Compare life insurance over 50 – how to find the best policy for you

5 min Read Published: 08 Nov 2022

Life insurance for over 50 year olds can seem simple and straightforward but there are differences between policies that can affect the real value for money you get. In this article, we explain how to compare Over 50 life insurance so that you select the best policy for you. We will describe which life insurance features to look out for and how these will affect what you pay as well as the payout from your life insurance cover. 
Best over 50s life insurance

We list the best policies based on a number of factors, including best over 50s life insurance for smokers; best over 50s life insurance for non-smokers, best free gift included with over 50s life insurance and finally the best way to buy over 50s life cover in the UK.

This article doesn't go into detail about the pros and cons of over 50s life insurance and whether you would be better off buying other types of life insurance such as level term assurance. For the purpose of this article, we have assumed that you understand what over 50s life insurance is and what it covers. Feel free to check out our article 'Which is the best over 50s life insurance?' if you are unsure.

How to compare Over 50 life insurance

There are three key features of an Over 50 life insurance policy that will determine the real value it presents and these need to be compared to find the best life insurance policy.

  • How much will be paid when you die
  • The qualifying period for a full payout
  • How long you have to keep paying your monthly premiums

However, the best life insurance policy for your particular needs will depend on which of these features are most important to you and this will be a matter of individual preference so take the time to understand how it works before comparing your life cover options. We have organised the policies based the best features overall as no single policy offers the best across all its features. For example, a company that requires you to pay your premiums for a shorter time before you can make a full claim and one that stops charging you for the cover at an earlier age will sit further up the rankings.

Comparing Over 50 life insurance

Death payout

This is the amount that will pay out when you die (after the qualifying period).

Qualifying period

This is the minimum period that you would need to have paid premiums for in order to receive a full payout. A shorter qualifying period is better as you will qualify for a full payment sooner. If the death is accidental then usually the qualifying period is waived and you would receive the full payment even if you hadn't completed the qualifying period.

Paid up age

This is the age at which you would stop paying premiums and the policy would guarantee to payout in full whenever your death happened after this point so the earlier, the better.

Over 50 life insurance for a 60-year-old non-smoker - £20 per month premium

Rank Company Death Payout Qualifying period Monthly payments stop at age:
1 Forever Assured £5,116 12 months 90
2 Shepherds Friendly £5,929 24 months 90
3 Sun Life £4,671 12 months n/a
4 National assurance £3,936 24 months 85
5 One Family £5,217 24 months 90
6 Royal London £5,008 24 months 95
7 National Friendly £5,147 24 months n/a
8 Assurity £4,972 36 months 95

We have placed Forever Assured at the top as they provide the largest death payout with the shortest qualifying period and a mid-range age to which the premiums may need to be paid. Shepherds Friendly offers the largest amount of payout but you have to spend an extra year paying your premiums to qualify for a full payout. When you compare the different fifty plus life insurance options, you may feel that a larger payout is most important to you and the extra year to qualify has less bearing but this is what you should weigh up personally.

It is important to note that the quotes we have obtained are based on a 60-year-old non-smoker. Quotes are likely to be different depending on your age and so we would always recommend that you conduct your own search so that you can receive your own tailored quote. Details

60-year-old smoker - £20 per month premium

Rank Company Sum Assured Qualifying Period Maximum Age
1 Forever Assured £3,072 12 months 90
2 Shepherds Friendly £3,102 24 months 90
3 One Family £2,978 24 months 90
4 Royal London £2,878 24 months 95
5 Sun Life £2,796 12 months n/a
6 National Friendly £3,140 24 months n/a
7 Assurity £3,374 36 months 95

We have chosen Forever Assured as our top pick due to the fact that they offer one of the largest amounts of payout with the shortest qualifying period and earliest age to stop paying your premiums and still be covered.

You may also notice that Assurity are placed at the bottom of our comparison table even though they pay the highest amount for death. An extra year to qualify for this payout plus the need to carry on paying your premiums potentially until you are 95 if you do live a long and healthy life makes it a less desirable cover. However, as before, some of this down to personal preference. We suggest you do the maths based on average life expectancy in your family and based on your health. If you would prefer to discuss the options with an unbiased life insurance expert then we describe how to do this a little further on in the article.

Best over 50s life insurance with free gift

When considering free gifts, it is important to understand the true value of the gift. The company that offers the best free gift may actually provide the lowest amount of cover and so you need to understand what is most important to you. Would you prefer to receive a £50 gift voucher or would you be better off being insured for more or receiving additional benefits, such as additional illness cover?

At Money to the Masses we have reviewed over 50s free gifts and you can find the best offers in our article, "Over 50s life insurance: We rank the best FREE gifts"

The best way to buy over 50s life insurance

Firstly, make sure that over 50s life insurance is right for you, check out our article, "Which is the best over 50s life insurance?" if you are unsure. Always make sure that you do a price comparison, don't settle for the policy that a friend bought or the one that offers the best free gift. There are many companies such as Assured Futures* that can provide help when choosing the best policy for your own personal circumstances and you can contact them here with no obligation to take things further. They go a little further than most price comparison sites as they provide additional tools such as funeral cost calculators and also risk calculators.

Finally, make sure you keep up with the premiums because if you cancel your direct debit or are unable to pay the premiums, the policy can be cancelled and you will be without cover.

 

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. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Assured Futures