Best life insurance for over 50s
Even if you’re over 50, you can still take advantage of the benefits of life insurance. In fact, insurance providers have specific policies aimed at people just like you. In this article, we compare 10 of the UK’s biggest senior life insurance providers, so you can pick the insurer and life insurance plan that’s right for you.
Over 50s life insurance
In this article, we’ll examine in-depth 10 of the best over 50s life insurance providers in the UK:
AvivaPost OfficeLegal & GeneralSunLifeOneFamilyBritish SeniorsAIGShepherds FriendlyCo-opDirect Line
We’ll compare what each life insurance provider offers so you can make the best choice for your personal circumstances. But first, let’s look at over 50s life insurance and why you need to consider purchasing it.
What is life insurance?
35% of UK residents have life insurance cover – Source
Life insurance is a type of policy that pays out if you pass away or receive a terminal illness diagnosis during the period where you are covered.
Select a policy and pay monthly premiums to your insurer. If you pass away, your nominated beneficiaries will receive a cash lump sum that they can spend as they choose.
You can find out about life insurance in more detail in this article from MyTribe Insurance.
How over 50s life insurance works
Many insurers offer policies solely for people aged over 50. They take account of health and lifestyle differences between people above and below 50.
No age limit – Regular life insurance policies have maximum age limits, but senior life insurance policies will accept you, even in your 80sGuaranteed acceptance – Over 50s life insurers do not make you take a medical exam.No term – A regular life insurance policy runs for a set period, called a term. Senior life cover lasts for the whole of your life with a guaranteed payout for your beneficiariesCost-effective – Life insurance can be expensive, especially if you require more cover than average. Senior cover payouts are lower, but it means premiums are lower too
Benefits of over 50s life cover
When you take out a life insurance policy, you receive many significant benefits, including:
Peace of mind should the worst happenProviding financial protection to your loved ones after you’ve goneCovering funeral costs
Over 50s policies are especially useful because you will always be accepted for cover, regardless of your age or medical history.
Top 10 over 50s life insurance policies
Our insurance experts reviewed the flagship over 50s life policies of the UK’s leading insurance companies. We evaluated the entire marketplace, considering a wide range of factors, including customer reviews. Here are the ten over 50s life insurance providers we believe are the best.
Aviva
Aviva is one of the biggest insurance providers in the UK with more than 15 million customers. It’s been around in various forms for more than 320 years, helping customers protect their possessions and plan for the future.
Over 50 life insurance
Over 50 life insurance is Aviva’s specialist life insurance plan for seniors. It proudly promotes guaranteed cover with no medical exam required and no time limit. This means your loved ones are guaranteed a lump sum paid when you pass away, whenever that may be. It’s often known in the life insurance industry as ‘whole of life cover’.
Premiums on this policy remain the same from the first month until your last payment. One great benefit is that on your 90th birthday or 30 years from your policy’s start date (whichever is sooner), you don’t have to pay monthly premiums anymore, but you’ll still be covered.
You also get access to Aviva’s Digicare+ smartphone app at no extra charge. This app provides mental health support and nutritional help, along with other tips to help you stay healthy.
Key benefits
100% of claims paid, typically within 3-5 working daysPremiums end after 30 years or your 90th birthday, but cover lasts for lifeThe Aviva app supports your everyday wellbeing
Disadvantages
Cover only available between the ages of 50 and 80Inflation may affect the value of your payoutPolicy will only pay if you pass away in the first year if it’s an accident
Reviews
Aviva has a 4.4/5 rating on Trustpilot from more than 27,000 reviews.
Not all of these reviews are for over 50s life insurance. However, with such an impressive score, we can reasonably believe that Aviva customers are happy with the service they receive.
Experts at Defaqto awarded Aviva 5/5 stars, specifically for over 50s life assurance.
Post Office
Seniors can pick up life cover at the Post Office. Post Office was awarded Best Life Insurance Provider for 2022 at the Your Money Awards.- the 14th year in a row it won this award.
over 50s life cover
Affordability is important to a household name like the Post Office. Coverage starts at just £5 per month. While you can opt for premiums to remain the same throughout your policy, you can choose increasing term life insurance, which costs more but safeguards your lump sum against inflation. You can also add a funeral benefit option as an extra, which contributes £250 to your funeral costs in association with Co-op Funeralcare.
Policyholders also get access to Post Office’s health and wellbeing services for no extra charge. This includes 24/7 online GP consultation, help with nutrition and fitness, and dedicated support if you’re seriously ill or experiencing bereavement.
Key benefits
Up to £10,000 of cover available depending on age and circumstancesNo medical exam requiredProtected benefit – Even if you stop paying premiums, you can still claim half your cover amount
Disadvantages
Only accidental death is covered during the first 12 months of the policyFuneral cover available, but it only offers £250 towards the cost of your funeralMaximum age for premium payments is 95
Reviews
It’s tricky to find customer reviews of the Post Office’s over 50s life insurance. On TrustPilot, the review page covers every service it offers, including parcel delivery.
However, while awarding it Best Life Insurance Provider for 2022, Your Money praised Post Office’s reasonable pricing, sensitive customer service and high-quality products.
Defaqto gave Post Office 4/5 stars for over 50s life cover
Legal & General
Since 1836, Legal & General has helped customers insure their property, health and lives. It’s well known in the marketplace as a name you can trust.
Over 50 life insurance
Legal & General offers a life insurance plan for over 50s full of great features and optional extras.
Premiums range from £5 to £75 per month, depending on your age and whether you smoke. Your premiums are fixed throughout your policy (until you pass away). However, Legal & General can help you adjust your premiums during your policy if your circumstances change, provided you have held your policy for a year or more.
Legal and General insurance customers can access professional health support from the first day of their policy, including contacting registered nurses over the phone. This is also available to the policyholder’s partner and any children living at home.
Key benefits
100% of over 50s life insurance claims paid in full, typically within one dayGuaranteed acceptance without a medicalFlexibility to alter your premiums to match your individual circumstances
Disadvantages
If you pass away during the first year of the policy (unless it’s an accident), you’ll only receive your premiums backFixed lump sum only, so its purchasing power will be reduced by inflationFuneral benefit will not cover the entire cost of your funeral
Reviews
Legal & General’s life insurance products have a 4.7/5 rating from 159 reviews on Trustpilot. However, it’s important to know that this rating isn’t solely for their 50+ policies.
Customers appreciate their cost-effective insurance products and friendly, professional staff.
Defaqto gives Legal & General’s over 50s fixed plan a 5/5 star rating.
SunLife
SunLife is a UK-based financial services company specialising in products that help the over 50s. It prides itself in being helpful and straightforward, with no hidden extras.
Over 50s life insurance
SunLife promotes itself as the nation’s favourite over-50s insurance company, supporting customers for more than 200 years. More people go with SunLife than every other provider combined.
Its popularity can be attributed to SunLife’s friendly and attentive service. Its over 50s life cover policy has guaranteed acceptance with no medical history questions or examination.
SunLife is all about keeping things simple and affordable. Over 50s premiums at SunLife start at as little as £3.70 per month. Premiums stay fixed throughout the policy.
However, while you’re immediately covered for accidental death, you’re not fully covered until 12 months after taking out the policy.
Key benefits
Claims typically paid within 3 days or fewerUp to £18,000 of cover available100% of claims paid out
Disadvantages
Only £250 available as funeral benefitYou’re only fully covered after the first yearNo maximum age for premiums, so you’ll always pay premiums until you pass away
Reviews
SunLife has an excellent score of 4.6/5 on Trustpilot, based on more than 6000 reviews.
Customers appreciate SunLife’s straightforward sign-up process and professional staff. Reviewers also praise SunLife for their compassionate approach when the policyholder’s loved one makes a claim on the life insurance policy. It makes a stressful time that little bit easier.
On the other hand, Defaqto gives SunLife an expert rating of 3/5 stars for its over 50s life insurance, which is lower than that of other providers on our list.
OneFamily
OneFamily is an expert in financial help for the very young (through its Child Trust Funds) and seniors, through its over 50s life cover policies.
Over 50s life cover
OneFamily over 50s life cover helps you plan for later life and look after your loved ones after you pass away.
Monthly premiums for life cover start at £10 per month, which includes terminal illness cover and funeral contributions as standard. There’s no medical examination requirement. All you need to get cover is be a UK resident aged between 50 and 80.
You also get access to OneFamily’s health support services in association with RedArc. This includes emotional support to help you cope with a bereavement or serious illness. You can also get a one-off home visit from a nurse or a second medical opinion from a doctor.
It’s no surprise OneFamily won Best Life Insurance Provider for the Over 50s at the 2021 What Mortgage Awards.
Key benefits
Terminal illness and funeral cover come as standardLower rates available for non-smokersLarger payout amounts available compared to competitors in the industry
Disadvantages
Full life cover is not available until 24 months after taking out the policy, higher than the industry averagePremiums payable until the age of 90Funeral benefit (£300) may not cover the whole cost of your funeral
Reviews
On Trustpilot, One Family has an excellent rating of 4.6/5, based on more than 1800 reviews. Not all of these reviews are for life insurance. However, with such an impressive score, we can assume that One Family customers are generally pleased with the service they receive.
OneFamily’s Defaqto rating for Over 50s Life Assurance is 5/5 stars. This award is given by industry experts, so you can have peace of mind that you’re making the right choice.
British Seniors
As the name suggests, British Seniors exists to look after senior citizens in the UK. Its over-50s life cover is designed to help with funeral costs, service debts and provide valuable peace of mind.
British Seniors offers life insurance for seniors for as little as £4.32 per month. The maximum cover amount available aged 50 is £10,000, but this amount decreases the older you get, so it benefits to take out your policy earlier. Acceptance is guaranteed without a medical, and British Seniors pays out 100% of claims made on its policies.
When you reach 95, you no longer need to pay premiums, but you’re still covered. You can also add the funeral benefit option of £300 to your policy, which contributes to the cost of your send-off.
British Seniors has a UK-based call centre where you can purchase your life insurance plan, but if you prefer, you can also buy online. It only takes a few minutes to achieve the valuable peace of mind that only life insurance can bring.
Key benefits
Accidental death pays 2X your benefit amount (capped at £20,000)Guaranteed acceptance for any UK resident aged between 50 and 80 with no medical or blood testsAward-winning UK-based customer service
Disadvantages
Premiums don’t end until you’re 95You must choose increasing cover if you want to protect your payout from inflationBritish Seniors’ term life insurance offers much larger cover amounts
Reviews
British Seniors has an excellent 4.8/5 rating on Trustpilot, based on more than 5,400 reviews. Customers are very impressed with British Seniors’ friendly, helpful and professional staff.
Defaqto gives British Seniors an expert rating of 4/5 stars for all of its over 50s life insurance products.
AIG
AIG (American International Group) is a global insurance giant, covering more than 70 countries. In the UK, it has more than 60 years of insurance experience.
Over 50s life insurance
AIG offers life insurance for over 50s with guaranteed acceptance and no medical exam required.
A great feature offered by AIG is protected benefits. This means that if your financial priorities change and you need to stop your monthly premiums, you’re still insured for a lower amount. You don’t lose your contributions solely because you stopped your premium payments.
Unlike many other insurance providers we’ve evaluated, AIG pays out more than your monthly contributions if you die within the first two years of your life insurance policy and it’s not accidental. AIG pays your loved ones back one-and-a-half times the monthly premium payments you paid in before you pass away.
In addition, AIG gives all policyholders access to Smart Health, its dedicated health and wellbeing service. You can talk to a UK-based GP, get help with mental health and so much more. Plus, your partner and children (if they’re under 21) can also use the Smart Health service.
Key benefits
Protected benefits – Stopping your premiums does not cancel your coverAccidental death cover pays 3X your lump sum if you die due to an accident within the first two years of your policyHealth support app available
Disadvantages
Smokers can only get coverage before they’re 81 years oldOnly available from partners rather than direct to consumerIf you pass away within the first two years of your policy, you won’t get your full death benefit (excluding accidents)
Reviews
AIG Life only has a 3.1/5 rating on Trustpilot. However, this is based on a small number of reviews. Also, the most recent reviews seem to be positive, so many they’ve cleaned up their act.
It currently has no Defaqto expert rating. This may be because it sells policies through partners such as Direct Line rather than directly to customers.
Shepherds Friendly
Shepherds Friendly is a mutual society founded in 1826. 200 years later, it still puts its members first with a variety of investment, insurance and income protection products.
Over 50s life insurance
The Shepherds Friendly over 50s life insurance plan helps its members look after their loved ones after they pass away. As with most over 50s policies, there’s no medical questionnaire and acceptance is guaranteed.
You can take out insurance between the ages of 50 and 80. Premium prices start at £10 per month, but if you would like a higher lump sum to go to your loved ones when you pass away, you can contribute anything up to £50 per month. You can also add a funeral benefit option to receive a £250 contribution to your funeral costs when you pass away.
Because Shepherds Friendly is a mutual society rather than a company owned by shareholders, all profits are paid back to members or reinvested back into the company.
You can get instant life insurance quotes from Shepherds Friendly by visiting their website.
Key benefits
Funeral benefit option availableYou can stop paying premiums after 30 years of membership (or your 90th birthday)Separate rates for non-smokers
Disadvantages
Full cover doesn’t start until 2 years after taking out the policyPurchasing power of your lump sum is reduced over time by inflationFuneral benefit option is unlikely to cover the entire cost of your funeral
Reviews
Shepherds Friendly has a 4.2/5 star customer rating on Trustpilot, based on more than 500 reviews. However, it’s essential to note that these reviews cover other products as well as over 50s life insurance.
Defatqo’s experts give Shepherds Friendly a 5/5 star rating for over 50s life assurance. This is great peace of mind if you’re considering taking out cover with this insurance provider.
Co-op
Co-op is one of the biggest retail and financial services brands in the UK. It also runs the UK’s biggest funeral services brand. Insurance is a huge part of what it does.
Over 50s life insurance
Co-op over 50s life insurance works in the same way as most other brands, with guaranteed acceptance with no medical examinations required. Cover is open to any UK resident aged between 50 and 80.
Premiums start at £3.95 per month and you can pay in up to £10 per month. However, the maximum payout is £10,000, so you may end up paying more than your loved ones receive when you pass away.
Co-op aims to help its older customers by being flexible with its life insurance terms and conditions. For example, you can take a 6-month payment holiday and still stay insured, provided you pay back the shortfall after your holiday ends. You can also reduce your payments if you wish.
Co-op over 50s life insurance is underwritten by The Royal London Group.
Key benefits
Guaranteed acceptance with no medical history questionsFlexible payments – you can reduce your payments if you need toPayment holiday – take a break for up to six months and remain insured
Disadvantages
You pay premiums until you turn 95, which is high compared to other insurersYou’re not fully covered for two years after taking out the policyMaximum cover amount is £10,000
Reviews
Co-op Insurance has a Trustpilot rating of 4.1/5 stars based on more than 500 reviews. Not all of these reviews are for 50+ life insurance. However, it is an excellent score, so we can surmise that Co-op customers are generally pleased with the service they receive.
Defaqto’s over 50s life assurance experts give Co-Op over 50 life insurance a rating of 4/5 stars.
Direct Line
Direct Line is one of the UK’s biggest insurance brands, delivering premium policies for more than 35 years.
Over fifties life plan
Direct Line’s over 50s life insurance is provided by AIG, so much of the information written above for AIG will be relevant here.
Prices start at £5 per month for life cover. However, the amount of cover you will be allowed to purchase (and the price you pay) may depend on your age and smoking status. That said, acceptance is guaranteed, so you won’t be denied coverage.
Direct Line paid out 100% of over 50s life insurance claims in 2021. This gives great peace of mind, as you know your loved ones won’t have to jump through hoops to claim their payout when you pass away.
Direct Line policyholders also get access to Smart Health services at no extra cost. Beneifts include 24/7 phone or video access to a GP, as well as other health and wellbeing services.
Key benefits
100% of claims paid out (2021 figures)Guaranteed acceptance for UK residents aged 50-85Smart Health gives access to a GP 24/7 over phone or via video
Disadvantages
You’re only covered for non-accidental death after the first two years of the policyMaximum age smokers can buy cover is 81You stop paying premiums on your 90th birthday, which is higher than some other insurers
Reviews
Direct Line has a great Trustpilot rating of 3.9/5 stars, based on more than 12,000 reviews. Not all of these reviews are for 50+ life insurance. However, it is a great score, so we can assume that Direct Line customers are generally satisfied with the service they receive.
Defaqto awards Direct Line over 50s life plan an expert rating of 5/5 stars.
Disclaimer: This information is general and what is best for you will depend on your personal circumstances. Please speak with a financial adviser or do your own research before making a decision.
