Reaching the BIG 50 is a huge milestone. At this point in life your commitments will probably start to change as you may start looking at retirement. You may also be looking at ways to secure your future financially and categorising what can be left behind for your children or grandchildren. This is where people usually make the mistake of taking the over 50s life insurance.

The "NO MEDICAL" Life Insurance - Over 50s Life Insurance

The Pros of over 50s Life Insurance:

In this guide we will be taking a look at the pros and cons of having a over 50s Life Insurance.

  • You cannot be turned down
  • As long as you’re a U.K resident and between 50 and 80 then you will be eligible for an over 50s plan.
  • No health questions, whether you smoke are unhealthy or suffer from an illness or a disease you will be accepted for an over 50s plan.
  • Unlike term life insurance an over 50s plan will cover you for as long as you live as long as the premiums are being met and you have passed the qualifying period.
  • It can provide a more affordable monthly payment than most Funeral Cover policies although the cash lump sum pay-out will be smaller
  • The claim process is simple and quick
  • Best choice for someone terminally ill

The Cons of over 50s Life Insurance:

  • There is a waiting period of 2 years before your over 50s plan is accepted during this qualifying period you have to make monthly payments and if you die it would be up to the discretion of the insurer to pay just the premiums you have paid in
  • The lump sum payout is locked in at a fixed price so it will not take inflation into consideration and when you do pass the lump sum pay-out may not be sufficient to pay for a funeral
  • If you stop paying into your policy it will be cancelled
  • You can end up paying more into the policy than the pay-out


  • No medical
  • Affordable
  • Quick claims process


  • Wait up to 2 years for a qualifying period
  • Inflation will not be taken into consideration
  • If you stop paying it will be cancelled
  • You can end up paying more into than what they pay you out
  • Usually a good policy for the terminally ill

Here is an article from the BBC on over 50s Plans: BBC OVER 5Os PLANS