Can I get life insurance if I’m over 50?

If you’re over 50, you may be wondering whether you can still get life insurance. Here’s a rundown of everything you need to know.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

Cheerful mature couple sitting and managing expenses at home.

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Is over 50s life insurance a thing? Absolutely – here’s everything you need to know about life insurance for over 50s, and some tips on finding the right deal for your needs.

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How does over 50s life insurance work?

Over 50s life insurance is a life insurance policy open to people aged between 50 and 85. How it works is simple.

  • You pay an agreed sum every month, known as a ‘premium’.
  • If you keep up your payments, your loved ones will receive a lump sum when you die. They can use the money to cover costs like funeral expenses.
  • Over 50s life insurance covers you for the rest of your life. 

There’s no limit on what your family can use the money for. So, they can gift the money to other family members, or pay off existing debt. Whatever your loved ones do with the cash, you can relax knowing that they’re provided for after you die. 

Is acceptance guaranteed?

Yes. There’s no need for a medical exam, and you usually won’t need to answer many health questions, either. So, even if you’re not in the best health, or your lifestyle isn’t great, you’ll get over 50s life insurance.

That said, most life insurance policies have a waiting period of between one and three years before they’ll pay out. If you die before the waiting period expires, your family will only get your premiums back – not the lump sum. 

How much is over 50s life insurance?

The costs vary depending on a few factors, including how old you are when the policy starts, and the amount of cover you want. You can get life insurance cover from as little as £5 per month, depending on the provider. 

How much cover do you need, though? Here are some factors to consider:

  • Mortgage payments: if you still have a mortgage, make sure the payout is enough to clear what’s left of your home loan.
  • Living expenses: think about how much money your partner will need to cover costs like groceries and utility bills if you’re gone. 
  • Funeral costs: funerals are expensive, so make sure the policy covers the costs. 

And if you have any dependants, like children or grandchildren, factor in how much they’ll need to cover their day-to-day essentials, too. 

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Where can I find over 50s life insurance?

You can either apply directly to life insurance providers or use a price comparison website to compare a few deals. 

Whichever method you choose, be sure to shop around. And, if you decide to compare quotes, don’t just rely on one price comparison website. You’ll probably get a better deal if you try out a few websites.

Is over 50s life insurance right for me?

It depends on your personal circumstances: 

  • If you’ve got dependants, and you still have large bills like mortgage payments, a life insurance policy can give you much-needed peace of mind.
  • On the other hand, you might find it better to simply plan for your retirement by putting more money into a pension instead.

Life insurance is just one of many ways to plan for the future – it’s not right for everyone. For example, you might consider a simple funeral plan, or income protection insurance, instead.

Takeaway

Over 50s life insurance can help you plan for the future without worrying about how your family will cope financially upon your death. If you want to open your own policy, give some thought first to how much cover you’ll need, and shop around before committing to a plan. 

Here’s one final thing to remember: depending on how long you pay into the policy, you could actually get out less than you pay in. So, if you’re in your early 50s, you might find it’s better to try out other forms of estate planning instead. 

Need more help? You can get pension and life insurance guidance from the Money Advice Service. You can contact the Law Society for assistance in finding a solicitor to help with estate planning. 

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