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Like the name suggests, this is a life insurance policy that can be taken out by individuals who are over 50 years of age (but under the age of 80). Such policies are designed to provide a cash lump sum to your loved ones in the event of your death.
Over 50s insurance has guaranteed acceptance with no medical information required. Because of this, it comes with a moratorium period - a waiting period between the policy starting and a potential pay-out - 2 years for example.
Some policies, however, may refund premiums if death does occur within the waiting period.
Premiums can start from as low as £7 per month.
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Cavendish Online will provide you with quotes from the market leading Insurers OneFamily and Shepherds Friendly. You can then compare the amount of cover each insurer can provide for you, and the features and benefits each product has to offer.
It’s important that you choose the policy that is most suitable for you when considering the product features, benefits and affordability. Always read through the policy summary of your chosen insurer carefully and contact them if you have any questions about what is included.
Although accidental death cover is available immediately on Over 50s life insurance, these policies will only pay out the sum assured on other types of death once the insurer's waiting period is over (please see your selected insurers ‘policy summary document for full details).
You will need to be between 50 and 80 years old to apply for cover.
You will need to be a UK resident to apply for cover.
It’s important to understand that the Over 50s policies a cannot be index linked. This means the value of your policy may be eroded by the effects of inflation over time.
You can learn more in our article – What is Over 50s life insurance and do I need it?
Over 50s life cover can help cover a range of expenses, however, there are certain aspects that the policy won't cover.
Here's some of what is and isn’t included:
Guaranteed acceptance with no medical
A guaranteed payout after the waiting period ends
Immediate cover for accidental death
Fixed monthly premiums that won’t increase
A lump sum your loved ones can use for funeral costs, bills, or financial support
Full payout for natural causes of death during the initial waiting period
Increasing cover linked to inflation (most policies are not index-linked)
Large levels of protection compared to medically underwritten life insurance
Cash value or investment growth
These policies are generally designed for smaller amounts of cover and peace of mind, rather than replacing a full income or mortgage protection policy.
Applying for an Over 50s life insurance plan is usually straightforward as there are no medical questions or health checks involved. Most applications can be completed over the phone in just a few minutes.
Before you start, it helps to have a rough idea of:
How much cover you want
What monthly budget you’re comfortable with
Who you’d like the payout to go to
Once you complete a quote, you can compare policies from different insurers based on the level of cover, features, and overall cost. Because acceptance is guaranteed (as long as you meet the age and residency requirements), the process is often much simpler than a standard life insurance policy.
After choosing your policy, you’ll set up your monthly premium and confirm your beneficiary details. Your cover will usually begin straight away for accidental death, while full cover starts after the insurer’s waiting period.
Not all Over 50s policies are the same. Different insurers offer varying payout levels, waiting periods, and optional features. Comparing quotes side-by-side helps you see what your monthly premium could provide and choose cover that fits your needs and budget.
Over 50s cover can be worth it if you want guaranteed acceptance without medical checks and a fixed monthly premium. It’s commonly used to help with funeral costs or to leave a lump sum to your family. However, depending on how long you live, you may pay in more than the policy pays out.
Over 50s life insurance pays out a lump sum on death. Accidental death is usually covered immediately, while other causes of death are covered after a waiting period set by the insurer.
Yes, most policies have a waiting period (typically 12–24 months). If death occurs during this time from natural causes, insurers usually return the premiums paid instead of paying the full benefit.
Premiums can start from as little as £7 per month. The exact cost depends on your age, the amount of cover you choose, and the insurer.
The amount of cover varies by provider and depends on your age and monthly premium. Older applicants typically receive lower levels of cover for the same premium.
Is the payout from Over 50s life insurance taxable?
The payout is usually tax-free. However, it may form part of your estate and could be subject to inheritance tax unless the policy is written in trust.
The payout can be used for anything your beneficiaries choose, such as funeral costs, household bills, small debts, or leaving a financial gift to loved ones.
Over 50s life insurance offers guaranteed acceptance, provided you meet the age and are a UK resident. There are no medical checks or health questions.
There is no fee for taking out an Over 50s policy with Cavendish Online, instead there will be commission built into your quote.
No. The premiums you pay are set by the insurer and are the same as if you applied directly. Using our service does not increase the cost of your policy.
It depends on your needs. Over 50s life insurance offers flexibility in how the money is used, while a funeral plan covers funeral costs directly. Some people choose to have both. For more information, please read our guide: Life Insurance vs Funeral Plan.
Give our advisers a call today.
Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.
The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way.
01392 436193
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