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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.

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.

Margaret 60 years old

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 £2,160

How much might her over 50s life cover cost her?

If Margaret dies 15 years later having paid £10 every month:

1 premium free Starts paying age Age at death Total Margaret pays Total money paid out
£10 60 75 £1,790 £2,160
Richard 65 years old

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 65
His chosen payout on death after the first 2 years £6,555
Monthly premium to pay £35

How much might his over 50s life cover cost him?

If Richard dies 4 years later having paid £35 every month:

1 premium free Starts paying age Age at death Total Richard pays Total money paid out
£35 65 69 £1,645 £6,555
Terry 70 years old

Meet Terry

Terry wants to leave his two children with £1000 each when he dies, so he chooses a premium that will achieve this.

His age now 70
His chosen payout on death after the first 2 years £2,103
Monthly premium to pay £15

How much might his over 50s life cover cost him?

If Terry dies 15 years later having paid £15 every month:

1 premium free Starts paying age Age at death Total Richard pays Total money paid out
£15 70 85 £2,685 £2,103

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

A fixed cash sum is paid when you die, after you've had your plan for two years.

Depending on how long you live, the premiums paid in could exceed the payout.

If you stop paying your premiums your insurance will end and you won't get anything back.

Inflation reduces the value of the cash sum.

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.

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). 

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, Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd 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 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.