Over 50 Life Insurance for people in the UK

Over 50 life insurance plans provide life cover for people aged 50 years or above. This life insurance plan provides a fixed lump-sum payout to the beneficiary upon the life assured's death. This payout can be used to help cover funeral expenses or outstanding debts, or can be left as an inheritance for family & loved ones.

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What is Over 50 Life Insurance

Over 50 Life Insurance is a type of life insurance that is ideal for people aged 50 and above who want to provide financial security to their loved ones after their demise. Under this type of policy, the policyholder needs to pay a fixed monthly premium for the rest of their life or until the age specified in the policy.

Ultimately, if the policyholder dies while the policy is in force, a lump-sum death payout is paid to their nominee. If you are a UK resident aged 50-80 or 85 years, no medical exam is required, which means you can easily get the guaranteed acceptance without answering health questions or having a medical examination.

The money from the payout can be used to stabilize the financial expenses of the family, pay outstanding bills of the policyholder, or as a small inheritance.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Reasons to Buy Over-50 Life Insurance?

Over 50 life insurance can help you leave some money behind for your loved ones to help with expenses after your death. You may consider over 50 life insurance if you want to

Help cover funeral costs. The average cost of a UK funeral is £4,285 while the total cost of dying is £9,797. A life insurance payout can help your beneficiary meet some of these costs
Help pay off outstanding debts. The payout could be used to help clear debts in your name, such as credit cards, personal loans or store cards. The average unsecured debt per adult in the UK is £4,287.
Helps your spouse to manage living costs: The payout from your policy can help your spouse to carry out their day-to-day activities and provide financial support
Leave an inheritance. If you have children or grandchildren, you can leave the policy payout to them as an inheritance. They can then use the money as they wish.

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How does Over 50 Life Insurance Work?

Over 50 life insurance plans work similarly to any other type of life insurance. They offer life cover benefits for as long as premiums are duly paid, and upon the policyholder's death, the insurance company will pay the death benefit to the beneficiary. Below is how it works:

If you are a UK resident, usually aged between 50 and 80 (or up to 85 with some providers), you are automatically accepted without any need for medical exams. You do not need to answer health questions, undergo a medical exam, or share your medical history.
Once accepted, you need to then choose a monthly premium amount that you can afford throughout your life as it will stay the same for the rest of your life
Upon your death, a lump sum is paid out to your family. This money is frequently used for funeral costs, unpaid bills, or left as a small gift. The payout is generally not subject to income tax, although Inheritance Tax may apply in some circumstances

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What are the Key Features of Over-50 Life Insurance?

Below mentioned are the key features of the Over-50 Life Insurance policy:

Guaranteed Acceptance: Many insurers offer guaranteed acceptance if you meet their eligibility criteria.
Fixed Premiums: With this type of plan your monthly premium is fixed and generally will not go up because of changes in your age or health.
Lump Sum Payout: The policy pays you an agreed lump sum if you die. Your beneficiaries can use the money as they wish, subject to the terms of the policy.
No Medical Exam Required: In most cases, you don’t have to take a medical exam or health check when you apply for over 50 life insurance.

Advantages and Disadvantages of Over-50 Life Insurance

Advantages	Disadvantages
With Over-50 life insurance plans, you get the benefit of fixed premiums. This means that your monthly premiums will usually stay the same throughout the policy.	If you live for many years, the total premiums you pay could be more than the amount your beneficiaries will receive.
Many insurers in the UK do not require a medical examination or health questions.	The payout of these policies remains the same, which means its value may decline over time due to inflation.
You can usually get cover if you meet the insurer's age and eligibility requirements.	In case of a missed premium payment, the policy will lapse, resulting in the termination of cover. Upon the policyholder's death, if the policy has lapsed, the insurer will not pay any death benefits.
Knowing that your loved ones future will be secured after your demise gives you peace of mind.	Some life cover over 50 insurance plans have a 1-year waiting period, which means they start providing cover to the policyholder 1 year from the date of policy issuance.

Are you eligible for Over 50 Life Insurance?

The eligibility criteria for Over 50 Life Insurance in the UK vary from insurer to insurer. If you meet the basic age and residency criteria, you will be eligible to buy insurance in the UK

Age limit: You must be aged between 50 and 80 (some providers extend up to 85).
Residency: You must be a UK resident and have spent at least 183 days in the UK during the last tax year.

How to choose Over 50 Life Insurance Plans?

Consider the following things while choosing the right coverage for yourself:

Coverage amount: Considering your future family needs to choose a suitable coverage for your loved ones to live their lives without financial worries.
Affordable premium: After analysing your budget, you can select a monthly premium from the options available that suits your budget.
Provider Reputation: Before buying the best life insurance for over 50s, check out the insurer’s reputation, and your chances of your claim being paid will improve.
Terms and conditions: Carefully read the terms and conditions of your life insurance for over 50 policy so that there are no details that your family isn't aware of at the time of claim. Compare life insurance over 50 to choose the best for your loved ones.

Do I Need Over-50 Life Insurance?

You do not legally need over-50 life insurance in the UK, but it can be useful for you if you:

Want to help with funeral costs: The payout can help your family cover some of the costs associated with your funeral.
Have outstanding debts: The money can be used to help pay debts that you leave behind, depending on the circumstances.
Want to leave an inheritance: You can use the policy to leave a lump sum for your children, grandchildren or another beneficiary.
Have health conditions: If you have health problems and may find it difficult to get traditional life insurance, an over 50s policy may be an option because many policies do not require medical questions or an examination.
Want a simple policy: Over 50 life insurance can provide a fixed amount of cover in return for regular premiums.

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FAQs

Q: What is over 50s life insurance?

Ans: Over 50s life insurance is a type of life insurance generally available to people aged 50 to 80 or 85. You pay a fixed monthly premium, and the policy pays a fixed lump sum to your beneficiaries when you die.
Q: Do I need an over-50 life insurance plan?

Ans: Everyone who is over 50 and wants to protect their family’s finances in their absence can consider over-50 life insurance. While it is not mandatory to buy, it provides a safety net for your family's future needs, and you can even leave an inheritance for them.
Q: Does over-50 life insurance include terminal illness cover?

Ans: Most over 50s plans don’t include terminal illness cover as the risk to the insurer is already increased due to no medical information being provided.

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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