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Life insurance for over-50s

Guaranteed acceptance on life insurance policies for over-50s. Compare quotes with usave to make sure you get the right plan for your needs.

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Guaranteed acceptance for over-50s
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What is over 50s life insurance?

Over 50s life insurance is a type of life insurance policy designed to be taken out later in life, usually by those in the 50-80 age bracket. Here are some of the key features of an over-50s life insurance policy:

Cover for life

Over-50s life insurance policies offer whole-of-life cover, which means that, subject to a qualification period, you'll be covered from the start of the policy until you die. This is different to term life insurance, which will only pay out if you die within a set period.

Guaranteed acceptance

If you’re over 50 then you are guaranteed to be accepted for cover without any need to provide your medical information, which isn’t the case with some standard life insurance policies. This kind of guarantee can be a tonic to those who are of uncertain health, or with a history of family medical issues.

Qualification period

During an initial qualification period (1-2 years), any pay-out that does get made would be proportionate to the amount you’ve already paid into the policy. If you pass away after the qualification period, the full amount would be paid out.

How much does over 50s life insurance cost?

Life insurance policies range in cost depending on the type of policy, the insurer, and the individual taking out the policy. To determine your monthly premium, a life insurance provider will consider the following factors:

Level term life insurance

General information

You’ll be required to provide basic information such as your name, age, and address when applying for life insurance. Of these, only your age will go towards determining your premium - generally, the older you are then the more you can expect to pay.

Medical history

Medical history

You will typically be asked questions about your own medical history, as well as that of your family’s. Failure to disclose certain information, such as a history of heart disease in your family, could invalidate your policy.

Lifestyle choices

Lifestyle choices

You will also need to tell your insurer about any habits you have, such as whether you smoke or drink, and how much. Your occupation will also come into consideration and could boost up your premiums should it be deemed a hazardous job.

Desired payout

Desired payout

The size of the payout you want will also determine how much you pay for your life insurance policy. The larger the payout you require, then the higher your premiums will be.

To find out how much you’d pay given your own circumstances, use our free life insurance comparison tool.

What will my life insurance cover me for?

Funeral costs
Replacing your income
Replacing your income
Paying for your funeral
Funeral costs
Paying off your mortgage
Paying off debts/mortgage

Over 50s life insurance policies are often advertised as a way to cover funeral costs. With funeral costs rising year on year from a not insignificant base line, a pay-out to help cover them, known as a funeral plan, can make a huge difference.

Equally, the lump sum pay-out can be used as a broader kind of inheritance, providing extra financial help to your loved ones or dependents when you pass away. Ultimately, how the money is used is up to the beneficiaries of the policy, but it’s a good idea to think about what you’d want it to be used for when assessing how much cover you want to take out.

Frequently Asked Questions About Insurance

Yes, it is possible to take out more than one life insurance policy. There are many reasons why you may want multiple policies, for example you may have more money compared to when you took out the original policy, you may have new family members, or you might just want to increase the amount left to your loved ones.

Yes, it is possible to take out life insurance with a pre-existing condition. However, you will need to declare any pre-existing medical conditions to your insurer before taking out the policy, as failure to disclose relevant information could invalidate your policy. Any pre-existing conditions will likely increase your premiums, depending on the severity of the condition.

If your personal circumstances change and you can no longer afford to make the monthly payments on your life insurance, your policy could lapse and you will no longer be covered. If you find yourself in this situation, don’t hesitate to get in touch with your insurance provider to see if you can work out an affordable repayment method.

Yes, it is possible to get life insurance if you’re over 80 years old. However, not all providers will offer you cover, and when you do find it then your premiums will likely be higher. This is because premiums are based on the risk of the insurer having to make a payout, which increases significantly the older you get.

Yes, it is possible to cash in your life insurance policy before you die, although this depends on the insurance provider and the type of policy you’ve got so take this into consideration when comparing quotes. Of those insurers that do allow an early payout, you will likely be charged a fee to do so.