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

With our Life Insurance Plan, you need to be aged between 18 and 89 to apply, and your cover stops at the end of the policy term. You choose a cover amount, and if you want your cover to remain the same, be protected from the effects of inflation, or decrease over time broadly in line with a repayment mortgage or loan. You can take out a single or joint life insurance policy.

If you’re not sure which one might be right for you, speak to a financial adviser.