Best over 50s life insurance UK (2025 Reviews)
Welcome to our guide to the best over 50s life insurance plans in the UK. If you're looking for an easy way to leave your loved ones a lump sum or pay for your funeral costs after you pass away, over 50s life insurance could be a great choice. However, with so many insurance providers offering different over 50s life cover products, it can be difficult to know where to start. In this article, we'll share everything you need to know about over 50s life insurance, including five of the best policies available right now. Let's go.
What is over 50s life insurance?
When you're over 50, life insurance policies are much simpler than traditional policies.
If you're aged between 50 and your provider's maximum age (typically 80 or 85), you can take out a life insurance policy. As long as you continue to pay monthly premiums, your loved ones will receive a cash lump sum when you pass away.
While your loved ones can spend this lump sum how they wish, it's often used for:
- Funeral costs
- Paying off outstanding debts
- Financial protection at a difficult time
People like over 50s life insurance because of its simplicity. When you take out a policy, you know exactly what you'll pay in monthly premiums and the fixed lump sum your loved ones will receive when you pass away.
The other significant benefit is guaranteed acceptance. You'll be able to get a policy without any health checks or medical examination. Traditional life insurance policies may not be available if you're in poor health or have suffered from health issues in the past.
It's a guaranteed payout too, unlike conventional term life insurance policies that expire at the end of their preset period.
Finally, if you use your over 50s life insurance payout to cover funeral costs, you have that peace of mind that the burden won't fall on your loved ones at an already sad and stressful time.
How does over 50s life insurance work?
Over 50s life insurance is extremely simple to purchase and manage. Here's how it works:
- You have to be aged between 50 and 80 years to take out an over 50s life insurance policy. Some providers may allow you to purchase up to 85.
- Browse the marketplace 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.
- Choose a provider. Ensure you strike a balance between the amount of cover you want and the price of your monthly premium. Don't worry about answering questions about your health. Acceptance is guaranteed.
- You're all set. Relax and enjoy the peace of mind that over 50s life insurance brings. Remember, if you stop paying premiums, your cover will stop too.
- Tell your loved ones that you now have an over 50s life insurance policy and share your policy documents. When you pass away, they may need to call the insurance provider to make the claim.
- Your loved ones receive their lump sum, paid by the provider. They can use this payout to pay funeral costs, settle unpaid bills or however else they wish.
Top six over 50s life insurance plans
Here are six of the most popular over 50s life insurance policies available right now. This is a great way to start discovering the most suitable plan for you.
1. Scottish Friendly
Key facts:
- ‘With Profits’ fund may allow you to stop paying premiums earlier
- Prices start at 23p per day
- £100 retail vouchers rewarded after six months
One of the things that makes Scottish Friendly over 50s life insurance different (and popular) is that it gives customers the opportunity to reach their full cash sum payout amount earlier than originally planned.
A percentage of your monthly premium goes into what they call the ‘With Profits fund’. If the total fund grows fast enough, you could achieve your full benefit early and stop your monthly premiums. When you pass away, your loved ones will receive the maximum payout.
Typically, you’d finish paying when you reach 90 years of age, but this feature gives you the chance to stop potentially years earlier.
Another beneficial feature of this life policy is payment protection. If you consistently pay into your Scottish Friendly over 50s plan for five years, part of your payout will always be protected, even if you don't keep your premiums paid.
You can choose a payout between £2,000 and £20,000. Your premiums will depend on your age, smoking status, and the payout you want. Your payment is guaranteed after the first two years of membership.
2. Post Office
Key facts:
- Funeral Benefit Option in conjunction with Co-Op Funeralcare
- Protected Benefits - if you reach halfway through your cover
- Health and wellbeing support services for you and your family
The Post Office has won the Best Over 50s Life Cover Award at the YourMoney.com Personal Finance awards every year for the last 15 years. And you can see why.
Extra features include the ability to add Funeral Benefit Option at no extra cost. When you pass away, your cash payout goes directly to Co-op Funeralcare, who will take care of everything to give you the send-off you deserve. This also takes a lot of the burden of funeral planning away from your loved ones.
Post Office also offers benefit protection. As long as you get halfway through paying for your cover - the date between when you start and your 95th birthday - you can stop paying your premiums, and your loved ones will still receive half the original payout.
You can get up to £10,000 of cover with no medical checks. Prices start from just £1.15 per week, and you’re guaranteed a payout after 12 months of membership.
Post Office also offers bereavement support and wellbeing services at no extra cost. It really is a comprehensive package at today's prices.
3. Legal & General
Key facts:
- Most over 50s life insurance claims settled within one day
- Care Concierge wellbeing support for you and your loved ones
- Full cover payable after one year (accidental deaths paid immediately
The Legal & General over 50s life insurance plan is well known for its great customer service. The plan is fully customisable to your needs, but if things change, it’s flexible enough to change with them.
Your life policy premiums depend on your age, smoking habits and the level of cover you need, but they can range from £5 to £75 per month. You’ll receive your full payout after just one year of membership.
Premiums stop when you reach 90 years of age, but you’ll receive the full payout even if you live longer than this milestone. If you need to reduce your premiums during this time for whatever reason, Legal & General will do their best to accommodate you.
When you pass away, Legal and General try to make it easy for your loved ones. They settle most claims within a waiting time of one day. A funeral benefit option is also available.
Legal & General’s over 50s life insurance product is rated 4.7/5 stars on Trustpilot.
4. One Family
Key facts:
- Prices for cover start at just £10 per month
- Terminal illness cover and funeral benefit option included
- Free health and wellbeing support for you and your family
The One Family Over 50s Life Cover plan is available for anyone between 50 and 80.
What sets it apart from many other over 50s life insurance providers is that it offers terminal illness cover as standard. After two years of membership, if you become terminally ill, it will pay you or your loved ones 100% of your cover amount.
One Family also offers the option to add funeral benefit option, in partnership with Golden Charter, to help relieve the burden of planning your send-off for your loved ones.
With One Family, you’ll stop paying for cover when you reach your 90th birthday, although you’ll still be covered until you pass away.
Prices start at just £10 per month but will be higher or lower depending on your age, smoking status and the amount of cover you want. However, acceptance is guaranteed. The only medical check they make is whether or not you smoke.
Defaqto’s experts give One Family’s Over 50s life insurance product a 5/5 star rating.
5. SunLife
Key facts:
- The UK's most popular over 50s life insurance plan
- Funeral cover with up to £250 available
- Guaranteed acceptance between 49 and 85
SunLife is the nation's favourite over 50s life insurance provider, trusted by families across the UK for over 200 years. Their UK team is highly rated by customers and industry experts alike.
What customers love about SunLife is its simplicity. It's guaranteed acceptance, and you and your loved ones will always know the premiums paid and the lump sum received.
There are no medical checks when you take out a SunLife policy. The only personal details you need to disclose are your age and smoking status.
After a one-year waiting period, you're covered. If you pass away, your loved ones will receive the full cash sum of your coverage. The average time to receive the cash value of your cover is just three days.
Prices for the SunLife over 50s life insurance plan begin at £4 per month. The price of your monthly payments remains the same from the start of your policy until you pass away.
SunLife offers a funeral benefit option, paying up to £250 for your loved ones to cover your funeral expenses.
6. Sainsbury's Bank
Key facts:
- In partnership with Legal & General
- Access to phone-based health and wellbeing services
- No payments necessary after your 90th birthday
Sainsbury's Bank brings over 50s life insurance to the high street. You can now purchase a great life insurance policy from the supermarket, even claiming Nectar points as you go.
Sainsbury's operate their over 50s life insurance product in partnership with Legal & General, although their policies are slightly different. Make sure you consult your policy documents when you make your purchase.
Acceptance is guaranteed for any permanent UK resident aged between 50 and 80. Should the worst happen and you pass away within the first year of your policy, your loved ones won't receive the whole lump sum, but your monthly payments will be refunded. For accidental death, they'll receive the full cover.
Customers get access to Care Concierge. This is a private and unbiased, phone-based health and wellbeing service to help you and your loved ones through your later life. Dealing with illness and bereavement can negatively affect your family's mental health, so services like these can be invaluable.
The maximum level of coverage available is £10,000. If you reach 90 years of age, you'll remain covered, but you won't need to pay any more monthly premiums.
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Problems with over 50s life plans
Over 50s life cover delivers a wide range of benefits. However there are a number of drawbacks too. If you're considering getting over 50s life insurance, make sure you watch out for these potential pitfalls.
Inflation - Because your cover amount is fixed from day one of your policy, the real value of the payout is eroded over time due to inflation. It may not even cover funeral costs.- Payouts are low - Compared to traditional life insurance policies, payouts from over 50s plans can be relatively small.
- Funeral plans - You can add funeral benefit option to your policy, but that is not usually enough to cover funeral costs.
- Waiting period - Most insurance companies won't cover you for the full amount of cover until at least one year after you purchase a policy
- False economy - If you live for a long time after taking out your life insurance policy, you'll probably end up paying more in monthly payments that your loved ones will receive when you pass away.
- Joint policies - Unlike traditional life insurance, joint over 50s life cover for you and your partner is hard to find. This means you both will need to take out separate policies to receive cover.
Just because you're over 50, you're not necessarily limited to buying specialist over 50s life cover like we've talked about so far. Many insurance providers will still offer you traditional life insurance policies, including term life insurance.
Many of the disadvantages of over 50s life insurance shared in the previous section can be overcome by traditional life insurance. Payouts are generally higher, you can get joint policies and you can even purchase increasing term life insurance to counter the effects of inflation.
However, over 50s life cover is a good option if:
- You have poor health - Traditional life insurance typically requires a thorough medical check, but you can get over 50s life cover no matter your medical history
- You're in your 70s rather than your 50s - If you're in your 70s, you're unlikely to pay more than you get back from over 50s life cover
- You don't want the risks associated with other types of savings or investment product
For specialist advice on the right type of life insurance policy for your personal circumstances, talk to a life insurance broker. They'll show you everything that's available and help you choose the best option for you.
Guaranteed acceptance means any UK resident over 50 can get an over 50s life insurance policy. However, the price of your life cover (your monthly payments) depends on four factors:
- Age - The older you are, the more expensive your life cover
- How much cover you need - Leaving a larger cash sum for your loved ones means you'll pay higher premiums
- Personal circumstances - If you smoke (or have only recently stopped smoking), your provider will likely demand higher monthly payments for your life insurance
- Your provider - Every over 50s life insurance policy is different. They'll offer slightly different options, including
- Funeral cover
- Payment if you are terminally ill
- Health and wellbeing support
These options will all affect the price of your monthly premium, so make sure you choose the life insurance policy that is right for you and avoid paying for features you don't need.
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Most of the time, with a simple product like over 50s life cover, things run smoothly, and you have no need to talk to your provider, let alone complain. However, sometimes, things won't go exactly to plan and you'll need to complain. Here's what to do:
- Contact your insurance provider - Calmly tell them precisely what has happened, when it happened and how you would like them to resolve the situation. It's possible they'll be able to help you there and then. If not, ask when you'll get a response. Document your interactions with your provider, as it may help you later on.
- Hopefully, your insurance provider will get back to you very soon to resolve the situation. All insurers are bound by the rules of the Financial Conduct Authority (FCA). The FCA requires insurers to respond to customer complaints within eight weeks.
- If your insurer doesn't respond, or you're not happy with the response, your next stop is the Financial Ombudsman Service. This is a free service to help you once you have been through the insurance company's complaints process. The ombudsman may take you and your insurer to mediation in order to resolve your complaint. At the end of their investigation, the ombudsman will make a decision. This decision is final and both sides must abide by it.
Disclaimer: This information is general and what is best for you will depend on your personal circumstances. Please speak with a financial adviser or do your own research before making a decision.
Frequently Asked Questions
Is over 50s life insurance subject to inheritance tax?
Insurance policies are included in the value of your estate when you pass away. If this value exceeds the current inheritance tax threshold, it is subject.
However, it's possible to write your life insurance policy 'in trust', which stops it from being considered as part of your estate. This could be a good option for inheritance tax purposes, but talk to your financial advisor or solicitor to ensure you set it out correctly.
How does inflation affect my over 50s life cover?
Inflation erodes the buying power of any payout received from your over-50s life insurance plan. This is because the payout amount is fixed from the moment you purchase your policy.
For example, you buy an over 50s insurance policy with a payout of £5000. This is sufficient to pay your funeral costs if you pass away now. However, if you live for another 20 years, with inflation running at 2-5% per year, your funeral costs will be much more than £5,000.
This will leave your loved ones with a shortfall that they will have to make up in order to give you the send-off you want.
What happens if I forget to pay my premium for a month?
The answer to this depends on the exact terms and conditions set out in your policy documents. Missing even one payment could void your policy, meaning you'll lose your life cover and not receive any refund.
However, most insurance providers will give you a grace period to make up your payments without losing your cover. Some providers even let you maintain a lower level of coverage if you stop paying your premiums entirely.
Can I cash in my over 50s life cover plan?
No. Over 50s insurance plans have no cash value. You can cancel your policy at any time, but you will not receive any of the money you have previously paid in.
Rather than find yourself in a situation where you want to cash in your policy, make sure you research the over 50s life cover marketplace thoroughly before you make a purchase. Talk to a specialist insurance broker for bespoke help.
What's the claims process for over 50s life cover?
When you purchase your life insurance, you nominate a beneficiary.
When you pass away, they can call your provider to make a claim. They'll need all the relevant information, including:
- Policy number
- Details of your death
If everything is fine, your insurance provider will pay out to the beneficiary as soon as possible, usually within 2-5 days. If there's a funeral benefit option applicable, they'll pay that directly to the funeral partner.
If your policy is written in trust, you'll need the details of that trust to make the claim. The policy will pay to the trust rather than your beneficiary directly.