‘Over 50 Life Insurance Quotes’ Life Insurance 50 Plus > (2024)

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‘OVER 50 LIFE INSURANCE QUOTES’

…Legacy, Funeral Costs or More?

Over 50 Life Insurance Quotes. Broker Deals and Help

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Life Insurance over Fifty. Compare Quotes from £5pm

Over Fifty ‘Life Insurance 50’: Medical & No Medical Life Insurance

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Do I need Life Insurance after 50?

As brokers we are sometimes asked ‘do I need life insurance after 50’ or ‘is over 50 life insurance worth it’? This is often a common question now due to the cost of living crisis 2020’s.

But the reality is with average uk life expectancy now around age 80, and if you are over Fifty, it could be you may well calculate that you ay live on for 30 or more years….

We would say consider those loved ones that rely financially on you & your income – if you sadly died prematurely.

Are you an Over 50’s man or woman working still, or now couples retired on a pension? Would your family be entitled to any ongoing benefits, like your pension or you’re unsure?

If not, then consider some ‘life insurance for over fifty’ options we will discuss in this article.

5 Reasons for Over 50′ Life Insurance in 2024?

1. Seen the continual adverts for Life Insurance for those over 50
2. You have left it late but now want life insurance and a free gift
3. No complicated health or lifestyle application to complete
4. Just help toward covering funeral costs or a legacy
5. Not sought out any financial advice before hand

3 Main Types – ‘Life Insurance Quotes Over 50’

1. Over 50’s life insurance (No > medical or lifestyle evidence)
2. Over 50 Whole of life assurance (Yes > Medical & lifestyle evidence)
3. Term life insurance Over 50 (Yes > Medical & lifestyle evidence)

CONCLUSION: Please read about the 3 main options for life insurance for the over 50s

What is Best Life Insurance for those Over 50?

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Over 50 Life Insurance Quotes – No Medical

No Medical life insurance over 50s | General Key Features

• 1 or 2 years exclusion period before any natural causes death claims
• Usually no in depth medical & lifestyle questions to qualify for no medical life insurance uk
• Smoking or vaper status asked & affects life insurance for over 50 smoker
• Accidental death claims only for initial exclusion period on life insurance uk over 50 plans
• Refund of premiums only if you die of natural causes during this exclusion period
• Insurers may stop taking premiums from age 90/95 but maintain your over 50 no medical life insurance
• This life insurance for the over 50s is whole of life meaning indefinate cover

No Medical life insurance for over 50s | General Key Features

• Age at entry usually Over 50 – 85 dependant on Insurers
• Most life insurance for the over 50s are available on a single life basis only
• Providers may limit premiums per plan or a total amount of Lifecover per person
• Fixed premiums usually offered with life insurance uk over 50 plans
• No investment cash in plan surrender values & generally lower cover levels
• Lower life insurance levels generally offered versus other Over 50’s plans
• Life Insurance For those Over 50 bought sometimes just for their free gifts
• Can often pay in more to the life insurance for over 50s policy than the cover amount paid
• Many use Over 50’s plans toward Funeral funding than family life cover or prepay funeral plan
• Funeral benefit option may top up £250|£300 for Funeral directors eg; Dignity or COOP

These no medical life insurance for over 50 plans were originally setup back in 1979 by SunLife & when average UK life expectancy was around 10 years lower than in 2024.

They were often advertised back in the day by various golden oldies over 60 or over 70’s celebrities like Michael Parkinson, Cilla Black or Carol Vorderman.

Although these over 50 life cover no medical policies were promoted by various Seniors Life Insurers as offering immediate peace of mind, this type of plan is often not actually a get onto cover today life insurance for over 50’s.

What it is actually is having to wait for 1 or 2 years period before getting onto cover today insurance over 50’s policy.

Although maybe advertised as a low cost life insurance for over 50, you could possibly also pay in more than the premiums paid with some plans.

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What’s Martin Lewis view on Over 50’s Life Plans?

What does Martin Lewis say about Over 50 life insurance plans? He does see their lucrative value IF you are in Poor Health & with a Reduced Life Expectancy. As brokers we may agree here on that point.

So conversely he also means, Over 50’s lifecover is a less lucrative bet IF you have reasonable Good Health. Therefore overall, he is not a big fan of these no medicals Over-50s schemes it seems.

*Does Martin Lewis recommend Over 50 Life Insurance?

Martin Lewis says…‘Let me be blunt: this means that if you’re likely to die sooner than the average, these Over-50’s plans can be lucrative’.

This marketplace is characterised by Insurers offering their life insurance with free gifts. Or TV adverts promoted by some well known current or past TV celebrities.

For Martin Lewis best Over 50 Life Insurance Money Saving Expert advice, however he says many people waste a fortune on this ‘no medical’ style of policy.

So, as Brokers we may agree here to some extent reviewing his comments ie; no medical Over 50 deals are not the best value out there if in average to good health. There are alternative options, which we review here.

Commenting, Martin Lewis on over 50’s plans, he says they are often sold to you on the basis of help toward covering funeral costs.

Maybe more importantly, Martin Lewis on Over 50 Life Insurance he points out that on certain plans, you could potentially pay in more in policy premiums than the life cover value is worth.

So in their Money Saving Expert Martin Lewis Over 50 Life Insurance review, he spends a long time putting down these no medicals life cover schemes.

But ultimately giving his usual balanced financial views, we would sum this up as follows…

Martin Lewis Over 50’s Life Insurance no medical style plans view is Only a Fan – IF in poor health for life expectancy…but NOT so if in average to good health.

In terms of the large range of Over 50’s Life Insurance products available, Money Saving Expert are fully impartial with all their best buy reviews. As you maybe aware, neither Martin nor MSE never endorse products.

Note: Yes, they mention individual products & services on MSE site, but they make it very clear don’t ‘support’ them.

CONCLUSION: Best Life Insurance for Over 50’s | If generally in Poor Health

Over 50 Whole Life Assurance – Medical evidence

General Key Features

• Policy is underwritten insurance so Insurers do ask medical lifestyle questions before offering terms
• Whole life assurance means you covered even if you live until 150
• Terminal Illness is often included for free on whole life assurance plans
• It means you sadly have less than 12 months to live, so pays out earlier ‘death insurance claim’ in advance
• Could involve GP reports and medical tests before agreeing underwriting terms
• Deals usually available for those who have no real serious health or lifestyle issues
• Age at entry available below 50 then up to 89 dependant on Insurers
• If you have some medical issues eg; raised blood pressure or cholesterol Insurers may still try to offer cover
• Immediate cover with no initial exclusion period before a whole of life insurance claim
• Suicide exclusion clauses may initially apply on whole life insurance for over 50s
• Own life, dual life or joint life insurance 50 and over upon death or terminal illness
• Plan options for fixed or reviewable premiums and must be paid for rest of life ie; until a claim
• This is an Over 50 life insurance no waiting period plan
• Generally much higher cover levels available than no medical cover plans eg; £100k+

CONCLUSION: Best Life Insurance Quote Over 50 | If fit & healthy

Over 50 Term Life Insurance – Medical evidence

General Key Features

• Term Over 50’s Life Insurance is ‘underwritten’ but for a fixed period ie; max available upto age 90
• Unlike whole life insurance you may live out that term period leaving no lifecover after
• Terminal Illness is also included for free on over 50 term life insurance plans
• May have much more affordable costs than whole life assurance as plan runs a defined term
• Age at entry available usually below 50 then up to 85 dependant on Insurers
• Once underwritten, this life insurance policy has no initial exclusion period before claim
• Suicide exclusion clauses apply on term life insurance for the over 50s
• Premiums usually fixed and have to be paid for life of the policy term with no cash value
• Life insurance quotes for 50 and over can be level, decreasing, increasing.
• Lump Sums or Family Income Benefits options upon death or terminal illness
• Options of life insurance for the over 50s via own life or joint life policies
• Life Insurance upto age 90 as a ‘bills back up plan’ instead
• This is an Over 50 life insurance no waiting period plan
• Generally much higher cover levels available than no medical cover plans

CONCLUSION: Best Life Insurance for Over 50 | No cover need after age 90

*Over 50 life insurance no waiting period?

Both Over 50’s term life & whole life assurance (because they request medical evidence) are essentially Over 50 life insurance no waiting period policies.

This is unlike those no medicals Over 50’s plans Martin Lewis mentions above, and says he’s only a fan if you have poor health and low life expectancy.

As such, because they do ask no medical questions, usually do have that initial waiting periods of 1/2 years.

*Over 50 Life Insurance 100k?

It would be fair to say if you are looking for best Over 50 life insurance 100k, you will not get with a no medicals policy.

These Over 50’s plans again that Martin Lewis reviews generally offer much lower levels of life cover often only around £10k.

Your best route is an Over 50 life insurance no waiting period plan, either via a term life insurance or whole of life policy.

*Life Insurance for Man over 50?

Since an EU ruling back in 2012, gender neutral rates now apply across all life insurance whether that is for males or females.

Even though statistically in the UK on average, women live longer than men by around 4 years to around early 80’s

As such, any ‘life insurance for man over 50’ rates will be the same as ‘life insurance for woman over 50’ ie; Over 50’s life cover prices are one single price, or the same for both.

*Life Insurance 50 Calculator

If you are after checking your average UK life expectancy then use the below life insurance 50 calculator.

Or, if you are under age 70 please get a no obligation online quotes in 15 secs – with our FREE life insurance 50 calculator.

You can calculate and compare leading UK providers for term insurance upto age 90.

If you are after whole life insurance 50 calculator then Please contact us for broker help.

Life insurance for Couples over 50 | ‘Joint life insurance over 50’?

What is better for those looking at Life insurance for Couples over 50, a joint life insurance over 50 or 2 x single Over 50 plans?

Generally an over 50 joint life insurance means upon the first to claim it will payout, and then end. As such, it is usually cheaper than 2 x separate plans

For some that is okay for their life insurance over 50 joint cover eg; It is insuring a joint loan so upon 1st death it could repay the debt.

Alternatively, this may not be the best joint life insurance for over 50s if it is meant to be for say funeral planning as it will only payout once leaving the other partner with no cover.

Over 50 Life Insurance Quotes & Covid 19

• You are covered is the answer re Coronavirus / Covid 19 for most Insurers
• ‘No medical’ life insurance uk over 50 plans usually have initial 1 or 2 years exclusion period anyway before death claims
• Some Insurers have waived their waiting periods on plans taken out before Covid 19 was known
• Underwritten plans will ask specific Coronavirus related questions to proceed
• Valid as long as you honestly answered the Insurers questions at the time of application
• Your life insurance for over 50s policy must not have lapsed & the premiums must be up to date

CONCLUSION: Insurers still accept Life Insurance For those Over 50 in Pandemic 2020’s

What does putting a Life Insurance Into Trust mean?

• Put a life insurance for over 50’s policy into ‘trust’ ensures it goes to your beneficiaries
• It may also help to avoid probate delays & inheritance tax – by falling outside your estate
• This applies even if you have made a valid will
• Without a suitable trust, the policy could fall back into your estate
• Inheritance tax is currently 40%. So it could be for larger estates, the life insurance payout is then reduced by this amount
• Most Insurers do supply free a good range of generic life insurance trusts, ideal for many client situations

Life Insurance Quotes Over 50 | Importance of Disclosure & Claims?

All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. If so, it may not payout ! eg; If you now vape after smoking ciagrettes, then you must tell them you have not quit smoking when doing ‘life insurance quotes for over 50’ (even if it may cost the same as smoking cigarettes).

Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance over 50 claim is valid and cross check if you originally disclosed all the correct details. If you look at most Insurers recent claims payout, you will see that it is Good (but like most Insurers cover life insurance is not 100%).

What if my health lifestyle changes after I have taken the policy out?

Any health or lifestyle changes since, usually does not void your existing life insurance for over 50s, if it wasn’t relevant at that time of initial underwritten insurance application.

It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.

So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original life insurance UK over 50 plan T&C’s.

Best Life Insurance for Over 50 Summary

• Medically underwritten life insurance for those over 50 may usually offer much better value
• Whole lifecover if it has to payout whenever & Term Lifecover upto 90 if not
• No medical over 50’s lifecover plans are often useful if you have serious health issues
• Like all Insurance, if you start to miss any premiums your life insurance for the over 50s may lapse
• Rising Funeral costs inflation may effect level life cover plan payouts
• Check if the life policy can be put into trust to help avoid probate delays & Inheritance Tax IHT
• Gender Neutral rates on life insurance for male over 50 or female over 60 cover
• Often Over 50’s lifecover is seen advertised on TV and endorsed by personalities
• Don’t be persuaded to buy a plan by this or because you get a free gift or voucher

CONCLUSION: Looking for Best Life Insurance for those Over 50 ? Please Contact Us

What is the best over 50 life insurance ? Compare over 50 life insurance online quote

Can you get Life Insurance in your 50s?

So in conclusion, can you get life insurance in your 50s? Yes you can, however not all these over fifty schemes are the same.

So as discussed in this article there are several Over 50 life insurance options to consider first – that maybe best for your personal circumstances.

Unsure and need professional advice on UK life insurance companies for over 50; Please contact us for broker help.

Article on ‘Over 50 Life Insurance Quotes’ by Martyn Spencer Financial Adviser (2024)

For reassurance re health for men & women – we review many of the best Life Insurers selling over 50 Life Insurance in UK (inc NI)