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What is over 50 life insurance?
Over 50 life insurance is an affordable way to leave a guaranteed cash sum when you pass away.
Your loved ones can use this to help cover your funeral costs, or enjoy as a cash gift.
There’s no medical or health questions so you’re guaranteed acceptance. All you need to do is choose how much you’re comfortable paying each month.
What you need to know
- You’re fully covered after a year. Then the cash payout you’ve chosen is paid when you die.
- The total paid in premiums could be more than the cash payout (depending on when you die). Inflation also reduces buying power over time.
- You need to pay your monthly premiums to keep your cover. If you stop, the insurance ends and you won't get anything back.
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SunLife over 50s life insurance reviews
Over 776,0005 customers have chosen SunLife’s plan to help them leave a cash payout for their loved ones.
With over 200 years’ experience we know what makes great service. That’s why we’re a Feefo Gold Trusted Service Provider for the fourth year running.
But don’t take our word for it, see why people like you have given us 4.8 stars for our service. Based on 3954 reviews over the past year.
Read more about over 50 life insurance
Our best tips and tools will help you consider over 50s life insurance and plan for your future.
Helpful planning tools
Make your funeral wishes known and record them for FREE with My Perfect Send-off.
This guide explains what needs to be done, with tips and checklists, to make a difficult time a bit easier.
Compare our over 50s plans
Our over 50 plans are both popular ways to help pay for funeral costs. To help decide what best suits you, here's a simple table showing the key features of our two popular plans.
|Guaranteed Over 50 Plan||Guaranteed Funeral Plan|
|Gives a guaranteed cash payout||Guarantees to cover the cost of your
chosen funeral services
|Premiums never rise||Stop paying at age 90 but keep your cover|
|The UK's most affordable over 50s plan2||Comes with guaranteed financial protection3|
Answers to your questions
Our Guaranteed Over 50 Plan works by paying out a fixed cash sum to your family when you die.
When you take out a SunLife plan, you’re immediately covered. Once you’ve had your cover in place for a year, the full cash sum will be paid out on your death.
If you die within the first year, we’ll pay out all the premiums paid in.
Based on your age and the premium you choose, the SunLife plan could cost you anything from £3.70 to £74 a month.
You can choose any monthly payment you wish. But your life cover cannot exceed £18,000 across all your SunLife plans.
Depending on how long you live, you could pay in more than we pay out.
No. One of the best features of our plan is that we guarantee to never increase your premiums.
No, we won’t ask you to take a medical or access your records. And we won’t ask you any questions about your health.
Unfortunately, we don’t offer joint policies, but your partner can also take out a plan in their name if they wish to.
Yes, you can have multiple plans. But your monthly payments can’t be more than £100 a month and your total life cover cannot exceed £18,000.
Please be aware that you could get a lower total sum assured from several separate plans. This means that your sum assured could be higher if you take out a single plan for the same total monthly premium.
You’ll pay your chosen amount every month for life, so it’s important you choose an amount you can afford.
You should also bear in mind that, depending on how long you live, you could pay in more than the cash payout.
If you choose the Premium Cap Option then you will pay for the agreed length of time.
After you have paid your first premium, you may request that your future premiums are reduced. This will also reduce the cash sum amount.
You can only reduce your premiums once and when completed, it cannot be undone or altered. The lowest amount you can reduce your premiums to is the minimum level that was available when you purchased your policy.
For more information read our terms and conditions including the policy summary (PDF)
When choosing your premium, it’s important to pick a monthly payment that you can afford. If you stop paying, your cover will be cancelled and you won’t get anything back.
You'll receive your FREE £85 gift card after you've made 3 monthly payments. It's yours to spend across thousands of high street stores including M&S, Argos and Iceland. Full terms and conditions apply.
If you add the Funeral Benefit Option to your plan, your family will receive an extra £300 towards your funeral – at no extra cost. So if your SunLife cover is to contribute towards funeral costs, this could be a way to lend an extra helping hand.
It’s simple – when you pass away your cash sum will be directly to Dignity Funerals Limited. A Dignity Funeral Director will help your loved ones make all the arrangements and Dignity will contribute an extra £300 towards your funeral bill.
Dignity Funerals Ltd have over 800 funeral directors nationwide, so they could be just on your local high street. You can only have one Funeral Benefit Option at any time across all plans with any provider.
It’s important your loved ones know you have chosen this. Otherwise they may not find the details until after your funeral has been arranged and they won't receive the £300 contribution from Dignity.
Accidental Death Benefit means that if you die from an accident or as a result of your injuries, within the first year of taking out your plan, you’re still covered, and we’ll give your loved ones the full payout.
Inflation simply means that prices go up over time. Ever noticed how your money doesn't go as far as it used to? That's probably down to inflation.
For example, in 1980 you could buy nearly three loaves of bread for £1, but today you would be lucky to buy one.*
Inflation will reduce the buying power of your cash payout over time. When taking out your cover, you should think about whether it will continue to meet your needs in the future.
*Source: Office of National Statistics (as at July 2018) Crown copyright material is reproduced with the permission of the Controller of HMSO
You’re free to cancel your Guaranteed Over 50 Plan at any time by writing to us.
If you cancel less than 30 days after you receive your policy documents, the monthly payments you’ve made will be refunded.
If you cancel or stop paying your premiums at any other time, your insurance will end and you won't get anything back.
Before taking out a plan, it’s important to be sure it’s best suited to your needs. You should also be comfortable with the monthly cost you commit to.
Making a claim is simple and our staff will do everything they can to make sure things run smoothly.
When the time comes, your loved ones just need to call our friendly UK-based team on 0800 008 6060. Or, they can write to us and we’ll help with the rest.
If you would like to make a claim in writing, please address it to PO Box 1395, Peterborough PE2 2TR.
If you’ve chosen the Funeral Benefit Option, they’ll need to contact Dignity Funeral Ltd directly.
The plan has no cash-in value at any time, so if you cancel your plan you wouldn’t get anything back.
Once you've been a customer for at least one month, you can refer your friends and family – and get a £100 gift card as a thank you. Just make sure your friend applies over the phone as they'll need to quote your unique referral code found in the packs we send you. Both gifts will be sent after your friend has made 3 premium payments. See full T&C's for more information.
The smallest print
This website contains information on how the Guaranteed Over 50 Plan works. We haven’t given you any advice but you need to be satisfied this type of policy meets your needs. If you are unsure and need advice, please visit unbiased.co.uk to find an Independent Financial Adviser in your area (you may have to pay for the financial advice provided). If you have any questions about the plan, you can call our UK team on 0800 904 7674.
1. More people trust us with their over 50s life cover than any other provider. SunLife has 59.4% market share of all whole of life guaranteed acceptance plans bought directly. Source: ABI statistics issued in May 2019 for 12-month period up to 31 March 2019 based on new Phoenix Life policy sales trading as SunLife.
* Gift sent after 3 months’ premiums paid. We reserve the right to withdraw this offer at any time. Full terms and conditions apply
2. SunLife offers the lowest monthly premium option of £3.70, making it the most affordable way to take out over 50s life cover.
3. The life cover which pays for the funeral comes with FSCS protection.
4. One bought every 5 minutes based on new policy sales for 12 month period to 30.05.2019.
5. 776,998 policyholders as at 25.06.2019