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How can life insurance for over 50s help?

Over 50s life cover is an affordable way to leave behind some money for your loved ones. Here’s how it can help when it matters most. 

Why life insurance for over 50s can make a difference

As you get older and your children begin to leave the nest, it might be time to start thinking about how you are going to help loved ones financially when the time comes. It doesn’t have to be a fortune. Just enough to help with funeral costs or a little something to remember you by. That’s where life insurance for the over 50s can help.

Over 50 plans: 3 generations of women walking together

What is over 50s life insurance?

It's straightforward life insurance exclusively for people aged 50 up to 85 with SunLife, that provides a simple way to leave a sum of money for your loved ones when you die.

Many people choose this type of plan because it's affordable and because acceptance is guaranteed. Basically, if you fall within the age bracket and live in the UK, you’ll be accepted.

With the SunLife Guaranteed Over 50 Plan, the premium you pay is the same throughout, and the amount paid out when you die is set in stone, so there are no nasty surprises. Although because it’s fixed, inflation will affect what the payout is worth years from now.

Peace of mind life cover: 3 generations of family walking the dog

How it differs from other life insurance

Over 50 life insurance is whole of life cover, which means it will pay out whenever you die. Unlike term life insurance, there’s no policy end date.

The big difference with over 50 plans, is that you don’t have a medical or give any details on your health and lifestyle when you apply. The only thing that decides the price you pay is your age.

That's because unlike most types of life insurance, the premium you pay with over 50s life insurance and the amount of cover you get is not determined by your health and lifestyle. With an underwritten policy, many things like smoking, drinking, a medical condition or a dangerous hobby can push up the cost of cover – or result in it being declined altogether.

No medical life cover: mature woman enjoying a glass of wine

This no-quibble, ‘come as you are’ guarantee is offset by a waiting period of two years, before the full cover amount will pay out, where underwritten policies usually pay out from day one. And the final difference is cost. Over 50s insurance typically provides a smaller amount of cover because your insurer is taking a higher risk when the policy is not underwritten and therefore did not need a medical to take out a plan.

How the payout from an over 50s plan could be used

The money from an over 50s life insurance plan can come in handy in several ways. Here’s how the cash payout could be used:

Help with funeral costs

Did you know that 30% of over 55s haven’t considered how their funeral will be paid for*? And even if you have a funeral plan or savings set aside, it may not be enough to cover everything. An over 50s plan is one way to leave some cash to help with the cost of your funeral, or to pay for extra touches like flowers, a headstone and the wake. With SunLife’s free funeral benefit option you can even arrange for the cash payout to go directly to an allocated funeral director when you die, to be taken off the final bill.

To leave money for your partner or children

When you go, it will be a difficult time for your loved ones and the last thing you want is for them to worry about money.

Pay any outstanding debts

Unfortunately, when you die, your outstanding debts and bills don't go with you. But the money your family receive from over 50s life insurance could help to clear any outstanding amounts, so all your finances are left in order.

As a legacy

You could choose to leave some, or all of the money paid out, as a donation to a favourite charity or cause close to your heart.

Looking ahead

Once keeping a roof over the family’s head may have been your priority. But as you get older, what lies ahead and what you might leave behind inevitably comes on to your radar. With the average cost of a funeral now at an all-time high of over £4000, it’s no surprise that helping with funeral costs is the most popular reason to choose life insurance for the over 50s. While it may not be the right solution for everyone, it does offer an affordable way to look out for loved ones and get peace of mind.

*Source: funeralservicetimes.co.uk

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

The funeral services are arranged and provided by Dignity Funerals Ltd which is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.