You are using an outdated browser. Please upgrade your browser to improve your experience.

How much does over 50s life cover cost?

Wondering what over 50s life cover might cost? These typical examples demonstrate what might be paid in to a policy in return for the money paid out.

How you pay for over 50s life cover

Video transcript
How much does over 50s life cover cost?

There are two ways you can look at the cost of a Guaranteed Over 50 Plan. You can choose how much you can afford to pay each month, and see how much your Plan would pay out in return or you can choose how much you want the Plan to pay out, and see how much you’d need to pay in each month. So long as you’re aged 50 to 85, you won’t be turned down as there are no health questions!

Let’s meet Tony and Margaret. They are both 60 years old and want to take out a Plan. Tony wants to pay an amount each month that’s comfortable for him, so he chooses to pay £20 a month. This gives Tony £4535 of cover. Margaret on the other hand, wants to leave about £7000 to share between her children and grandchildren. To leave this amount of money she needs to pay £30 per month instead.

So as you can see, you can choose the level of cover and premium that suits you.

That’s another thing we’ve made straightfordable.

Related articles

The day you take out SunLife over 50s life cover the amount you pay each month - known as a premium - is fixed and will never go up or down, so you’ll always know exactly where you stand.

Once you’ve been paying premiums for at least two years, your over 50 life cover will pay out a fixed amount of money - the payout - whenever you die, guaranteed.

Under our standard option, premiums are payable for life. However, if you prefer, you can choose to pay a higher premium over a set period of time, for the same payout. This way you’ll know the longest you could ever pay in to your plan. See how capping your premiums works.

Examples of over 50s life insurance in action

To demonstrate how much life insurance for over 50s might cost, we’ve created these examples for you. Of course, none of us can know when our time will come. How much you pay in total will depend on how long you live, so you could pay in more than the money paid out when you die.

A woman in a pink top smiling

Meet Margaret

Margaret prefers to choose a premium she’s comfortable to pay every month for life.

Age 60
Her chosen monthly premium £10
Payout on death after the first 2 years £2,095
How much might her over 50s life cover cost her?

margarets over 50s life cover

A man in a blue shirt, smiling

Meet Richard

Richard prefers to choose the payout he would like first and then decide if he can afford the premium he must pay every month for life, to achieve that.

His age now 55
His chosen payout on death after the first 2 years £10,760
Monthly premium to pay £35
How much might his over 50s life cover cost him?

richards over 50s life cover

What you need to know about paying for over 50s life cover

If you stop paying your premiums when they are due for any reason, you won’t be covered any more. This means you won’t get any money back and nothing will be paid out when you die.

As the money paid out is a fixed amount, inflation will reduce how much it will buy in the future.

For more details, take a look at how SunLife’s over 50s life cover works, which includes an example of what would be paid out if you died within the first 2 years.

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, pet insurance, home insurance, car insurance, ISAs and Will writing services.

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 are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by AXA Wealth Ltd, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

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.