• How you pay for over 50s life cover

    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.

    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.

    Over 50s life cover 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.

    Meet Margaret

    A woman in a pink top, smiling with her arms folded

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

    Margaret's scenario

    Her age now 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

    Meet Richard

    A man in a blue shirt, smiling with his arms folded

    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.

    Richard's scenario

    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.

    At SunLife, our aim is to help you understand how our over 50s life cover works so you can make an informed decision. You might also be interested in What if I die within the first 2 years? , What if I die in an accident? and How does Funeral Benefit Option work?

    Or if you’re thinking about the amount of cover you may need, use our funeral cost calculator to see how much a funeral costs in your area.

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