Common Myths About Over 50 Life Insurance

While many of us take great pride in caring for our loved ones, life insurance can still be a tricky subject. With our 2023 Funeral Report, we found that 29% of respondents say they can't afford to pay for their own funeral - or can't afford to do so yet. Of this group, 26% say it’s because they are too young to think about it, and 16% find it too hard to think about. When you consider that the average funeral costs £4,515, this could put many people in financial difficulty if a close family member were to die.

Over 50s Life Insurance can be a quick and simple way to protect your family against this kind of expense. In fact, you can take out a British Seniors policy over the phone or online in no time at all.

So, you may be surprised to learn that only 36% of the people we surveyed had life insurance in place. This might be down to the fact that there are a lot of misconceptions when it comes to life insurance. We want to tackle these misconceptions and help you gain a better understanding of the true benefits of life insurance.

‘I’m too old for life insurance’

As you reach your senior years, you might find it difficult getting a mortgage or a loan, but as long as you’re a UK resident aged 50 to 80 you’re still guaranteed acceptance for British Seniors Over 50 Life Insurance. With British Seniors, even if you’re 80 years old, you’re eligible for our insurance cover.

‘I won’t have time to build up a significant cash pot’

Life insurance isn’t an investment or savings account. The cash benefit your loved ones will receive isn’t based on equity or interest - you pay a fixed monthly premium each month and nothing more. The money they receive is the benefit you choose when you purchase your policy. Depending on your policy and your age, this could be as much as £10,000.

With British Seniors, you’re also covered for accidental death from day one of your policy and death by any cause after 12 months.

‘I need to be in good health to get life insurance’

The idea of an invasive medical check is enough to put anyone off applying for life insurance. But with British Seniors, there are no medical or health questions to answer.

It's a guaranteed acceptance policy, meaning if you're aged 50 to 80 and you're a UK resident, you can get cover. This might offer some peace of mind if you suffer from a chronic condition or you're at risk of developing a condition associated with later life, like heart disease or high blood pressure. Even smokers are guaranteed acceptance, however it’s important to note that if you smoke, your premiums will be higher than a non-smoker.

‘I’m no longer working - so I don’t need it’

Once you retire and your kids leave the house, things become a lot more relaxed. It’s easy to forget that there are other potential future debts to consider.

Many people take out life insurance to cover the potential loss of income or risk to their significant other as a result of joint loans. If you have an outstanding debt that will affect your spouse or partner after you die, it could be used to help tackle that debt. Over 50 Life Insurance is generally used to cover funeral costs - and depending on your benefit amount - to leave a cash lump sum behind for the ones we love.

Whatever your current income is, you’re entitled to take out a policy that pays out a cash benefit when you die. With a British Seniors Over 50 policy, you have the option of taking cover under a single plan or joint plan for you and your spouse or partner.

We also offer extra benefits to go with your Life Insurance cover that give you additional peace of mind and security, including our Funeral Benefit Option and Will Kit.

British Seniors Funeral Benefit Option

Through our partnership with Golden Charter, we offer a free Funeral Benefit Option worth £300.1 It’s an extra benefit you can add on to your Over 50 life cover, so that when you die, Golden Charter will also appoint a funeral director to take care of funeral arrangements. This is just another way to provide a helping hand for your loved ones when they need it most.

British Seniors Will Kit

Take out our Over 50 Life Insurance cover and you can also get a Free Will Kit worth up to £100. It contains all the information and forms you need to prepare your own will, giving you the peace of mind that your assets will be divided according to your wishes.

‘My benefit amount won’t keep up with inflation’

If you’re worried about the effects of inflation, we have just the thing. We offer an Increasing Benefit Option that can help protect your policy from the risk that your benefit amount may not keep up with the rising cost of living.

‘I’m fit and healthy, I don’t need life insurance’

As the saying goes, ‘fix the roof while the sun is shining’. Even if you’ve reached your 50s in top shape, we can’t take anything for granted. According to AGE UK, only 21.6% of those aged 65-75 have no long-standing health issues, and this number only decreases with age.

Having life insurance cover in place means that whatever you’re up against, you’ve taken steps to help with the expenses your family could face when you’re gone.

Unfortunately, no matter how fit or healthy we are, any us could suffer a fatal accident or injury at any time. That’s why our Accidental Death cover applies from day one of your policy, paying out two times your benefit amount to your family. After 12 months, you’ll be covered for death by any cause.

‘It’s too late for me to get life insurance’

As long as you’re aged between 50-80 when you first take out your policy, you can get covered with British Seniors.

The earlier you take out your life insurance cover, the higher the maximum benefit you can arrange. So, taking out a policy in your 50s means a higher benefit of up to £10,000.

However, if you’re 80 or younger, it’s important to know that life insurance can still make a difference. You can still secure a policy to help towards covering funeral costs, outstanding bills and maybe a nest egg for the family.

With these myths busted, we hope you’ll feel confident taking that first step toward protecting your loved ones. If you have any questions or you’re ready for a free quote, reach out to our friendly, professional team today on 0800 803 0052.

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We’re here to help you protect the ones you care about most. Call our specialist UK team to explore your options and get your free quote.

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If you choose an unattended cremation, please note that the £300 contribution will not apply. An unattended cremation means any cremation where there is no funeral service, funeral procession (or other services such as family viewing, limousine(s), embalming or delivery of ashes). The cremation is arranged at a crematorium at a date and time chosen by the allocated funeral director and without anyone attending other than the funeral director’s staff.