Your Over 50s Life Insurance Guide 2024

January 18, 2024

Over 50s Life Insurance Cover - The Complete Guide By UK Mortgage Centre

Deciding on the right policy for you can be tricky, it’s an important decision you need to make for both yourself and your family.

If your health is a concern, and you anticipate a shorter lifespan, considering over 50s life insurance could be beneficial. These plans often skip medical checks, allowing you to contribute less than the eventual pay-out. However, exploring alternative ways to finance a funeral or create a lump sum is advisable before deciding.


It’s a life insurance plan tailored for individuals aged 50 to 80 (or 49 to 85 in certain instances) it aims to mitigate the financial stresses for your loved ones in the event of your passing.

By making monthly payments, the policy ensures that upon your death, a lump sum is provided. This sum can be utilised to address various financial needs such as mortgages, debts, outstanding bills, funeral expenses, or can serve as a gift to your beneficiaries.


To understand if an over 50s Life Insurance Policy is right for you, we need to consider both your personal circumstances and the pros and cons of an over 50s policy.

We would always advice you research the different types of life insurance to make sure over 50s cover is the right option for you. It might help to speak to a member of our team to understand the types of policy available and how they could meet your needs.

Let’s look a the pros and the cons of an over 50s Life Insurance Policy:


  • Most over 50s policies do not require a medical which means if you have a serious health condition, but are not expected to pass away within the initial waiting period, your beneficiaries could get more than you pay in.
  • It ensures that your family is protected if you were to pass away.
  • Over 50s Life Insurance has a guaranteed acceptance rule as long as you are over the age of 50 which means you will never be turned away.


  • Some causes of death may not be included, such as drug and alcohol related deaths.
  • You may end up putting in more than you get paid out depending on how your policy is set up with your provider.
  • Some policies may not pay out straightaway.  Some policies can have a waiting period of around 1-3 years before they pay out.  Be sure to check the terms and conditions of the policy before you sign on the dotted line.


It’s important to understand that all policies designed for individuals over 50 falls under the category of whole-of-life policies. This guarantees a pay-out upon your death, regardless of when it occurs. Compared to other life insurance policies with term-based limitations, whole-of-life policies do not expire.

Due to the assured pay-out, insurance providers can set premiums without asking details of your medical history. They mostly rely on your age and statistical data to calculate the premium amount.

This simplifies the process and ensures a straightforward determination of your monthly payable amount.


One of the factors contributing to the popularity of life cover for individuals over 50 is the assurance of guaranteed acceptance. There’s no requirement for a medical examination or the need to respond to any health-related queries. This ensures that irrespective of your health status, you can secure life cover that offers a lump sum for the benefit of your loved ones in the event of your absence.


We understand that Insurance plays a huge part in providing sustainability to most homeowners across the UK. So we’re here to keep it simple, cost-effective and relevant to you and your loved ones. Our friendly team of protection experts will help you navigate through the best solutions for you.

Instead of baffling you with the usual insurance jargon, our down-to-earth team will explain the complete policy process in easy-to-understand terms. Whether you’re concerned about the size of your monthly repayments or feeling overwhelmed by your options we can help.

To learn more about the insurance available and how we can help you get the right insurance policy in place, feel free to book your appointment with one of the experienced mortgage & insurance advisors at UKMC today.

If you’d like to discuss your insurance requirements with a member of our team before booking your appointment, simply request a call back at a more convenient time.

For those who prefer to have a face-to-face conversation and live in the Cheshire area, we welcome visits to our Warrington office. However you decide to get in touch, our friendly team looks forward to hearing from you!

UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.