Common Myths About Over 50s Life Insurance

The 2020 British Seniors Funeral Report showed that only 13% of people aged 55+ have life insurance in place to cover the cost of their own funeral while 26% of 35 to 44 year-olds have a life insurance policy compared to only 20% of over 55s. This means many people could find themselves in financial difficulty if a close family member were to die.


Maybe this statistic would be understandable if life insurance was hard to secure or tricky to arrange, but that really isn’t the case. In fact, you can take out British Seniors Over 50s Life Insurance over the phone or online in no time at all.


It’s surprising that so few people have life insurance in place considering the fact that funerals cost on average £4,000 according to Money Advice Service. This could partially 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 50s 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’

It’s important to remember that life insurance isn’t an investment or savings account. The only 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.


With British Seniors, you’re 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’

Most of us avoid visiting the doctor unless we have to, so the prospect of undergoing a medical examination is enough to put many of us off applying for life insurance.

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 will probably give you a sense of relief if you suffer from a chronic condition or you're at risk of developing a condition associated with old age, like heart disease or high blood pressure. Even smokers are guaranteed acceptance, however, if you smoke,  your premiums will be higher than a non-smoker.

We're not here to judge your lifestyle, but we are here to support you in helping protect your family. 


‘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. In fact, according to a recent survey*, 74% of Britons over 50 wouldn’t consider an over 50s life insurance policy.


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 50s 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 50s 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. It’s an extra benefit you can add on to your Over 50s life cover, and means that when you die, Golden Charter will also appoint a funeral director to take care of funeral arrangements – another financial obstacle you can take care of ahead of time, and support for your loved ones when they need it most. 


British Seniors Will Kit

Take out our Over 50s 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 impacts of inflation.


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

Ever heard of the phrase ‘fixing the roof while the sun is shining’?


You might have reached your 50s in tip-top condition, but we can’t take anything for granted. According to AGE UK, 40% of all 65+ year olds currently have a long-standing illness. This suggests that many of us may be faced with the same situation in our retirement years.


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


Let’s not forget that no matter how fit or healthy we are, any us could suffer a fatal accident or injury at any time. That’s why Accidental Death benefit applies from day one of your policy, paying out three times your benefit amount to your family. Cover for death by natural causes applies only after 12 months.


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


We’ve tackled the misconceptions, but let’s finish with a tip that’s always worth repeating. The earlier you take out your life insurance cover with British Seniors, the higher the maximum benefit you can arrange.


Take out a policy in your 50s, and you can set up the full £10,000 maximum, to help towards covering funeral costs, outstanding bills and maybe a nest egg for the family.


But let’s not forget either that it’s almost never too late to start. As long as you’re still 80 years of age or younger, you can take out a policy that can help cover funeral costs and tie up any loose financial ends.


*2018 Mintel Report on Over-50s Guaranteed Acceptance Life Insurance