Finding the best over 50 life insurance providers can be tricky when there are so many out there to choose from.
How do you pick the right insurer who’ll offer you the best policy to meet all your needs?
In this article, we compare the features and benefits of the top 5 over 50 life insurance options available to help our UK audience with this important decision.
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What is over 50 life insurance?
Over 50s life insurance is an affordable type of life insurance designed for people over 50.
It pays out a fixed cash lump sum to your family after you’re gone.
The money can be used towards your funeral expenses, pay off outstanding debts, or as an inheritance.
Over 50 life insurance (also known as an over 50s plan) is different from ordinary life insurance options because:
- It’s a type of no medical life insurance which means there are no lifestyle or health questions and acceptance is guaranteed if you’re a UK resident aged 50 – 80 (sometimes up to 85 years old)
- It offers protection right up until you pass away ensuring that your family receive a payout (as long as you don’t miss any payments)
- The payout amount (the sum assured) is lower than of ordinary life insurance – usually up to a maximum of £20,000
- There’s a 12 or 24-month waiting period before your family can claim the full payout. If you pass away of natural during this time then a claim can’t be made but your premiums will be refunded
- Some policies offer a Funeral Benefit Option and a contribution towards your funeral costs. This means the payout is paid directly to the funeral director who’s carrying out your funeral.
How much does over 50 life insurance cost?
The cost of over 50 life insurance varies between providers, and your circumstances will also influence how much you pay.
Typically, you can choose a premium amount that suits your budget, and this will determine the amount of coverage you can get.
However your age (and sometimes your smoking status) will also impact the amount of coverage you can get and therefore, how much your premiums will cost.
Who is the best over 50 life insurance provider?
According to a combination of expert reviews from Fairer Finance and Defaqto, the best over 50 life insurance providers are:
- Sunlife
- Co-op
- One Family
- Royal London
- Post Office
| Plan | Age limit | Maximum cover amount | Flexible payments | Waiting period before full payout can be claimed | Age when premium payments stop | Funeral Contribution |
| Sunlife Guaranteed Over 50 Plan (Capped) | 85 | £18,000 | No | 12 months | 88 | £250 |
| Co-op Over 50 Life Insurance | 80 | £10,000 | Yes | 24 months | 95 | N/A |
| One Family Over 50s Life Cover Plus | 80 | £20,000 | Yes | 24 months | 90 | £300 |
| Royal London Over 50s Life Cover | 80 | £10,000 | Yes | 12 months | 95 | N/A |
| Post Office Over 50s Life Insurance | 80 | £10,000 | Yes | 12 months | 90 | £250 |
SunLife – Guaranteed Over 50 Plan (Capped)
You may have heard of the SunLife Guaranteed Over 50 Plan, perhaps from one of their TV adverts.
SunLife has dominated the over 50 life insurance market and their Over 50 Plan is the most popular in the UK.
Some of the obvious reasons why SunLife may be a good choice for many people is that they’re able to offer plans to applicants up to the age of 85 and their maximum pay-out amount is higher than most other providers (up to £18,000).
Plus, the Over 50 Plan has a 12-month waiting period, instead of 24 months, and premium payments can stop when you turn 88.
SunLife claims to have one of the most affordable plans available and their pay-out rate is 100%.
A drawback of the Guaranteed Over 50 Plan is that you can’t reduce the monthly premium once it has been set.
Co-op – Over 50 Life Insurance
The Co-op is also a familiar and trusted brand for life insurance without a medical. They offer over 50 life insurance policies to UK residents aged 50 – 80.
The maximum payout is less than SunLife, up to £10,000, but this is fairly standard.
Over 50 life insurance with Co-op is one of the best options available because of its flexibility.
You can benefit from flexible monthly payments as well as payment holidays of up to 6 months.
Plus, if you’ve paid at least half of your premium payments, then you’ll be eligible for the Payout Promise.
The Payout Promise means that your family will still get half of the payout amount when you pass away, even if you stop making payments after the first half of your policy.
A drawback of Co-op Over 50 Life insurance is that you’ll need to pay premiums until you’re 95.
One Family – Over 50s Life Cover Plus
One Family may be less familiar than other providers but they’ve made it onto the list of the best over 50 life insurance providers for several reasons.
As well as offering a payout amount of up to £20,000 you can also benefit from flexible monthly payments.
Unlike most other over-50s plans, One Family offers free terminal illness coverage with their Over 50 Life Cover Plus plan.
Essentially this means you can make an early claim on your policy if you’re diagnosed with a life-threatening illness.
The plan also comes with a Funeral Benefit Option with a contribution of £300 towards your funeral if you choose to go with their nominated provider (Golden Charter).
The main disadvantage of Over 50 Life Cover with One Family is that the waiting period for the plan is 24 months.
Royal London – Over 50s Life Cover
Royal London is a highly trusted insurance provider and the largest mutual company in the UK.
The Over 50s Life Cover plan has a combination of some of the best features and benefits of all the plans.
This includes payment holidays, a Payout Promise, and the option to reduce your monthly payments if you need to.
Unfortunately, Royal London doesn’t offer a Funeral Benefit Option with their Over 50s Life Cover but that doesn’t mean it won’t provide you with the best value for money.
Post Office – Over 50s Life Insurance
The Post Office is also a highly rated and trusted provider of life insurance in the UK.
Over 50s Life Insurance with the Post Office has some good benefits, such as the flexibility to lower your monthly payment and the option to add a Funeral Benefit which comes with a contribution of £250 for your chosen funeral.
The waiting period is 12 months so you’re fully covered after this period and your monthly payments stop when you turn 90.
If you choose the Post Office as your provider then you would also have access to the Post Office Here to Help Service.
This is a free service that provides long-term support for you and your family during difficult times.
Need more help to find the best over 50 life insurance?
It can be difficult to find the best over 50 life insurance provider or the right policy to suit your unique needs, but thankfully there’s one way to make the process a little easier.
You could get in touch with a life insurance broker, such as Reassured, to help you compare the options available in a matter of minutes.
Reassured are life insurance experts, providing you with all the information you need and comparing the best over 50 life insurance quotes on your behalf, without charging you a fee.
Wrap Up:
Choosing the right life insurance policy for those over 50 in the UK depends on your individual needs and financial situation. It’s advisable to compare different providers and possibly seek advice from a financial advisor to ensure you select the best option.
