Should I get life insurance in my 50s?
Find out whether it's worth it – for you or your family.
Key points:
- Getting older can bring fewer financial responsibilities, but it can also prompt thoughts about what will happen to your finances if you're not around.
- Over 50 life insurance pays a lump sum when you die, which can help loved ones pay towards funeral costs or other bills.
- This type of insurance is generally available to people aged 50 to 80.
Turning 50 can be a turning point in your life. If you have children, they may now be working and no longer depending on you financially. If you have a mortgage, you may be nearing the end of the term. You may still be working during this time, and have noticed you often have a little extra money left over at the end of each month for the first time in years.
While having fewer financial responsibilities is a relief, you may be starting to think about how you can help your loved ones in a future time when you're no longer around. There are many over 50 life insurance policies available in the market, designed for people reaching this mid-point in their life. Over 50 life insurance provides cover for the rest of your life, and can help towards funeral costs or general bills and debts in the future. If you're wondering about easing the financial burden on your loved ones after you're gone, over 50 life insurance could offer some peace of mind about the future.
What is over 50 life insurance?
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. This is not a savings or investment product. It will only pay out on a successful claim. If premiums aren’t paid when due or if the policy is cancelled the plan will end and you'll get nothing back.
Over 50 life insurance
Leave some money behind for your loved ones, with cover that lasts for life. You could leave it as a small gift or to help pay towards your funeral.
Life insurance or over 50 life insurance?
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. This isn't a savings or investment product. It will only pay out on a successful claim.
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.
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 not a savings or investment plan, and we'll only pay out on a successful claim when you die. If premiums aren’t paid when due or if the policy is cancelled the plan will end and you'll get nothing back.
Why choose our Over 50s Life Insurance?
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. 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.
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