We can’t be certain of many things in life, but over 50s life insurance offers three reassuring guarantees. The first? A payout for your loved ones when you pass away. With our over 50s policy, this can be up to £25,000 lump sum (after the qualifying period). It won’t be subject to income tax or capital gains tax and, if you put it in a suitable trust, there shouldn’t be an inheritance tax bill. You will be insured for the rest of your life as long as you pay the monthly premiums when due.
The second thing you can count on? If you’re aged 50 to 80 years old and a resident in the UK you can definitely get cover, no matter what your medical history. There are no health questionnaires to disqualify your application. That means pre-existing conditions and lifestyle choices won’t rule you out. And there’s another advantage to not providing medical information – your application is so much quicker. You can get a quote in just a couple of minutes.
Finally, in a world where everything seems to be getting more expensive, your premiums will stay exactly the same. These start at £10 a month (or £2.30 a week) but ultimately depend on the size of benefit you want your loved ones to receive, your age when you apply and whether or not you smoke.
What's Covered:
| Cause of Death within 24 months of the Policy Start Date | Benefit payable | Policy Wording page reference |
|---|---|---|
| Death as a result of an accident (other than for reasons stated below) |
Full Benefit as stated in the policy schedule |
See page 9 |
| Death by self-inflicted injury | Return of premiums paid |
See page 9 |
| Death as a result of participation in hazardous pursuits (eg parachuting, motor sports, diving, potholing, caving, mountaineering etc) |
||
| Death due to committing or participating in criminal acts | ||
| Death as a result of war (whether declared or not), riot or civil commotion |
||
| Death from taking illegal drugs | ||
| Death from alcohol consumption | ||
| Death by any other cause (eg natural causes) | Return of premium(s) paid |
See page 9 |
| Cause of Death on or after 24 months of the Policy Start Date |
Benefit payable | Policy Wording page reference |
| Death by any cause | Full Benefit as stated in the policy schedule | See page 9 |
What's Not Covered:
Once you have held the policy for 2 years ANY cause of death is covered with no exclusions whatsoever. Accidental death is covered from Day 1 as long as it does not result from the Policy Exclusions which are:
✗ Self-inflicted injury, suicide or attempted suicide by You, regardless of the state of Your mental health;
✗ Participating in any criminal act;
✗ Participating in hazardous pursuits; (Meaning engaging in private aviation, parachuting, motor sports (including motorcars, motorcycles and speedboats), sports underwater diving, caving/ potholing or mountaineering (other than hill walking, trekking, abseiling or artificial wall climbing);
✗ War (whether declared or not), riot or civil commotion;
✗ Taking drugs (unless these were prescribed by a UK registered Medical professional);
✗ Reckless consumption of alcohol (Consumption of alcohol such that it results in mental or physical impairment which causes the accident or results in you doing something you would not normally do without the influence of alcohol).
Things to Consider:
- This policy only pays when you die - it can’t be cashed in at any time
- Inflation may reduce the value of your benefit payment
- If you stop your monthly payments, you’ll get nothing back
- Depending on how long you live for, you may pay more in premiums than is paid out
- Premiums are payable for 30 years or until age 90 whichever comes first. You should consider affordability of premiums during retirement years, when income may be lower.
