How much is over 50s life insurance

As a general rule, there’s never a wrong time to take out cover. Typically, when you take out life insurance at a younger age, you’ll receive a higher level of cover for the same monthly premium compared to someone older. This means your money goes further, even if the premium itself doesn’t change. You might have a specific reason for taking out over 50s life insurance, such as helping to cover funeral costs or leaving a gift behind for loved ones.

It’s worth remembering that cover will only continue as long as you pay your premiums.

The cover amount is set when cover is taken and remains the same. In the example shown above, we cap the premium at £25. Greg, who is 51 and doesn’t smoke, would be eligible for a cover amount of £8,351. As age increases, the sum assured decreases, even for non-smokers. Brandon, aged 74 and also a non-smoker, would receive £2,533. Amanda, a 65-year-old smoker, would be eligible for £3,002, while Jennifer, also a smoker at age 74, would receive £1,921. This gives you an idea as to how we calculate risk and coverage, where factors like age and smoking can influence the level of cover for a fixed monthly premium ^{Footnote [1]}.

It’s also worth noting that maximum monthly premiums are £100 and you might end up paying more in total premiums than the amount paid out in a successful claim.

There are a few different things you might want to think about to work out how much cover you might need:

• Would you like to leave your family or friends any money?
• Is your funeral paid for with other forms of cover or savings?  
• Will you be leaving any debts behind?

Working this out can give you an idea as to how much of a payout you might want to leave behind.