Over 50s Life Insurance – What it is and How it Works

What is over 50s insurance? In this article, we will discuss the details of the over 50s life insurance policy. In the meantime, life insurance is one of the most important insurance policies every individual needs to have. This policy can help cover your medical expenses in times of unforeseen conditions such as terminal illness, accidents, and more. Among the types of life insurance available is the over-50s insurance policy.

Over 50s Life Insurance - What it is and How it Works

Over-50s Fixed Life Insurance is a cost-effective option to leave behind some money for your loved ones after you are gone. You can use it to pay off unpaid bills or to help with the cost of a funeral. Also, if you have a pre-existing medical condition, this insurance can assist. It guarantees acceptance, regardless of the present health condition. Read on to discover more about this insurance coverage.

What is Over 50s Life Insurance?

Over-50s life insurance is a type of insurance that allows you to leave money behind for your loved ones when you are gone. This policy guarantees a fixed lump-sum payout to your loved ones when you are gone. This can be used to cover unpaid bills or contribute towards funeral costs.

You can pay a fixed monthly premium to keep the policy active. And your loved ones will get the payout amount regardless of when you pass away. This is a great way to make sure that your loved ones are taken care of financially after you are gone.

How Does it Work?

Getting life insurance with over 50 Life insurance is very simple and hassle-free. You will not have to make any tough decisions or jump through any hoops. Or undergo any medical checks or health questionnaires. All you have to do is choose your preferred coverage amount or monthly premium payment. Below is an explanation of how it works.

This insurance company will pay out the entire cover amount as a lump sum if you pass away for any reason after the first 12 months of the policy. If your death is due to an accident within the first 12 months. The insurance company will still pay out the full amount. However, if you pass away before the first 12 months are up and it was not an accidental death, the cover amount won’t be paid out. Instead, a sum equal to the premiums paid up to that point will be paid.

Why Should I Get Over 50s Life Insurance?

Having life insurance is probably one of the most important things you can do to help protect the ones you love. When you are gone, your policy can leave money for those you left behind. This could mean:

  • Less strain on your family’s finances: one less worry for them at a hard time.
  • Assistance with funeral costs.
  • A guaranteed payout: if you die within the first 12 months and your death is a result of anything but an accident, over-50s life insurance will pay a sum equal to the premiums you have paid since you have had the policy.

What Over 50 Life Insurance Covers?

Your premiums are guaranteed; no medical care is needed, and beneficiaries get a payout upon your death. The lists below are what it covers, and they are as follows:

The Same Price For Life:

The best part is that the price you choose to pay each month will be the same for the rest of your life.

Cover Forever:

You will have lifelong coverage, which means that your insurance will last until the day you are no more. After 30 years or from the anniversary date after your 90th birthday (whichever comes first), you will not have to pay any premiums.

A lump sum payout:

In the event of your death, the life insurance company will pay the full cover amount in one lump sum if you pass away after the first 12 months for any reason or within the first 12 months from an accident.

Having more than one option:

If you decide later on to add more coverage, you can purchase multiple plans. You can have as many policies as you want, as long as all your premiums together don’t exceed £100 every month.

How Much Over 50 Life Insurance Can You Get?

If you are a non-smoker and looking for over-50s life insurance, you might be interested in seeing some real-life examples of what their customers get for £20 a month.

To get a personalized quote, they will need details from you, such as the amount you want to pay and the cash sum you would like to leave behind. Don’t forget to consider the premium you can afford and the amount you want to leave behind for your loved ones.

Age when cover startsPayout
50 years£6, 044
60 years£4,766
70 years£2,948
80 years£1,508

Frequently Asked Questions

What happens if I stop paying premiums for over 50 years of life insurance?

If you fail to pay the monthly premiums for your policy before the end of the premium term. Your contract will be terminated. Also, your coverage will end after 60 days from the last due date of the premium. In addition, you will not get any refunds for the premiums you have already paid.

How Long will I Need to make monthly payments?

It is very important to make monthly payments to ensure you stay insured. You can make these payments for a maximum of 30 years. Or until the first policy anniversary after your 90th birthday, whichever comes first. If you stop making payments before either of these dates, your coverage will be canceled 60 days after your last payment was due. In addition, you will not get any benefits for the payments you have already made.


Over 50 life insurance provides a policy that lasts for your entire life, without any specific number of years. The amount of cover and monthly premium you pay will not change.

After 30 years of having the policy, or on the next anniversary of your 90th birthday, you will not have to pay an extra amount to keep the policy active. It will continue until you are gone. Note that depending on the length of your life, you may end up paying more in total premiums than the real cover amount.