What's the difference between our Life Insurance Plan and our Over 50 Life Insurance Plan?

Our Life Insurance Plan covers you for a specific amount of time, but our Over 50 Life Insurance Plan covers you for the rest of your life. The lump sum payout on an Over 50 Life Insurance Plan is usually much smaller than the payout on a Life Insurance Plan. The other difference is that you can’t take out a joint policy for our Over 50 Life Insurance Plan.

Over 50 Life Insurance Plan

You must be aged between 50 and 80 and a UK resident. You pay the same premium for life, and you won’t need a medical or health check.

The cover amount is fixed so it’s real-life value will go down over time because of inflation. You can hold a number of policies, but there’s a maximum premium limit of £100 across all policies.

You can choose either the level of cover you want or a premium you’d like to pay each month. The payout will go to your loved ones after you die, who can use it however they like.

You’ll no longer pay premiums once you’ve had your policy for 30 years or from the policy anniversary after your 90th birthday. However, your cover will continue.

For our Over 50 Life Insurance Plan, we’ll pay the full cover amount if you die after the first 12 months. We’ll also pay the full amount if you die from an accident during the first 12 months of the policy. If you die within the first 12 months of cover from anything other than an accident, we’ll pay an amount equal to the premiums  paid. Depending on how long you live, you may end up paying more in premiums than the amount we pay out when you die.

Life Insurance Plan

You must be aged between 18 and 77 to apply, and your cover stops at the end of the policy term. We’ll ask you a few health and lifestyle questions when you apply. You choose a cover amount and if you want your cover to stay the same, rise in line with inflation, or go down over time in line with a repayment mortgage or loan. You can take out a single or joint life insurance policy.

There is no cash-in value at any time for either product.

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.