A Guide To Comparing Over 50s Life Insurance

Life insurance could leave even the savviest person feeling bewildered. But here’s something to put your mind at ease; comparing life insurance policies can be a lot easier when you know what to look for. With Choozi, you can find leading UK brands all in one place. You can quickly compare, choose and buy life insurance online or over the phone. 

We know that death isn’t something we like to think about. That being said, taking the right precautions can be reassuring, to say the least. 

Maybe you’ve heard good things about over 50s life insurance and you would like a better idea of how the policies work. Or you’ve given some thought as to who might be responsible for your funeral and you’d like to find out how you can help with the cost. Whatever your reasons, we’re here to help you make sense of it all.

Making an informed decision

If you’re aged 50-80 and a UK resident, over 50s life insurance could help you put provisions in place to help protect the ones you love. By taking out a life insurance policy you can help pay for end of life costs such as funerals. Deciding to pay a small monthly fee could be one of the biggest decisions you’ll ever make, and that’s why it’s crucial that you choose the right policy. 

At Choozi, you can get a quote based on what you need and what you can afford. We’re going to clear up any confusion you might have about choosing your life insurance by showing you what to look for when comparing policies.

Let’s start with the basics, shall we? 

What are the criteria for eligibility?

The first thing you should do is check which policies you’re eligible for. Are you the right age? In the right location? Are there health and medical questions that could affect your ability to secure a policy? Choose some policies that you’re eligible for to begin the comparison process.

With the majority of over 50s life insurance providers, the main criteria is that you’re a UK resident and aged between 50-80. If this is the only criteria and you fit the bill, you will be guaranteed acceptance and be able to buy a policy. 

If you wish to retire abroad, you might be interested to know that you could still be covered, so long as you’re resident in the UK at your policy start date and you continue to pay your premiums from a UK bank account. Make sure to check with your insurance provider if this is the case.

How long does the cover last?

There are two main types of policy available: a term policy or a whole of life policy. Most of us aged 50+ would be looking for a whole life policy. A whole life policy will last your whole life (until the day you die) as long as you keep up with your monthly payments. Over 50s life insurance is an example of this. A policy like this could be used to help with funeral costs or to leave some rainy-day money for your loved ones. 

However, some might prefer a term policy that provides cover for a predetermined period of time before expiring. This period is usually 10-30 years. If you outlive the term, you don’t get anything back. Choosing the right length of cover is important.

Am I guaranteed acceptance?

Some insurance providers will ask you health, medical and lifestyle questions as part of the application process. While this is all well and good if you’re in tip-top shape, if you have an illness or a disease it could affect your chances of securing affordable insurance. If this is the case, you should eliminate any policies that don’t offer guaranteed acceptance. 

You’ll also find some providers will ask about your smoking status, if you’re a smoker it may drive your premiums up. 

As long as you’re a UK resident aged between 50 and 80, you can get over 50s life insurance. You won’t be asked any medical or health questions during your application. 

If I die, what is covered?

This is an important one. You should know exactly what is covered in terms of

  1. The cause of death
  2. The time frame in which you’re covered

Compare the different circumstances under which your family will receive a payout. There may be a waiting period before your full cover kicks in. So it’s vital to read into those kinds of details.  

With over 50s life insurance, once you're a UK resident aged 50-80, you’ll pay a monthly fee on a date of your choosing. As long as you keep up with these payments, you will be covered.

How much will it cost?

Cost is one of the most critical elements when comparing policies. You could potentially lose cover if you can’t keep up with your payments. That’s why it’s important to make sure you don’t find yourself overwhelmed by your monthly premiums. But, you should also choose a benefit amount that you know is enough to help with end of life costs. Understanding these costs is an important part of getting a suitable policy.

Monthly premiums often depend on the amount of cover you choose, your age and whether you have a single or a joint plan. Compare different premiums and benefit amounts to find the best possible deal on your life insurance. 

How does the payment process work? 

Make sure that the insurer’s payments process suits you. 

Is there a set date that works best for you? Do you want any increases in your benefit amount or do you want it to remain the same over the years? What happens if you fail to keep up with payments?

Ironing out these details will make it easier to compare policies. 

With over 50s life insurance, when you’re setting up your policy, you will decide on a date on which your premiums will be deducted from your bank account. The first monthly payment will be deducted on your policy start date.

You should check with the provider on what can happen if a payment is missed. In general, if you miss two consecutive monthly payments, your policy will be cancelled. This will ultimately depend on the provider so check the details first. 

Is it possible to make changes to the policy?

Flexibility is important. Unfortunately, things can change in the blink of an eye so it's important to know if you have that flexibility with your life insurance. That’s why it’s important to check out the fine details when buying your policy. Sometimes circumstances change and you could need more, or less cover. 

The process for making changes can depend on the insurer. Therefore it’s important to contact them directly if you feel like you need to make a change to the payout amount or monthly payment date.

Are there any rewards with the policy?

Who doesn’t love a freebie?

It’s certainly worthwhile looking into any rewards, perks or benefits that come with the policy. You’ll find when you’re comparing policies that providers will have different offers and some may have additional optional cover that you can add onto your policy. 

Want to get the ball rolling?

If you think that over 50s life insurance is ticking all the right boxes, then why not get started with getting a quote today? With Choozi, you can get an online quote from leading UK insurance brands. You can even buy a policy online with no medical or health questions. You could have a weight off your mind by getting insurance tailored to what you need and what you can afford.


Compare, choose and buy life insurance with Choozi