What is Over 50 Life Insurance?

British Seniors

It can be difficult to think about what life will be like when we aren’t around. A lot of us tend to put it off and not give it any serious thought. Unfortunately, this can leave our loved ones in a tough spot if we were to pass away unexpectedly. With Over 50 Life Insurance you can get a plan in place without the stress and make sure that there’s something there to help your loved ones when you’re gone. It’s not too complicated and could take only a few minutes to get sorted. You can get peace of mind and feel proud that you’ve done something small that can have a big impact on your loved ones. 

What is Over 50 Life Insurance? 

Over 50 Life Insurance is a type of life insurance that can help people aged 50-80 leave some financial support in place for their loved ones when they pass away. This financial support comes in the form of a lump sum cash payment that could help pay for things such as funeral costs and outstanding debts, or it could even be used as a gift.  

Unlike other life insurance policies, over 50 Life Insurance policies offer guaranteed acceptance, which means that you won’t need to answer medical questions in order to get approval. If you are a UK resident aged 50-80 you can take out a policy. These types of life insurance policies are known as whole-of-life policies. This means that as long as you continue to pay your monthly premium, you’ll have cover for the rest of your life. 

However, you should bear in mind that you won’t be covered straight away. Often there will be a waiting period before you are covered for death by any cause. With British Seniors, you’ll have immediate cover for accidental death. So, if your death is as a result of an accident, you’ll get 2X your benefit amount paid out, which could be up to £20,000. For the first 12 months of your policy, you will only be covered for accidental death and then after that waiting period, you’ll be covered for death by any cause.   

How does British Seniors Over 50 Life Insurance work? 

With Over 50 Life Insurance from British Seniors, you can get up to £10,000 of cover depending on your age at the time of applying. During your application, you will decide the amount of cover that you would like and agree to pay a monthly premium in order to maintain that cover. Your monthly premium is the amount of money you will pay each month. Once you keep up with your monthly premiums, you'll be covered for life. 

When you pass away your loved ones will need to contact us by email at claims@britishseniors.co.uk. We will then send out a claim form which will need to be completed and sent back with all the necessary documentation. Once everything has been processed, we will pay the benefit amount to the person who is legally entitled to it, and we will refund any premiums paid between the date of death and the date the claim is paid.  

If you would like to learn more about how British Seniors Over 50 Life Insurance works you can get all the information you need from our guide

How much does Over 50 Life Insurance cost? 

Everyone’s needs are unique and as such there are a couple of factors that could determine the cost of your Over 50 Life Insurance policy. They include: 

  • Your age at the time of applying   
  • Your smoker status   
  • How much cover you need   
  • Whether it’s a single or joint policy   
  • Whether you choose a level or increasing policy  

It is vitally important that during the application process you disclose everything including your smoker status. When it comes to deciding how much cover you need, it’s important to think about some of the potential costs for your loved ones. For example, the average weighted cost of a funeral from 2016-21 was £5,631. This figure covers a basic funeral however if you would like to add a few more personal choices, the cost could reach as high as £7,500. With British Seniors you can apply for up to £10,000, depending on your age at the time of applying. 

Another key aspect to consider is your ability to pay the monthly premiums. This not only applies to right now but also much further down the line. If at any point during your policy, you stop your monthly payments your cover will cease, and you won’t get anything back.  

What are the disadvantages of Over 50 Life Insurance? 

While an Over 50 Life Insurance policy can help a number of people, there are some disadvantages that you should consider before purchasing. The first is that inflation could reduce the value of cover over time. You can offset this by choosing the Increasing Benefit Option, this can help to protect your policy from the effects of inflation. The second thing to bear in mind is that with an Over 50 Life Insurance policy, you may pay in more than we pay out. The final thing to be aware of is that if you stop your monthly payments, your cover will cease, and you will get nothing back. Over 50 Life Insurance policies are not savings or investments, you cannot cash-in your policy at any stage. 

How to get Over 50 Life Insurance 

If you would like to get British Seniors Over 50 Life Insurance, you can easily set up a policy over the phone. Our life insurance specialists can help guide you through the process and will answer any questions you might have. As we have mentioned already, as long as you are a UK resident aged 50-80 you are guaranteed acceptance. The length of an application will differ from person to person, but a typical one can take just a few minutes. You’ll be covered for accidental death straight away and then death as a result of any cause after 12 months. You also have the option of completing an application online.  

Are there any alternatives to Over 50 Life Insurance? 

At British Seniors, we understand that everyone's needs are different. That’s why we offer two other options if you feel that Over 50 Life Insurance might not suit you. If you are looking for greater amounts of cover, you have the option of choosing Seniors Term Insurance. Seniors Term offers cover amounts up to £100,000 depending on your age. The main difference here is that rather than having cover for the rest of your life, Seniors Term offers you cover for a set period of time, or time. This term is fixed at 20 years, or the policy anniversary after you turn 89, whichever is the soonest. Another thing to bear in mind is that there are a few more health and lifestyle questions during the application process and acceptance is not guaranteed. 

If you were just looking for cover for funeral costs, another option is a Funeral Insurance Plan from British Seniors. It is a life insurance policy that can provide a lump sum to your loved ones to help with funeral costs and other expenses when the time comes. It is not a pre-paid funeral or a funeral plan. Instead, it gives your loved ones more freedom to choose and personalise the funeral service. Acceptance is guaranteed for UK residents aged 50-80. There are three different levels of cover on offer that go up to £5,500 with an option to add an additional cash sum.  

Secure peace of mind today 

While it can be easy to put things off and not consider them, it’s even easier to grab the bull by the horns. Over 50 Life Insurance is a way for you to help make a tough time for your loved ones that little bit easier. There are plenty of reasons to choose British Seniors. We have a great reputation for providing a high level of customer service with policies that can really make the difference. Our customer service has been independently rated ‘Excellent’ on Trustpilot after hundreds of reviews. Over the years we’ve helped thousands of Brits provide support for their loved ones. You can trust that you and the ones you care about most are in safe hands with British Seniors.