How much is over 50s life insurance
See how much over 50s life insurance can cost
Key points
- The cost of over 50s life insurance depends on factors including your age, chosen cover amount, and smoking status.
- Over 50s life insurance provides whole-of-life cover and pays a lump sum when you die, subject to policy terms.
- When you're thinking about the amount you might be able to leave, remember there may be funeral costs and other bills to consider. And perhaps you'd like to leave a little money to your loved ones, too.
Over 50 life insurance is cover specifically aimed at anyone, you guessed it, over 50. It’s also known as ‘whole of life’ cover as it lasts for as long as you’re alive rather than a set period of time and then will pay out a lump sum when you pass away.
How much it costs is dependent on you. When you go through to get a quote, you’ll generally be asked how much cover you want and based off that, and a few other factors, you’ll be given your monthly or yearly premium quote.
When should I get over 50s life insurance?
As a general rule, there's never a wrong time to get some cover. You might have a specific reason for taking out over 50s life insurance - maybe to help with funeral costs or to leave a gift behind for loved ones.
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. It's also important to remember that if you do take out cover at a younger age, the total amount you pay in premiums may be more than the amount paid out when you die.
It's worth remembering that cover will only continue as long as you pay your premiums.
Examples of our payouts and costs
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 7,988. 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].
During the first 12 months of your policy, we'll pay the full cover amount if you die as a result of an accident. If you die from any other cause, we'll refund all premiums paid.
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.
Calculating how much over 50s life insurance you need
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.
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