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.
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.
- Death payment
- Qualifying period
- When you can stop paying for your life cover
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 on 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.
If you would prefer to, it can be helpful to speak to an Over 50 life insurance specialist* who will compare Over 50 life insurance policies across the market based on your specific needs.
Comparing Over 50 life insurance
When comparing over 50 life insurance you should first consider the key features of the policy and whether these will suit your needs. The key features of an over 50 life insurance policy include:
- 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 stop paying premiums and the policy would guarantee to payout in full whenever your death happened after this point so the earlier, the better.
Although death is not predictable, it is helpful to weigh up over 50s life insurance policies on the basis of what you pay in versus what is paid out. Some over 50s life insurance policies are far more likely to cost more than they pay out than others based on the qualifying period and how long you are expected to carry on paying for the policy if you do live a long life.
Comparing the cost of Over 50 life insurance
Over 50 life insurance for a 55-year-old non-smoker - £20 per month premium
| Rank | Company | Death Payout | Qualifying period | Monthly payments stop at age:
(cover continues) |
| 1 | Shepherds Friendly | £6,400 | 24 months | 90 |
| 2 | One Family | £6,108 | 24 months | 90 |
| 3 | Sun Life | £5,255 | 12 months | n/a |
| 4 | National assurance | £4,488 | 24 months | 85 |
| 5 | National Friendly | £4,559 | 24 months | n/a |
| 6 | Assurity | £5,280 | 36 months | 95 |
We have placed Shepherds Friendly at the top as it provides the largest death payout with the shortest qualifying period and a mid-range age to which the premiums may need to be paid. 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 55-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.
Over 50 life insurance for a 55-year-old smoker - £20 per month premium
| Rank | Company | Sum Assured | Qualifying Period | Maximum Age |
| 1 | Shepherds Friendly | £4,375 | 24 months | 85 |
| 2 | One Family | £3,703 | 24 months | 90 |
| 3 | National assurance | £2,907 | 24 months | 85 |
| 4 | Sun Life | £3,147 | 12 months | n/a |
| 5 | National Friendly | £2,701 | 24 months | n/a |
| 6 | Assurity | £3,453 | 36 months | 95 |
We have chosen Shepherds Friendly 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 a relatively high 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
