Tips for buying over 50s life insurance

02 June 2023


An over 50s life insurance policy could give your family some peace of mind after you’ve passed away. If it’s not something you’ve considered before, you might be wondering how to choose over 50s life insurance and what you need to think about when you apply. Below, we share some tips to help you select the right over 50s policy for you.

How over 50s life insurance works

Over 50s life insurance offers a way to leave some extra funds behind when you’re no longer around. These policies, such as Legal & General Over 50s Fixed Life Insurance, are designed to leave a small sum, which could be used to settle unpaid bills, as a gift or to help towards the cost of a funeral. But while the size of the payout can be modest – up to £10,000 - compared to term life insurance, one of the benefits of an over 50s policy is that acceptance is guaranteed with no medical questions.

If this sounds like the type of life insurance you’re looking for, let’s take a closer look at our tips for buying the right over 50s policy.

How to choose over 50s life insurance

Don't delay

As a general rule of thumb, life insurance is cheaper when you’re younger. This is because it’s based on age and health. With Over 50s Fixed Life Insurance, your premiums (the amount you pay each month) will cost between £5 and £75 depending on your age and smoker status. You can apply from as young as 50 (and until the age of 80) so long as you’re a UK resident. Depending on how long you live, the total premiums you pay may be greater than the cash sum payable on death though.

Check the cover criteria

When you’re shopping around for over 50s life insurance policies, you may want to check how long it would take before you would be entitled to the full cover amount in the event of a valid claim. With Legal & General Over 50s Fixed Life Insurance, the cash sum is paid out if you die after one year from taking out the cover. If you were to die within the first 12 months, the full cover amount wouldn’t be paid unless you died as a result of an accident, although any premiums paid would be refunded.

Consider your health

If you have a history of health issues, you may want to ensure you choose an over 50s life insurance policy where acceptance is guaranteed, with no medical questions for eligible applicants.

However, if you’re in good health, you could consider term life insurance. While it’s based on how healthy you are, it provides more protection and could payout larger amounts of cover for a fixed period of time. You can apply for a Life Insurance policy up to the age of 77.

Assess how much protection you need

When you take out Over 50s Fixed Life Insurance, the amount of cover you can get depends on how much you choose to pay each month. You can choose a premium between £5 and £75 a month, but this depends on your age and smoker status. It’s important to think about the cash sum you want to leave behind as well as the premium you can afford.

Check for optional extras

Not all over 50s life insurance policies are the same. It’s important to think about whether an insurer provides any additional benefits. For example, Legal & General’s Over 50s Fixed Life Insurance includes access to Wellbeing Support  in partnership with RedArc Assured Limited, whose registered nurses can provide reassuring chats, guidance, and advice in addition to your over 50s life insurance cover.

And if you are planning to use the cash sum from your Over 50s Fixed Life Insurance to pay towards your funeral, you can add the Funeral Benefit Option  to your plan, which will give you an extra £250 towards your funeral costs.

Choose a life insurance provider you can trust

Talking about death is never easy, but with over 50s life insurance, you can take the weight off your family’s shoulders by providing some financial assistance in hard times. Legal & General is an award-winning life insurance provider, and we’re proud to have served countless policyholders and their loved ones with our Over 50s Fixed Life Insurance. It’s easy to buy Over 50s Fixed Life Insurance online – get a free quote if you’re ready to get the ball rolling. If you’re not sure whether it’s right for you, it’s a good idea to speak to an adviser. They’ll talk you through the product and make sure you understand how it works. If you don’t already have an adviser, you can find one at Unbiased.