In this article we look at over 50s life insurance and list our best buys 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.
Understanding our best buy tables
Rank - Our overall rank takes all factors (listed below) into consideration and so the company that provides the highest sum assured may not necessarily feature at the very top. For example, a company that has a lower survival period and lower maximum age may represent better value.
Sum Assured - This is the amount that you will be insured for based on a £20 per month premium.
Survival period - This is the period that you would need to survive in order to receive a full payout. The lower the survival period the better. For example, using our table below, if you died 13 months after taking out a policy, only Legal & General and Royal London would provide a full payout, the rest would simply return the premiums you had paid in.
Maximum Age - This is the age at which you would stop paying premiums and the policy would guarantee to payout in full. For example, a 60-year-old would pay a total of £6,000 in premiums on a policy with a maximum age of 85, whereas they would pay £7,200 on a policy with a maximum age of 90.
60-year-old non-smoker - £20 per month premium
|Rank||Company||Sum Assured||Survival Period||Maximum Age||Notes|
|1||Shepherds Friendly||£5,929||24 months||90||Highest sum assured|
|2||AIG||£5,661||24 months||85||High sum asured and lower maximum age|
|3||One Family||£5,378||24 months||90||High sum assured and average survival period|
|4||Assurity||£5,337||36 months||90||Highest survival period|
|5||Royal London||£4,916||12 months||90||Lowest survival period|
|6||National Assurance||£4,769||24 months||85||Low maximum age|
|7||Legal & General||£4,758||12 months||90||Low sum assured|
|8||Sun Life||£4,536||12 months||n/a||Lowest sum assured|
We have placed Shepherds friendly at the top as they provide the biggest benefit, but we could have easily chosen AIG due to the fact that they have a lower maximum age. In truth, there is little to choose between the two. 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.
60-year-old smoker - £20 per month premium
|Rank||Company||Sum Assured||Survival Period||Maximum Age||Notes|
|1||Assurity||£4,657||36 months||90||Highest sum assured|
|2||National Assurance||£4,178||24 months||85||Lower maximum age and average survival period|
|3||Sun Life||£4,536||12 months||n/a||High sum assured but no maximum age cap|
|4||Legal & General||£3,332||12 months||90||Lowest survival period|
|5||AIG||£3,298||24 months||85||Lower maximum age but lower sum assured|
|6||National Friendly||£3,206||24 months||90||Lower sum assured|
|7||One Family||£3,134||24 months||90||Lower sum assured|
|8||Shepherds Friendly||£3,102||24 months||90||Lower sum assured|
We have chosen Assurity as our top pick due to the fact that they offer significantly more cover than the next provider on the list. Be mindful however that Assurity has a 36 month survival period and so you would need to survive three years in order for your beneficiaries to receive a full payout.
You may also notice that Shepherd's friendly are bottom of our comparison table, whereas they came out top in our previous search. This further highlights the need to search the whole of the market in order to find the best over 50s life insurance quote for your own personal circumstances.
Best over 50s life insurance with free gift
|Rank||Company||Minimum Premium||Gift / Offer||Terms||Minimum premium payable to receive gift / offer|
|1||Sun Life||£3.70||£100 Love2Shop voucher||Paid after 6 months||£22.20|
|2||Direct Line (provided by AIG)||£5.00||£100 Love2Shop voucher||Paid after 6 months||£30.00|
|2||Churchill (provided by AIG||£5.00||£100 Love2Shop voucher||Paid after 6 months||£30.00|
|4||Royal London||£5.00||£100 Argos gift card||Paid after 6 months||£30.00|
|5||Legal & General||£5.00||£85 Amazon gift card||Paid after 6 months||£30.00|
|6||Royal London||£3.95||£50 Argos gift card||Paid after 6 months||£23.70|
|7||Royal London||£25.00||£150 Argos gift card||Paid after 6 months||£150.00|
|8||One Family||£8.00||Serious illness cover||20% of benefit paid if serious illness is diagnosed||£192.00|
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? A good example is One Family who will pay out 20% of the sum assured if you are diagnosed with a serious illness (such as cancer, heart attack or stroke)
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 'Is over 50s life insurance right for me?' 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.
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Alternatively, Hargreaves Lansdown, one of the UK’s largest firms providing restricted financial advice, is offering a £200 John Lewis voucher* to new clients.