Over 50s Life Insurance

What it's good for: Couples, inflation-linked cover, customer service, quicker full cover

What are the key takeaways from our British Seniors review?

British Seniors scored highly in our 2025 review of over 50s life insurance, earning it four and a half stars.

If you’re after flexibility and more options than the average over 50s life plan, British Seniors could be worth a look. It’s not the most straightforward policy, but that’s because it offers more ways to tailor cover to your needs, including joint life and increasing benefit options. British Seniors also has the best customer service rating of all the providers in this guide. The main disadvantages are that you’ll need to keep paying your premiums until age 95, and there’s a more restrictive cover limit of just £6,000 if you are aged 75 to 80.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  £10,000 maximum (age 50-69), £9,000 (age 70-74), £6,000 (age 75-80)

• Monthly premium:

  From £4.52

• Full life cover:

  After one year

• Premiums stop:

  At age 95

Compare Quotes

Why British Seniors' over 50s life insurance might work for you

• There’s early full life cover, which applies once you’ve held the policy for a year.
• British Seniors will pay an enhanced accidental death benefit of double your cover amount if you die because of an accident during the first year.
• British Seniors is the only provider in our top 10 that allows you to increase your life cover after the policy has started, although you will face a new deferred period before the increased amount applies.
• It's one of the few insurers to offer joint life over 50s life insurance policies.
• You can choose an increasing benefit, where your cover rises by 3% of your initial benefit amount each year to help keep pace with inflation. Your premiums will go up by 4.5% of your starting premium annually.
• It includes a funeral benefit option, where British Seniors will contribute £300 towards funeral costs with Willowbrook Funeral Services.
• There are several value-added extras, such as a free will kit and access to health and wellbeing services through Medipartner. This includes remote GP appointments, mental health support and nutritional advice.
• When it comes to customer service, British Seniors’ Trustpilot rating suggests you’re in safe hands. It scores an almost perfect 4.9 out of 5, based on 30,425 reviews (1st December 2025), the highest customer rating among our top 10 providers.

Why British Seniors' over 50s life insurance might not work for you

• You’ll need to pay premiums until age 95, which might not suit everyone, especially as some providers stop premiums at 90, or after a specified period of making payments.
• The maximum cover amount is limited to just £6,000 if you are aged 75 to 80, which could prove insufficient for some.

Sources:

• British Seniors website
• British Seniors Policy Terms and Conditions
• British Seniors Trustpilot profile

6. Legal & General

myTribe rating: 4.5

Policy reviewed: Legal & General Over 50s Fixed Life Insurance

What it's good for: Quicker full cover, shorter premium payment period

What are the key takeaways from our Legal & General review?

Legal & General performed well in our 2025 over 50s life insurance ratings, earning it a myTribe rating of four and a half stars.

Legal & General delivers in the areas that matter most to people looking for over 50s life insurance, namely quick full cover and a relatively early premium ceasing age. It's a no-frills product in many ways, offering solid cover and a couple of extra health and wellbeing perks that can add extra value. Its main disadvantage is the lack of additional features and options and a low maximum amount, which may be difficult to overlook for those that require greater life cover.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  £10,000 maximum

• Monthly premium:

  £5 minimum, £75 maximum

• Full life cover:

  After one year

• Premiums stop:

  At age 90

Compare Quotes

Why Legal & General's over 50s life insurance might work for you

• The full cover is payable after one year, or sooner if you pass away due to an accident.
• Your premiums stop when you reach 90 years of age.
• There is some flexibility to reduce your premiums once you’ve had your policy for a year.
• You can add a funeral benefit option, which pays an extra £250 towards your funeral if your cash sum is paid directly to Dignity Funerals.
• There are a couple of handy extras, such as access to RedArc for health and wellbeing support for you and your household, plus the Care Concierge service, which offers expert guidance on finding later-life or adult care services.
• Legal & General has a strong reputation for good customer service. It has a Trustpilot score of 4.3 out of 5, based on 26,869 reviews (1st December 2025), although this is across its full range of financial products, not just its over 50s life insurance.

Why Legal & General's over 50s life insurance might not work for you

• The maximum cash sum of £10,000 is lower than some policies, so it may not be a suitable option if you are looking to maximise the amount of cover that an over 50s policy can provide.
• You won't get an enhanced accidental death benefit during the first year of the policy, you’ll just receive your full cover amount.
• Legal & General doesn’t provide a joint life policy option or allow you to increase your benefit in line with inflation, so the ability to tailor your cover is limited.

Sources:

• Legal & General website
• Legal & General policy summary
• Legal & General Terms and Conditions
• Legal & General Trustpilot profile

7. Post Office

myTribe rating: 4.5

Policy reviewed: Post Office Over 50s Life Cover

What it's good for: Quicker full cover, couples, inflation-linked cover, protected benefit

What are the key takeaways from our Post Office review?

In our 2025 over 50s life insurance ratings, Post Office gained a four-star myTribe rating.

Post Office over 50s life cover is actually underwritten by Aviva, though it differs markedly from Aviva’s own plan. There are lots of positives, such as a Protected Benefit that offers some reassurance if you can’t see the policy through to the end. There’s also a decent range of options to tailor your cover. Post Office is one of the few providers with tiered cover levels based on your age when you take out the policy. The maximum benefit is lower for those over 70, which may make it less attractive to older applicants who want higher cover. The other main drawback is that premiums continue until you reach 95, longer than some of its rivals.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  £1,000 - £10,000 (age 50-69), £9,000 maximum (age 70-74), £6,000 maximum (age 75-80)

• Monthly premium:

  Based on the cover level chosen

• Full life cover:

  After one year

• Premiums stop:

  At age 95

Compare Quotes

Why Post Office's over 50s life insurance might work for you

• The full life cover amount comes into force after just one year.
• If you die due to an accident during the first year, the policy pays double the life cover amount.
• You can select joint life cover if you are looking for an over 50s life policy with your partner.
• There’s an increasing benefit option which automatically raises your initial benefit by 3% each year, with premiums increasing by 4.5% of the original amount.
• If your premiums ever feel unaffordable, you can reduce them as long as your cover amount doesn’t go below £1,000.
• A Protected Benefit is included. If you get halfway through paying for your cover you can stop your premiums, and your loved ones will still receive half the original payout.
• You get added value with access to online or phone GP services, plus health and wellbeing support through Medipartner, including emotional and compassionate support.
• You can add a free funeral benefit option which pays up to £250 towards a funeral with Co-op Funeralcare.

Why Post Office's over 50s life insurance might not work for you

• The maximum benefit is limited to £10,000, and that’s only available if you're aged 50 to 69.
• From age 70 onwards, the maximum payout reduces, dropping to £6,000 for those aged 75–80. Some older applicants may want a higher cover amount.
• You’ll need to keep paying your premiums until you are 95.

Sources:

• Post Office website
• Post Office Policy Terms and Conditions

8. Sainsbury’s Bank

myTribe rating: 4.5

Policy reviewed: Sainsbury’s Bank Over 50s Life Insurance

What it's good for: Quicker full cover, shorter premium payment period, inflation-linked cover

What are the key takeaways from our Sainsbury’s Bank review?

Sainsbury’s Bank ranked eighth in our review of the best over 50s life insurance achieving a four and a half star rating.

Its over 50s life insurance plan operates through a partnership with Legal & General. Sainsbury’s Bank combines quick full cover after a year with a fairly short premium payment period, which will tick the right boxes for many over 50s. One of the main attractions is the ability to choose either a fixed or an increasing plan, depending on whether you want the final payout to keep in line with inflation. The main disadvantage is the low maximum level of cover, capped at £10,000, which may prove too restrictive for some people.

Key product details

• Policy starting ages:

  50-80 years old

• Cover amount:

  £10,000 maximum

• Monthly premium:

  £5 minimum, £75 maximum

• Full life cover:

  After one year

• Premiums stop:

  At age 90

Compare Quotes

Why Sainsbury’s Bank’s over 50s life insurance might work for you

• The full life cover amount you select kicks in after just one year.
• If you reach 90 years of age, you'll remain covered, but you won't need to pay any more monthly premiums.
• You can opt for an increasing plan, so your cash sum is reviewed each year to keep pace with inflation, based on the Retail Prices Index (RPI). Your premium will also rise annually, calculated by multiplying the RPI change by 1.5, and capped at 15% per year.
• There is some flexibility to lower your premiums if you’ve had your plan for a year.
• It includes extra benefits such as access to Legal & General’s wellbeing services, mental health support and second medical opinions, and its Care Concierge, which provides help with later life care options.
• Sainsbury’s Bank has a Trustpilot rating of 4.2 based on 17,137 reviews (1st December 2025), which is deemed to be “great”. However, this rating reflects customer feedback across all of its financial products, not specifically its over 50s life insurance.

Why Sainsbury’s Bank’s over 50s life insurance might not work for you

• The maximum lump sum of £10,000 could be too low for those who need to leave a bigger payout.
• The accidental death benefit during the first year of the policy is just the full cover amount.
• Sainsbury’s Bank doesn’t provide a joint life policy option for couples looking for combined life cover.

Sources:

• Sainsbury’s Bank website
• Over 50’s Life Insurance Policy Terms and Conditions
• Fixed and Increasing Policy Summary
• Legal & General Wellbeing Support Services Guide
• Sainsbury’s Bank Trustpilot Profile

9. Scottish Friendly

myTribe rating: 4.0

Policy reviewed: Scottish Friendly My Mutual Guaranteed Over 50s Plan

What it's good for: Reduced cash benefit, shorter premium payment period

What are the key takeaways from our Scottish Friendly review?

Scottish Friendly was rated four stars by our experts for its over 50s life insurance in 2025.

A key difference with the Scottish Friendly over 50s life insurance plan is that it gives you the opportunity to reach your full payout amount and stop premiums early. A portion of each monthly premium is invested into Scottish Friendly’s with-profits fund; depending on how well this fund performs, you may reach your full benefit amount before the standard end age of 90. However, there are some limitations, notably a lower maximum joining age, no flexibility to make changes later on and a two-year qualifying period before you’re fully insured.

Key product details

• Policy starting ages:

  50-74 years old

• Cover amount:

  £2,000 - £20,000

• Monthly premium:

  £7 minimum, £50 maximum

• Full life cover:

  After two years

• Premiums stop:

  At age 90 (potentially earlier depending on investment performance)

Compare Quotes

Why Scottish Friendly's over 50s life insurance might work for you

• The maximum cover amount of £20,000 is more generous than many other over 50s life plans.
• There is a reduced cash benefit, which means that if you stop paying your premiums after 5 years your beneficiaries will still receive a proportion of your cover when you pass away.
• Depending on how the Scottish Friendly with profits fund performs, you could reach your full benefit amount sooner and stop paying premiums before the original end age of 90.
• Once you reach 80, Scottish Friendly sends annual statements showing your payments and any changes to your projected premium end date.

Why Scottish Friendly's over 50s life insurance might not work for you

• The plan has a two-year qualifying period before the full benefit is payable. If death occurs due to an accident during this time, the policy will pay out the full amount.
• It has tighter age restrictions than other providers, with eligibility ending at age 74, compared to age 80 or 85 with other insurers.
• Scottish Friendly doesn’t offer the option to add a funeral benefit, and there are no additional extras like health or wellbeing support.
• You can’t adjust your cover or premiums once your policy is in place, so what you start with is what you keep.
• Scottish Friendly has a Trustpilot rating of 3.7 out of 5 based on 3,045 customer reviews (1st December 2025), which is lower than most other providers in our guide.

Sources:

• Scottish Friendly website
• Scottish Friendly Terms and Conditions
• Scottish Friendly Trustpilot profile

10. NatWest

myTribe rating: 4.0

Policy reviewed: NatWest Guaranteed Sixty-Plus Life Insurance

What it's good for: Protected cash benefit, shorter premium payment period, inflation-linked cover

What are the key takeaways from our NatWest review?

NatWest achieved a four-star myTribe rating in 2025 for its over 50s life insurance plan.

NatWest’s Guaranteed Sixty-Plus Life Insurance, provided by Aviva, is designed for 60-80 year olds, so it won’t be an option if you’re in your 50s. However, it works like other 50s life insurance plans, just with a higher minimum joining age. It's one of the few insurers that lets you choose a fixed sum or increasing cover if you’re worried about inflation. There’s also some in-built benefit protection, so you will still be insured for a reduced amount if you have to stop paying your premiums. Less appealing is the longer qualifying period of two years before full life cover is payable.

Key product details

• Policy starting ages:

  60-80 years old

• Cover amount:

  Determined by the monthly premium you choose

• Monthly premium:

  £5 minimum, £50 maximum

• Full life cover:

  After two years

• Premiums stop:

  At age 90

Compare Quotes

Why NatWest's over 50s life insurance might work for you

• You can stop paying your monthly premiums when you reach 90.
• Increasing cover is available, providing peace of mind that you can guard against the effects of inflation.
• There is some benefit protection which means that if you have to stop paying your premiums halfway through the policy, you can still be covered for a lower amount.
• If you die as a result of an accident within the first two years, your loved ones will receive an enhanced payout of three times your cover amount.

Why NatWest's over 50s life insurance might not work for you

• The joining age of 60 is higher than that of other insurers, so if you're in your 50s you can’t apply.
• The maximum monthly premium of £50 is low compared to many other insurers.
• The full life cover amount is only payable after you have had the policy for two years.
• There is no option for joint life cover.

Sources:

• NatWest website
• Guaranteed Sixty-Plus Life Insurance - Key Facts
• Guaranteed Sixty-Plus Life Insurance - Product Details

Which other providers offer over 50s life insurance?

In addition to the top 10 providers in our best over 50s life insurance guide, some other companies offer similar cover that you may want to consider. These include:

• Co-operative Insurance
• National Friendly
• National Assurance
• TSB
• Santander
• Forever Assured
• Cover Today
• Royal Bank of Scotland
• Ulster Bank

Over 50s life insurance is a type of whole of life policy designed specifically for people aged between 50 and 85. It’s a more straightforward option than traditional life insurance, with fewer hoops to jump through. The two main attractions of over 50s life insurance are:

• Guaranteed acceptance:  Anyone can get an over 50s life insurance policy without the need to answer any health questions or have a medical examination. You just need to meet the provider’s age criteria and be a permanent UK resident. Whereas traditional life insurance policies may be prohibitively expensive or unavailable if you're older and in poor health or have had medical issues in the past, this won’t be an obstacle to getting over 50s life insurance.

• Guaranteed payout:  As long as you continue to pay the monthly premiums, your loved ones will receive a cash lump sum when you pass away. There’s usually a short waiting period before the full cover kicks in, but once you have gone beyond this you’ll have peace of mind that your loved ones will be guaranteed a payout whenever you die. That’s a key difference from term life insurance, which only pays out if you die within a set timeframe.

While an over 50s life insurance payout can be used however your loved ones choose, it's most commonly put towards funeral costs or left as a modest financial gift. According to Swiss Re’s Term & Health Watch 2025, the average over 50s life cover amount is £4,069, which is roughly in line with the average cost of a simple attended funeral, which stands at £4,285 (source: SunLife Cost of Dying 2025 Report).

What does guaranteed acceptance mean?

You’ll often see “guaranteed acceptance” or “no medical” highlighted as a key feature of over 50s life insurance, and for good reason. It means that you’re guaranteed to be accepted for an over 50s life policy, regardless of your medical history. Unlike traditional life insurance there’s no medical underwriting to assess your risk, so you won’t face any medical questions or have to undergo a health check.

Even if you are in poor health you won’t be turned away or charged extra because of it. To get cover you’ll just have to provide a few details such as your age and whether you smoke. It makes over 50s life insurance a hassle-free way to put some financial protection in place for your loved ones, without worrying about your health getting in the way.

Over 50s life insurance is pretty easy to purchase and manage. Here's a step-by-step explanation of how it works:

• Check if you’re eligible. You have to be aged between 50 and 85 years to take out an over 50s life insurance policy. You’ll also need to be a UK resident.
• Compare your options to find the insurance provider and policy that's most suitable for your needs. Many insurance companies offer slightly different over-50s life insurance policies, so examine the options and features carefully.
• Choose a provider. Ensure you strike a balance between the amount of cover you want and a monthly premium that you can afford to pay now and into your later years. Don't worry about answering questions about your health as acceptance is guaranteed.
• You're covered. Once your policy starts you can relax and enjoy the peace of mind that over 50s life insurance brings. Most policies include a short waiting period before the full payout applies, but accidental death is usually covered immediately. Remember, if you stop paying premiums, your cover will stop too.
• Tell your loved ones that you have an over 50s life insurance plan and share your policy documents with them. When you pass away, they will need to call your insurer to make the claim.
• Your loved ones receive their lump sum payout from the provider. They can use this payout to pay funeral costs, settle unpaid bills, or use it for any other purpose they choose.

When you’re ready to compare over 50s life insurance it's worth knowing that not all policies are the same. While they share some core features, there are a few important differences between providers that could affect how suitable a policy is for you. Some of the main features to look out for are:

Waiting period: There’s usually a waiting or qualifying period before your full over 50s payout is guaranteed. This varies between providers but is usually either one or two years. The shorter the waiting period, the sooner you're fully covered. If you pass away from natural causes during this time, your insurer will usually refund the premiums you've paid rather than pay out the full cover amount.

Accidental death benefit: Over 50s life insurance includes an accidental death benefit, which means if you die because of an accident during the waiting period, the full payout will still be made. Some insurers go a step further, offering double or even triple the cover amount if death is caused by an accident. It's worth checking how generous each provider is with this benefit.

Premium ceasing age: Most over-50s life insurance policies specify an age at which you will stop paying premiums. This is typically when you reach 90 or 95, or after a fixed period, such as 30 years of continuous payments, whichever comes first. However, not all insurers offer this type of structure. Some policies require you to keep paying premiums indefinitely, right up until you pass away. This can make your cover much more expensive over the long term, especially if you live well into your 90s or beyond. The good news is that all the providers featured in our top 10 have a built-in premium stop date, so you won’t be left paying premiums for life.

Funeral benefit option: Some over 50s life insurance policies offer a funeral benefit option, which allows your payout to be paid directly to a specified funeral provider when you pass away. In return, the provider will contribute an additional amount, typically a few hundred pounds, towards your funeral costs. This can ease the financial burden on your loved ones and ensure your payout goes towards covering funeral expenses. It’s worth checking if this option is included automatically or if you need to opt in.

Protected benefits: Although it’s a relatively rare feature, a few insurers include a protected benefit to provide a safety net if you need to end your policy early. If you’ve paid at least half of your total premiums and then cancel the policy, it will still pay out a portion, usually at least half, of your original cover amount when you pass away. It offers peace of mind that your payments haven’t gone entirely to waste if you can’t keep up your premiums in later years.

Our own research found that the average monthly cost of over 50s life insurance is £29.45 for cover of £4,285 (enough to pay for the average cost of a simple attended funeral). The average non-smoker cost is £24.42 and £35.41 for smokers.

The cost of over 50s life insurance will ultimately depend on your own situation, based on four main factors:

1. Your age: The older you are when you take out an over 50s life insurance plan the more expensive your premiums. For example, the average cost of over 50s life insurance increases from £14.87 for a non-smoker aged 50 years to £44.60 for someone aged 75 years (based on a sum assured of £4,285).
2. How much cover you need: Leaving a larger cash sum for your beneficiaries means you’ll pay a higher premium. 
3. Whether you smoke: If you smoke (or have only recently stopped smoking) you’ll pay more for your over 50s life plan. Our research found that on average smokers typically pay between 39% and 72% more for over 50s life insurance compared to non-smokers. The difference gets larger with age, reflecting the higher risk associated with smoking as people get older.
4. Your provider: Every over 50s life insurance product is different, with variations in the features on offer, such as funeral benefits or protected payouts. Each policy will be priced to reflect the range of options available, so make sure you choose the life insurance policy that is right for you and avoid paying for features you don't need.

How long does it take for over 50s life insurance premiums to exceed the payout?

As we have mentioned previously, one of the biggest disadvantages of over 50s life insurance is that the total premiums paid during the lifetime of the policy could exceed the final payout when you pass away. It’s something that can make over 50s life insurance poor value for money. So how long do you have to pay for an over 50s life insurance before this becomes an issue?

As the table below shows, the speed at which your premiums will exceed the total benefit amount will vary depending on your age and whether you smoke.

The older you are when you take out a policy, the sooner you'll reach the point where you've paid more in premiums than the policy will eventually pay out. Smokers hit that point significantly sooner than non-smokers due to the higher premiums they pay. On average, it takes 12.1 years (or 145 months) for an over 50s life insurance policyholder to pay more than they’ll get back, based on an average monthly premium of £29.45 for life cover worth £4,285.

Just because you're over 50, you're not necessarily limited to buying specialist over 50s life cover. Many insurance providers will still offer you traditional life insurance policies, including term life insurance or whole of life cover.

All of the disadvantages of over 50s life insurance that we have explained previously can be overcome by traditional term life insurance. Payouts are generally higher, policies tend to be more flexible, joint life policies are more common, and there are more options for increasing payouts to counter the effects of inflation. Of course, you will need to keep in mind that traditional life insurance can be more expensive once you get to the age of 50 and older, particularly if you have developed any health conditions.

The table below compares over 50s life insurance and term life insurance. It can help you understand the key differences, enabling you to decide which type of life insurance best suits your situation.

Is over 50s life insurance worth it?

Whether over 50s life insurance is worth it really depends on your personal circumstances and what you want your policy to achieve.

If you’re in poor health and would struggle to get accepted for traditional life insurance, or if the cost of that cover is too high, then over 50s life insurance can be a solution. It's most likely to appeal to those who want a guaranteed payout which can be used to cover funeral costs or provide a financial gift.

However, it’s important to weigh up the potential downsides. The main concern is value for money. Because premiums are paid up to a set age (or in some cases, until you die), there’s a real possibility you could end up paying more in than the policy pays out, especially if you live a long time. As a result, you need to be aware of, and comfortable with, the potential long-term cost of an over 50s life insurance policy.

It’s always worth comparing options and considering alternatives, such as prepaid funeral plans or saving into a dedicated account, to ensure you choose the best option for your needs. 

For specialist guidance on the right type of life insurance policy for your personal circumstances, talk to a life insurance broker. They'll show you what’s available and help you choose the best option for you. You can discuss your own situation with an experienced life insurance broker by completing our form.