Should I get life insurance in my 50s?

In a nutshell, over 50 life insurance enables you to leave a lump sum for your loved ones when you die. It provides cover for the rest of your life, rather than for a fixed term. After you're gone, the payout is  essentially a gift to your family and it can pay for anything from contributing to your funeral costs, to helping them pay towards the bills or even towards a holiday. There's generally no cash-in value at any time with over 50 life insurance policies.

Choosing an insurance policy can feel overwhelming and confusing at times. We've explained the basics below, to help you weigh up the options and see which policy might feel right for you.

Life insurance runs for a specific length of time and pays out a sum of money if you pass away during the policy term. The payout could help your loved ones maintain their way of life and keep paying the bills. To apply for our Life Insurance Plan, you need to be aged between 18 and 77. In most cases there won’t be a medical exam, but we'll need to know about any pre-existing medical conditions that we ask about. There is no cash-in value at any time, and if you cancel the policy, the cover will end and you’ll get nothing back.

Over 50 insurance policies can generally be taken out from the age of 50 to 80, which makes it a viable option for people in their 50s. It lasts for as long as you live, rather than a set period of time and pays out a small lump sum when you pass away. The lump sum can be useful for loved ones – contributing towards costs or bills – and can also help towards funeral costs. There is generally no cash-in value at any time.

Our Over 50s Life Insurance is available to anyone aged between 50 and 80, provided they're a permanent UK resident. There's no need to take a medical exam and you're guaranteed to get full cover after one year. It's worth noting that if your premium payments stop, the policy will end. Also there is no cash-in value at any time with this policy.

Our Over 50s Life Insurance guarantees to pay out every penny of the cover amount as a lump sum if you die for any reason after the first 12 months of having the policy, or if you die because of an accident within the first 12 months.

If you die before the first 12 months are up, and it isn’t an accidental death, we won’t pay out the cover amount, but we’ll pay a sum that’s equal to the premiums that have already been paid. Our Over 50s Life Insurance has no cash-in value at any time. This means, if you decide in future that you no longer want the cover and cancel it, or stop paying premiums when they're due, your cover will end, but you won't get back any of the money you've already paid in. As the cover amount is fixed, inflation will reduce its value over time. It's also worth noting that the total amount you pay for cover depends on how long you live for. You could end up paying in more than is paid out.

You can have one, or several plans, as long as your premiums total less than £100 each month. Also, with our Over 50s Life Insurance, there's no need for a medical and you're guaranteed to get full cover after one year. We just need to know whether or not you smoke. A payout can help with funeral costs, debts or other costs, so your family have less to worry about. With premiums starting from £5 a month, it's an affordable insurance option. Your premiums are fixed so they'll never go up or down and they'll stop after 30 years or on the policy anniversary after your 90th birthday.