Guaranteed Over 50 VS Seniors Term Life Insurance: Comparison​

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Deciding to take out life insurance might be one of the most important decisions you make in life. With the right protection in place, you could help your loved ones to avoid inheriting your debt when you’re gone. With that in mind, we know it’s important to you that you choose the right policy for you and your family. It can seem confusing at times when there’s so much to choose from, but that’s where we can help. Let’s compare two life insurance policy types available for over 50s to help you decide which might be the right one for you. 

What is guaranteed Over 50 Life Insurance? 

Over 50 Life Insurance is a guaranteed policy. What this means is that, as long as you keep up with your monthly payments, you’re covered for the whole of your life, and your legal beneficiary is guaranteed a lump sum payout when you pass away. You must be a UK resident aged 50-80 to apply. Unlike other types of insurance, you do not need to provide a medical or complete a health check to get covered. Depending on your age, you could leave behind up to £10,000 of cover to help your loved ones when you’re gone.

Why might you choose this insurance? 

Unfortunately, according to our Funeral Report 2021, the cost of funerals has been on the rise, and it doesn’t seem like it’s going to slow down. With the possibility of paying around £5,000+ for a funeral, you may want to help protect your loved ones from that financial burden. If this is the case, Over 50 Life Insurance could be right for you.  

You may also consider taking out Over 50 Life Insurance if you have poor health. As it’s a guaranteed policy, you can take out cover even if your health is not great or if you have a serious illness – providing you’re a UK resident aged 50-80. It might also be suitable for you if you want to help ensure that your family have some financial support in place when you pass away. Your benefit amount could be used by your loved ones to help pay for outstanding debts or household bills, or it could even be used as a gift.  

It’s also an affordable option, as with British Seniors you can get protection that starts from £4.32 a month1. Once it’s in place you can have peace of mind that your family will have some financial protection when you’re no longer here.  

Things to keep in mind 

With this cover you’re protected from day one for accidental death and death by any cause after 12 months. And, if your death is the result of an accident, we’ll pay out 2X your benefit amount up to £20,000. If you miss two consecutive monthly payments, your cover will stop, and you won’t get anything back. You also might end up paying in more than we pay out.  

It’s important to note that your benefit amount may have its buying power reduced over time due to inflation. If you’re concerned about this, we do offer an Increasing Benefit Option. If you choose this, your benefit amount will increase by 3% each year. At the same time, your monthly premiums will increase by 4.5% each year. 

What is Seniors Term Life Insurance? 

Seniors Term Life Insurance, unlike guaranteed Over 50 Life Insurance, is a type of protection that is taken out for a set amount of time, or term. That means that for the duration of the term, you will be protected. Your cover will then end when you pass away, when the term is complete, or if you cancel it. With Seniors Term Life Insurance, you can leave behind a larger benefit amount, up to £100,000 depending on your age, for your family later in life. To qualify for this life insurance, you must be a UK resident aged 45-80, and you will need to answer health and lifestyle questions. Your answers to these questions will play a big part in deciding whether you’re eligible to take it out or not.  

Why might you choose this insurance? 

As you approach your later years you might have outstanding debt, like a mortgage or loan, that you want to put cover in place for until it’s paid off. You also might have dependents or children that you are still supporting, and you may want protection so that if you passed away suddenly, they would have some financial help in place.  

As well as that, you may have only just begun to think about what kind of expenses will arise when you pass away, and how these will be paid for. You might also be thinking about what kind of legacy you want to leave behind. If this is the case, a Seniors Term Life Insurance policy could be right for you. Depending on your age, you could leave behind a larger benefit amount than you could with other types of life insurance. That means that you could have the opportunity to leave behind a substantial nest egg for your loved ones to help them when you’re gone. It would also allow you to take out protection for a set number of years, which may be more suitable for your needs.  

Seniors Term Life Insurance starts at just £2.87 a month2. Another benefit of taking out Seniors Term Life Insurance from British Seniors is that you’ll get unlimited access to a range of healthcare services at no additional cost. Your partner and children (up to age 21) can also avail of these services, so looking after your family’s health has never been simpler.   

Things to keep in mind 

Seniors Term Life Insurance is not a guaranteed policy. This means that as well as being a UK resident aged 45 to 80, you will need to answer health and lifestyle questions to find out if you qualify for this type of cover. If you have a serious illness, or another reason to think you may not be eligible, a guaranteed policy may be better for you. Once your policy term is over, your cover will end. After this this we won’t pay out if you die. If you stop your monthly payments, you will get nothing back.

You’re covered immediately except for self-inflicted injury within 12 months of the policy start date. Like Over 50 Life Insurance, your benefit amount could have its buying power reduced over time due to inflation. To help combat this, you can choose to include our Increasing Benefit Option in your policy. If you choose this, your benefit increases each year in line with the cost of living as set out by the Retail Price Index. Your monthly premiums will also increase by 1.4 x the benefit increase each year.

Over 50 Life Insurance or Seniors Term Life Insurance at a glance 

 Over 50 Life Insurance Seniors Term Life Insurance 
Age range 50-80 45-80 
Health questions No Yes 
Cover length Whole of life 20 years max3
Benefit range  £1,000 - £10,000 £10,000 - £100,000 
Single or Joint policy Both Single only 
Increasing Benefit Option Yes Yes 
Funeral Benefit Option Yes No 
Free Healthcare Services No Yes 

Over 50 Life Cover >Seniors Term Life Cover > 

Want to find out more?  

Our UK based team of specialists are on hand to help you explore your options further so that you can choose protection that’s right for you. To get in touch, you can call us on 0800 803 0052 Monday to Friday from 8:00 am to 9:00 pm, Saturday from 9:00 am to 6:00 pm and Sunday from 9:00 am to 5:00 pm. You can also get a quote online.  


For a 50-year-old non-smoker with £1,000 of cover. 

2 For a 45-year-old non-smoker with £10,000 of cover over a 20-year term. 

3 This policy expires at age 89 or at the end of your fixed 20-year term, whichever is soonest. 


£100 M&S Gift Card, for new policy holders only, after six successful monthly payments and once your total premiums paid exceeds the value of your Gift Card. View full terms and conditions here.