What's the difference between life insurance and over 50 life insurance?

The main difference is that life insurance is a term policy, so it covers you for a specific amount of time, while over 50 life insurance is a whole of life policy, so it covers you for the rest of your life.

To take out our Over 50s Life Insurance you need to be aged between 50 and 80. Your premiums are fixed for life, and you won’t need a medical or health check. You can choose a cover amount to help pay for a funeral, or it can be used for other costs, or to leave a gift to your partner or family. Once you’ve had your policy for 30 years, or from the soonest policy anniversary after your 90th birthday, you’ll no longer pay anything, but your cover will continue. It can’t be taken out as a joint policy. It's a whole of life policy that pays out on death. There's no cash-in value at any time. If the premiums stop, the cover will end. The total amount you pay for cover will depend on how long you live for. You could pay in more than is paid out. The cover amount is fixed and  inflation can reduce its value over time. The full cover amount will only be paid after a specified initial period, which is one year.

With our Life Insurance Plan, you need to be aged between 18 and 77 to apply, and your cover stops at the end of the policy term. You can choose a cover amount and then select cover that either stays the same, increases to protect against the effects of inflation or decreases over time in line with a capital and interest repayment mortgage or loan. You can also take out a single or joint life insurance policy. Joint life policies pay out once only. The policy ends after the first person has passed away. If premiums stop, the cover will end. There's no cash-in value at any time. 

If you're unsure which one might be right for you, you can speak to a financial adviser. If you don’t have a financial adviser, you can find one at unbiased.co.uk. Please be aware that you may need to pay for this advice.