Over 50s Life Insurance

Our Over 50s Life Insurance is a whole of life Policy taken out by people aged 50-80 that want to leave a fixed lump sum to their loved ones either as a gift or to help to pay toward their funeral expenses.

The main difference of Over 50s plans compared to typical life assurance plans is that it’s a whole of life policy. Unlike term life insurance that is taken out for a specific length of time i.e. to cover a mortgage, whole of life insurance means provided you pay your premiums you are covered for the rest of your life.

Premiums start from as little as £5 per month up to £100 per month. Once you have chosen the amount you want to pay, this premium will never increase. Premiums are dependent on the cover amount limits, the maximum cover amount per Policy is £10,000 and the minimum is £1,000. If the premium amount selected takes you over or under these limits, we will give you the closet one that is available.

Acceptance for Over 50s Life Cover is guaranteed with Unity Mutual. You don’t need to answer any medical questions or take a medical examination. Cover is available to any UK resident between the age of 50 and 80 years old.

No. You are guaranteed to be accepted on the Policy as long as you’re aged between 50 and 80 years. The only question we’ll ask about your lifestyle is whether or not you smoke.

We have compared ourselves against four of the leading Over 50s providers. The table below is an example of a 60 year old, non-smoker paying £20 a month. All information is correct as of 28 September 2022. This table is designed to compare levels of cover that may be available. It is not a comprehensive comparison of all product benefits.

Non-smoker aged 60 paying £20 per month as at 28/06/2023

*Paying £20.38 per month

** Defaqto’s independent ratings are the quick way to understand the quality of your policy. Their experts choose between 30 and 100 features and benefits, against which every policy in the market is scored. Then apply a simple rating of 1 to 5, so you can see, at a glance, how they stack up.. Their experts choose between 30 and 100 features and benefits, against which every policy in the market is scored. Then apply a simple rating of 1 to 5, so you can see, at a glance, how they stack up.

The cost of your life cover is based on your age at the time of applying, whether you smoke, how much you want to pay or how much cover you need.

We have smoker rates and non-smoker rates. Because of the associated risks with smoking, we offer higher cover amounts for those that do not smoke.

A smoker is anyone who has used tobacco products in the last 12 months. This means if you have used any of the following:

• Tobacco use includes smoking cigarettes, smoking a pipe or chewing tobacco
• Nicotine replacement products includes patches, chewing gum, lozenges and sprays
• E-cigarettes includes all vaping products.

The price of a funeral can vary enormously. It all depends on the options that you choose and your location. The cost for a basic funeral 4,383 (for a burial) and £3,290 for a cremation, on average, according to the Money Helper site. You might also want to factor in ‘extras’, such as a headstone, flowers, and catering options for the wake.  

As soon as your completed application for our Over 50s Life Insurance has been processed, your cover will start immediately. If you apply online, you should get your Policy Documents via email straight away.

With this type of plan, because we don’t ask you any medical questions we have a 12 month Qualifying Period. This means, if you die from an accident in the first year, we will pay the full cover amount. However, if your death was not accidental, the amount we would pay out after your death would be 100% of the premiums paid to date. After the first 12 month, we will pay out your full life cover amount, regardless of the cause of death (provided you pay your premiums).

When selecting a premium you should choose a monthly premium, you can afford. However, we understand that we do not always know what is around the corner. If you think you can no longer afford your life cover, please call us to discuss how we can help. You may be able to reduce your monthly premium or even make your Policy paid-up and still receive a pay-out on death (T&Cs apply).

You can increase your cover by taking out additional Policies with us. The total life cover amount of all your Over 50s Life Insurance policies combined cannot exceed £10,000 and the total amount of monthly premiums you pay cannot exceed £100 per month. If you take out an additional Policy, you must meet the eligibility requirements of the Over 50s Life Insurance at the time of application.

The amount we pay out on your death will be free from UK Income Tax and Capital Gains Tax. However, it may form part of your estate when you die – so inheritance tax may have to be paid on this. We are unable to give any advice, if you are unsure of your tax position you should seek professional advice. Please note that tax rules may change in the future.

No, as per any other life insurance product. The Policy has no cash in value at any time. Providing you continue to pay your monthly premiums, it will pay out on death only.

You pay your premiums until age 90 when they stop, but your cover will continue for the rest of your life.

No, you’re premium and your life cover amount is fixed from the start so it’s the same price you pay up to age 90. However, the price of things you may wish to use your life cover for – such as the cost of a funeral – may increase with the cost of inflation. This means that the value of the amount we will pay out will be worth less as time goes on. You may want to review your cover from time to time to make sure it still meets your needs.

Once you have paid your first premium, it may be possible to reduce your premium (minimum premium limits applies). This will reduce your cover amount. T&Cs apply.

If you have to stop or cancel your Policy, providing you have paid the half the expected premiums between the start of your cover and your 90th Birthday, we guarantee to still pay out on your death. The revised cover amount will reflect the premiums paid in. T&Cs apply.