British Seniors offers Over 50s life insurance, Funeral life insurance and Term life insurance products targeted at those aged between 45 and 80 years old. With so many different types of Funeral plans and policies designed for the Over 50s market, this review will help you understand where British Seniors' life insurance sits in terms of quality and price. We also explain the best way to buy over 50s life insurance, including how to get up to £100 cashback.
If you would prefer to look at an overview of Over 50s and Funeral life insurance plans, you will find this in our article, "Which is the best Over 50s life insurance?"
About British Seniors
British Seniors is a distributor for life insurance that is underwritten by AIG Life Limited. The company is a trading name of Neilson Financial Services Limited which is authorised and regulated by the Financial Conduct Authority.
British Seniors currently arranges and issues life insurance policies that include Over 50s life insurance, Funeral life insurance and Term life insurance. The life policies are administered by AIG Life Limited who in turn is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA).
You can buy life insurance with British Seniors over the phone through their UK based call centres if you are aged between 45 and 80 and UK resident.
British Seniors' Term life insurance product is rated 5 stars by Defaqto.
Types of life insurance you can buy with British Seniors
British Seniors offers life insurance to people between the age of 45 and 80 years old. The specific age restrictions vary depending on which type of life cover you choose to buy and the level of cover is restricted by your specific age within this range. The life insurance policies sold by British Seniors include:
- Over 50s life insurance
- Funeral life insurance
- Term life insurance
British Seniors' life insurance splits Over 50 life insurance and Funeral life insurance into two separate products but these are essentially the same policy with different names, the only difference being that Funeral life insurance includes an automatic increase each year. Both policies are designed to provide benefit amounts that are along the lines of how much a funeral would cost. Funeral expenses arise quickly after death and having access to money to pay the funeral director can ease a lot of the financial strain that your family might feel at a difficult time.
How does British Senior’s life insurance work?
The Over 50s life insurance and Funeral life insurance products are whole of life policies so they will cover you until death whenever that happens and provide a payout at that time. The term life insurance plan is restricted to 20 years of cover but a shorter term may be offered due to the maximum expiry age of 89, so if you're 75 years old, for example, you'll be offered a maximum of 14 years of cover. The term can't be altered to what you want which is unlike most other term life insurance plans where you can choose between 1 to 40 years of cover.
How British Seniors over 50s life insurance works
- Pays out the full insured amount on death due to any cause after an initial qualifying period of 12 months
- Up to £10,000 of cover available
- Accidental death is covered from the outset and has no qualifying period
- A death that occurs due to natural causes within the first 12 months can't be claimed for but all the premiums paid up until that point would be returned
- The monthly payments and the amount of cover remain the same over the period of cover until death
- Payments stop being payable when you reach age 95 but the cover continues
- Depending on when you start your policy and when you die, you can potentially, pay in more than what will be paid out on death.
- Guaranteed acceptance means you will be accepted regardless of the condition of your health; without having to answer any medical questions or attend a medical examination.
How British Seniors Funeral life insurance works
- Pays out the full insured amount on death due to any cause after an initial qualifying period of 12 months
- The payout is designed to cover the cost of your funeral but it can be used by your beneficiaries for any purpose
- Up to £10,000 of cover available depending on age
- Accidental death is covered from the outset and has no qualifying period
- A death that occurs due to natural reasons within the first 12 months can't be claimed for but all the premiums paid up until that point would be returned
- The amount of cover increases at a rate of 3.5% each year while the monthly payments increase at a rate of 5% each year
- You can opt out of yearly increases as many times as you like but if you opt out for 3 years in a row, increasing will be removed
- Payments stop when you reach age 95 but the cover continues
- Depending on when you start your policy and when you die, you can potentially, pay in more than what will be paid out on death.
- Guaranteed acceptance means you will be accepted regardless of the condition of your health; without having to answer any medical questions or attend a medical examination.
How British Seniors Term life insurance works
- Pays out the full insured amount on death at any point within the term of the policy
- Death caused by an intentionally self-inflicted injury in the first 12 months is excluded from claims
- Up to £100,000 of cover available depending on age
- Your monthly payment is based on the amount of cover, your age at the start of the policy and whether you smoke
- The amount of cover increases at a rate of the retail price index (RPI) each year while the monthly payments increase at a rate of RPI x 1.4 each year
- You can opt-out of yearly increases as many times as you like but if you opt-out for 3 years in a row, the increasing benefit option will be removed
- The application process and acceptance for this life insurance plan is subject to your health, family history of health, lifestyle and occupation
British Senior’s Over 50s life insurance policy summary
| Cover Type | British Seniors Over 50s plan | British Seniors Funeral Plan | British Seniors Term Life insurance plan |
| Amount of cover | Ages 50 to 69 - up to £10,000
Ages 70 to 74 - up to £9,000 Ages 75 to 80 - up to £6,000 |
Ages 45 to 74 - £10,000 to £100,000
Ages 75 to 80 - £10,000 to £50,000 |
|
| Coverage | Single or Joint | Single cover only | |
| Duration | Whole of life - pays out on death | 20 years fixed term
Cover up to a maximum age of 89 |
|
| Qualifying rules | Aged 50 - 80
UK resident No health questions or medical |
Age 45 to 80
UK resident Subject to health, lifestyle and occupation |
|
| Monthly payments | Fixed for the duration of the cover | Annual 5% increase (opt out available) | Choose level or increasing
Increasing payments rise by 1.4 x RPI annually |
| Cover amount - Level or increasing | Level | Annual 3.5% increase (opt out available) | Choose level or increasing
Increasing cover rises by RPI annually |
| Exclusions | Death and terminal illness caused due to a self-inflicted incident are excluded within the first 12 months of a policy
Death claims excluded during the first 12 months of policy (except if caused by accident) |
Death and terminal illness caused due to a self-inflicted incident are excluded within the first 12 months of a policy
No claims beyond the term of the policy |
|
How much does British Senior's life insurance cost?
All three types of life insurance sold by British Seniors are quite widely available across a number of life insurance companies so we have checked how they compare for cost against like-for-like policies we found.
British Seniors' Over 50s and Funeral life insurance policies are priced identically but it is worth keeping in mind that the Funeral life insurance is an increasing plan so the amount of cover and the monthly premium will increase each year unless you opt out. To keep the comparison fair, we have compared the Over 50s and Funeral life insurance policies against similar policies that have the same qualifying period of 12 months and where premiums would stop being payable at age 95 or before.
British Seniors Over 50 & Funeral life insurance comparison - £6,000
| Age | Term of cover | Monthly payment* for British Seniors Over 50 & Funeral life insurance - £6,000 | Cheapest monthly payment we could find for equivalent cover |
| 50 | Whole of life | £20.94 | £17.00 |
| 60 | Whole of life | £27.83 | £24.00 |
| 70 | Whole of life | £44.89 | £40.20 |
| 80 | Whole of life | £84.96 | £74.00 |
*Monthly payments are based on a person who does not smoke
British Seniors Term life insurance comparison - £50,000
| Age | Term of cover | Monthly payment* for British Seniors Term life insurance - £50,000 | Cheapest monthly payment we could find for equivalent cover |
| 50 | 20 years | £14.77 | £9.00 |
| 60 | 20 years | £40.30 | £23.41 |
| 70 | 19 years | £117.25 | £61.03 |
| 80 | 9 years | £256.64 | £113.52 |
*Monthly payments are based on a person who does not smoke, is in good health and does not pursue any dangerous activities
British Seniors' Over 50s and Funeral Insurance plans are fairly competitive when we compared it with the rest of the market but not the cheapest that we could find.
British Seniors' Term life insurance plan didn't compare favourably to the price and quality of products that we found in the market. Term life insurance will only pay out if you die during the term of the cover so it doesn't warrant paying more than you need to for it - if you live beyond the term, the cover ends and there is no payout.
It's almost always a good idea to speak to an independent specialist life insurance adviser* to search the whole market based on what you need and how much you want to pay.
British Seniors' £100 gift card offer
A £100 Marks and Spencer gift card is offered to all new British Seniors' customers. Here is how the offer works:
- £100 M&S gift card if you buy a policy to cover one person
- £200 M&S gift card if you buy a policy to cover two people jointly
- Gift card issued after you make 6 months worth of payments which must exceed £100
- Gift cards are only available to customers who buy directly with British Seniors
British Seniors’ life insurance reviews
Independent review site Trustpilot gives British Seniors 4.7 stars out of 5.0 based on around 2,500 reviews where it is ranked 10 out of 13 for the best Funeral Insurance companies and 38 out of 52 for best Life Insurance Agencies. 80% of people reviewing British Seniors on Trustpilot gave it 5 stars. The majority of customers who had a good experience said that the process was simple, easy to understand and the people they dealt with were not pushy. The 2% of reviewers on Trustpilot who gave British Seniors 1 star, mainly cited problems with claim delays and constant calls.
Feefo reviews also give British Seniors 4.7 out of 5.0 stars where many reviewers mention the fast, efficient and friendly process they experienced when buying their life insurance.
British Seniors' Term life insurance plan is 5 Star Defaqto rated.
British Seniors' life insurance pros and cons
Pros
- Only 12 months before a full claim can be made under Over 50s and Funeral Insurance plans
- No health questions or medical required for Over 50s and Funeral Insurance plans
- £100 Marks & Spencer gift card for new customers
Cons
- You may end up paying more in than is paid out from the Over 50s and Funeral Insurance plans
- Length of cover for term life insurance can't be tailored to what you need
- Cost of term life insurance is uncompetitive
- Call centre agents are unable to provide advice
How to buy the best life insurance for over 50s
Like all insurances, the devil is in the detail and some policies are better than others even when they have the same policy title. It is important that you look at the terms and conditions of any life insurance plan you buy to ensure that it does what you expect it to. This not only ensures you have peace of mind that your family and dependents can rely on the payout when you die but also that you are comparing the life insurance correctly when finding the best price.
The process of selecting the best life cover at the best price can be made more difficult if you have poor health or have suffered health problems in the past. The easiest and most efficient way to make sure you select the right life insurance for you, your family and your budget, is by speaking to a life insurance expert*. We have vetted the experts and found that they are knowledgeable, unbiased and will support you to find the life insurance policy that fits best. They'll also arrange a legal trust so that the money reaches the right people quickly when you die. The service costs you nothing and all you will pay is your monthly payment once you're happy with a policy that you put in place. As a Money to the Masses reader you'll also receive up to £100 cashback when you buy your life insurance.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. This link can be used if you do not wish to help Money to the Masses and do not wish to qualify for the cashback referred to in the article
