Compare Over 50s Life Insurance

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Compare Over 50’S Life Insurance

Over 50’s life insurance is a policy that pays out when you die. The policy provides a cash lump sum which could help your loved ones to settle your outstanding bills or pay your funeral costs. You can often place your policy in trust so you can designate who the money goes to in the event of your death.

Compare Over 50s Life Insurance: Contrasts with Standard Life Insurance

Standard life insurance is set up to pay a lump sum in the event of your death. This will often be used to pay off your mortgage and has traditionally been something your mortgage lender would insist that you took out to run alongside your mortgage. In many cases, standard life insurance is set to run for the same term as your mortgage and will run out once your mortgage had been paid off.

There are two principal types of standard life insurance. A level term insurance policy will pay the same amount of money throughout the term of the policy, in the event of your death. A decreasing term policy will pay out less as the policy runs on. This usually covers a repayment mortgage, and you need less insurance as you pay the mortgage capital off. A decreasing term policy is usually cheaper.

To set this up, you will need to answer lots of questions about your health and you may need to go for a medical assessment. The policy will usually finish around the age of 65-70 depending on how you set it up.

What Is Different About Over 50s Life Insurance Comparison and Policies?

An over 50’s life insurance policy pays out in the event of your death once you have been paying into your policy for a certain length of time. It doesn’t have an upper age limit, but you can often stop paying into it around the age of 90 and still be insured.

There are no medical questions, and you will not be sent for a medical assessment. This is because insurance providers know that people are more likely to suffer from ill health as they get older and, as such, you do not need to be fit and healthy to take it out. You are therefore guaranteed to be accepted regardless as to your health or lifestyle.

This policy will pay out a cash lump sum when you die. It is usually for a far smaller amount than a standard life insurance policy as you are aiming to cover funeral expenses and outstanding bills with it rather than paying off a mortgage.

Do I Need an Over 50S life Insurance Policy?

Peace of mind. Conducting an Over 50s Life Insurance comparison and taking out a plan will ensure that you don’t leave your loved ones with financial headaches when the time comes to plan your funeral or paying off any outstanding bills.

You can make your own decisions 

Be assured that your loved ones will have enough money to provide you with the funeral you want rather than the one they can afford. You can stipulate precisely what you want by writing it in a will or letting your loved ones know your preferences before the time comes.

Avoid rising funeral costs 

Many plans can be indexed to inflation. This means that you can be insured for slightly more as time goes by which should cover the rising costs of funerals. Nobody knows when they will die and a sum assured can decrease over time due to inflation. It can be important to take this option, but it can be more expensive.


Where can I get an Over 50s Life Insurance Policy?

There are many providers that offer this type of insurance and it is a good idea to compare over 50s life insurance using a site such as Bright Compare. There are a few things to consider when looking for an over 50s life insurance comparison, such as:


A good place to start when you compare over 50s life insurance. You want the policy to be as affordable as possible as you will hopefully be around to pay it for a long time.

Sum Assured 

This is also an important factor. The sum assured is how much the policy will pay out in the event of your death and this can vary dramatically between providers. You may already have a sum assured in mind but if not, look at the maximum available for the right price when you compare over 50s life insurance.

Deferment period 

The time between when you take out the policy and the point at which it would start paying out in the event of your death. Insurers don’t want you to leave it until you know you are going to die before your taker out the policy which is why they will set a typical deferment period of 1-2 years. The longer the deferment period, the cheaper the policy usually is but there is more chance of you dying within this period. Compare over 50s life insurance with this in mind as it could make a big difference to you and your loved ones.

Index Linked 

A policy that rises in line with inflation is likely to be more expensive but will become more necessary if you live to a grand old age. Our over 50s life insurance comparison will allow you to look at whether your policy will be index linked or not.

Disadvantages to an Over 50’s Life Insurance Policy

A life insurance policy does not have a cash value, meaning that it will only pay out to your loved ones in the event of your death. Depending on how long you live for, you could end up in a situation where you have paid more into your policy than it will pay out upon your death. Be sure to take these things into account before taking out a policy.

Hopefully, this has explained the essentials regarding over 50s life insurance and what to look for in an over 50s life insurance comparison. If you have any further questions, please don’t hesitate to get in touch.

Frequently Asked Questions

The answer is yes and even if you have a pre-existing condition, there’ll be an over 50s life insurance plan on our comparison to fit you. There is normally no medical questions or exams about your health or lifestyle. As long as you meet the age requirements, you’re guaranteed to be accepted.

If you buy life insurance in your 50s, the price will be more and they they isn’t much you can do about this. But if you no longer have dependents and have enough in saving a over 50s life insurance policy many be not right for you.

No, you don’t get money back after canceling an over 50s life insurance policy unless you cancel during the policy's free period, in which case you'll receive a refund of any premiums you've already paid.

Purchasing life insurance if you are over 50 and ill can be challenging, but at Bright Compare, we are here to help. We provide quotes instantly so you can be assured that your loved ones are taken care of financially if you pass away.

Yes. Always compare quotes for over 50s life insurance online as you can be rewarded with the best value deals in minutes. At Bright Compare, we do the hard work so you don't have to, and we help you access quotes in minutes.

Taking out over 50s life insurance usually means you won't be required to undergo a medical assessment or even answer any health-related questions. At Bright Compare we provide you with the most competitive deals on the market to suit your needs.

At Bright Compare we take the stress away by helping you find the best value over 50s life insurance deals on the market. We can access the most competitive quotes in minutes online around the clock using our smart technology.

Age is no barrier to comparing life insurance and the over 70s are taken care of. At Bright Compare, we do all the hard work by accessing online the most suitable life insurance for your personal needs no matter what your circumstances.