Over 50s Life Insurance

What is over 50s life insurance?

As the name suggests, over 50s life insurance is life insurance for people over 50. It’s very different from traditional life insurance as you don’t have to submit any medical records or do any health checks in order to get a policy. With an over 50s policy, you’re guaranteed a payout when you die regardless of your health or lifestyle.

How does over 50s life cover work?

With over 50 life cover, you can choose how much you’d like to pay monthly and your desired level of cover, generally this stays the same throughout your policy. Monthly payments can start from as little as £5 or as much as £50 a month. When you die, a lump sum is paid to your family. Most over 50 insurance policies state a minimum period of time that you have to have paid into your policy before your family can get a payout. This is known as the qualification period (or moratorium) and it’s normally between one and two years. Typically, if you die within the first two years, your family will get back what you paid in plus 50% on top. There is an exception to this though, if you die in an accident, such as a car crash, your loved ones will get the full lump sum. However, this does vary depending on the insurance provider and the policy so it’s worth thoroughly reading your policy to ensure you know how your policy works.

What are the pros and cons of over 50s life insurance?

Pros

  • You’re guaranteed acceptance regardless of your health or lifestyle
  • It’s quick and easy to get a policy as you don’t need to submit any medical records
  • A lump sum is guaranteed to be paid out in the event of your death

Cons

  • If you miss a monthly payment, you’ll no longer be covered and you’ll lose all the money you’ve already paid into the policy
  • You could pay more into your policy than your loved ones receive in the event of your death
  • If you die during the qualification period (moratorium) your family won’t receive the full payout
  • The cash payout is determined when you take out the policy so as time goes on, inflation will reduce the value of the payment amount

Compare over 50s life insurance

If you want to compare over 50 life insurance, you need to consider more than just the price of the policy. Cheap over 50 life insurance isn’t necessarily the best over 50 life insurance. You need to thoroughly read the policy terms and conditions to make sure the policy is right for you and your needs. At Compare by Review, we also recommend that you read over 50 life insurance reviews from a variety of insurers to find out how they handle claims. When it comes to life insurance, your loved ones will be making the claim in the event of your death and you wouldn’t want them to be left in the wrong, uncaring hands.

Compare life insurance providers

Compare life insurance providers on Compare by Review today. We’re the first and only comparison site that ranks life insurance providers exclusively on customer experience and product quality rather than price. Our full table of providers will give you an impartial and unbiased overview so you can purchase life insurance from a high-quality provider that you can rely on when you need them most.

Beagle Street

Ranked 1 of 10

Life Insurance providers

Beagle Street

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Ranked 2 of 10

Life Insurance providers

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Royal London

Ranked 3 of 10

Life Insurance providers

Royal London