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Since 2006 we have helped 339,601 people compare Protection Insurance quotes.
We would love to do the same for you...

What’s the difference between over 50s life insurance and other types of life insurance?

Reaching 50 years old is, of course, a massive landmark event in any person’s life. Not everything about surpassing half a century on Earth is necessarily glamorous, though. And if you’re reading this, it might be because you’re in the market for life insurance, and you’re wondering what the difference could possibly be between over 50s and standard life insurance.

Regardless of the type of life insurance you purchase, the broad principle will be the same: if, as the policyholder, you pass away during the term of the policy, your loved ones will be able to benefit from a one-off tax-free lump sum. They will be able to use that money as they wish, whether to cover funeral bills, clear debts, or deal with living costs.

So, how does over 50s life insurance differ from this?

As the name suggests, over 50s life insurance is a form of life insurance typically purchased by those aged over 50. There’s normally an upper age limit as well for when you can apply for this type of cover - usually 80, or sometimes 85.

You might assume, from the name, that if you are over 50, dedicated over 50s life insurance will be the only type of life insurance available to you. However, that’s not automatically the case, with over 50s life insurance tending to be especially suitable for people who might struggle to get accepted for standard life insurance.

The fact is, many people find it more difficult to get approved for standard life insurance as they age - even more so if they have health problems. So if, for example, you are over 50 and have a pre-existing medical condition, or would simply prefer not having to answer health-related questions when seeking life insurance, an over 50s life insurance policy could be of appeal to you.

How does over 50s life insurance compare to ‘level term’ policies?

Level term life insurance is a form of life insurance where the policy and amount of cover will stay the same throughout the policy term, regardless of when the policyholder dies; the amount of cover, in other words, is ‘level’.

Level term cover also only runs for a certain fixed number of years, whereas an over 50s life insurance policy usually lasts for the rest of the policyholder’s life.

If you are considering taking out a level term life insurance policy, you can also expect to be asked some basic health questions as part of the process, as opposed to the tendency with much over 50s life insurance to not require any medical information at all.

It’s also important to bear in mind that if you purchase a level term life insurance policy but then pass away after that policy has ended, your loved ones will not be entitled to any payout.

What about the difference between over 50s life insurance and whole of life insurance?

With both of these types of policy, you can be covered from the moment you buy the policy, right through to when you die.

The key differences are that whole of life insurance can be purchased from a younger age than 50, and as with level term insurance, if you apply for whole of life insurance, you will need to provide some basic information on your health and lifestyle.

You are a lot less likely to need to answer such health-related questions if you instead opt specifically for over 50s life insurance. However, this could also have the effect of making an over 50s policy more expensive than some of the alternatives out there.

Would you like to talk to an expert about the possibilities for your next life insurance policy, including whether over 50s life insurance could be the right choice for you? If so, you are very welcome to call our free no-obligation advice and quotation line today, on 0800 316 6917.

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Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

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Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

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No nonsense, no jargon, just clear and informative guidance. Very quick with results which did not disappoint. Delighted with my deal which was a third cheaper than my own bank offered me and I didn’t do any of the legwork. More than happy to recommend.

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I found the customer service representative very polite and informative and helpful.

I wished some information on life insurance for a mortgage I have applied for.

All in all the process was very useful and informative and the representative was very helpful and polite. I would recommend this online service to anyone who is looking for life cover.

- Mrs Severn

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I was impressed by the quality of service by the advisor who dealt with my request. He has carefully listened to my requirements, asked a few relevant questions and has provided me with the option which suited my needs in the best possible way. I have really admired his flexible approach and fantastic customer skills.

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I received a call as promised in my email. Marie Bedding was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.

Marie was very sensitive when discussing personal circumstances and listened carefully and showed compassion to my details. Marie then said ‘leave it with me and ill get back to you’, within 20 minutes Marie was back on the phone with the quotes as promised and gave me a selection of options to chose from.

Marie did not pressure me with the ‘Hard Sell’, I needed time to discuss the options with my partner, Marie kindly emailed me all the details and left it in my hands to contact her once I had made a decision and if I would like to go ahead with the policy.

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Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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