Over 50s life insurance tips & tools
Our best tools and articles will help you consider over 50 life insurance and plan for your future.
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Considering life insurance? Find out how SunLife’s cover works and see typical examples of how people just like you use it.
Last updated 25th April 2019
SunLife’s Guaranteed Over 50 Plan is whole of life insurance that pays out a guaranteed cash lump sum when you die.
The way it works is pretty simple – you pay a set amount every month until you die then, when the time comes, your fixed cash sum is paid out to your family as a way for you to leave them a gift or to help with your funeral costs.
To qualify, all we ask is that you’re aged 49-85 and resident here in the UK. If so, we guarantee to accept you with no medical checks or health questions to answer.
How much our over 50s life cover costs is entirely up to you. With monthly payments beginning from under £4 a month, you can choose a monthly amount that you can afford.
Getting a quote is quick and easy – taking just 60 seconds.
A fixed cash sum is paid when you die, after you've had your plan for a year.
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 buying power over time.
For more information read our FAQs
To give you a better idea of how our cover works, we’ve created examples for you showing the plan in action. These are not real people, but the situations are typical of our customers and the figures are correct.
Richard wants to leave some money for his children.
He uses the funeral cost calculator to see what a funeral costs in his area, because he’d also like to help towards this.
He isn’t sure if he wants to pay every month for the rest of his life in case his financial situation changes when he's no longer working.
So, Richard speaks to SunLife about their Premium Cap Option – a different way of paying into an over 50 life cover plan.
The Premium Cap Option is where you pay a higher monthly cost for a set period of time for the same amount of cover. To find out more about this option, call us for free on 0800 904 7674.
In Richard’s example below, we provide his standard quote and his quote if he was to choose the Premium Cap Option. As you can see, his payout would be the same.
|Amount of cover he chooses||£10,129|
|Monthly premium he is quoted||£36 (standard)||£42.12 (Premium Cap Option)|
|How long he would pay premiums for||Until death (standard)||26 years with the premium capped option (or until death if earlier)|
|Payout his family receives when he dies after the first year||£10,129|
Margaret wants to leave her children and grandchildren a little something to remember her by.
She has to watch her outgoings carefully, so her priority is choosing an amount she can comfortably afford to pay every month.
|Premium she’s comfortable she can afford each month||£10|
|Amount of cover she is quoted||£2,164|
|How long she has to keep paying premiums for||The rest of her life|
|Payout her family receives when she dies after the first year||£2,164|
Dave wants to help his family sort out his funeral, so he decides to add the funeral benefit option to his cover.
This means when he dies, the pay-out will go directly to Dignity (the funeral provider) and will be put towards his final funeral bill.
As a thank you for choosing them, Dignity also contribute £300 towards his funeral cost, leaving less for his family to pay.
He can also record his funeral wishes using SunLife’s My Perfect Send-Off planner so his family will have less to think about.
Dave’s example below does not include the cost of any additional extras his family might arrange for his funeral, such as flowers and a funeral notice.
|Premium he's comfortable he can afford each month||£18|
|How long he would keep paying premiums for||The rest of his life|
|Payout when he dies after paying into his plan for at least a year, which is paid directly to the funeral director, plus Dignity's thank you contribution||£3,618 + £300|
|Total amount to be taken off Dave’s funeral bill||£3,918|
|Final bill for Dave’s funeral||£4,100|
|How much extra his family will need to pay||£182|
Grace chooses SunLife’s no-medical life insurance because she doesn’t like having to answer lots of questions and is looking for an affordable way to leave a small donation to her favourite charity.
|Premium she's comfortable she can afford each month||£15|
|Amount of cover she is quoted||£2,129|
|How long she has to keep paying premiums for||The rest of her life|
|Money the charity receives when she dies unexpectedly after paying 6 monthly premiums||£90|
Eric would like to leave a bit of cash to help his children sort out his affairs.
Now he’s over 60, life insurance is becoming increasingly expensive, especially having once been a smoker.
He views the SunLife plan as a good option for him because the premiums are affordable.
|Premium he’s comfortable he can afford each month||£20|
|Amount of cover he is quoted||£3,409|
|How long he has to keep paying premiums for||The rest of his life|
|Payout his children receive when he dies in an accident 6 months later, having paid into his plan for less than a year||£3,409. As he died as a result of an accident as defined in the terms and conditions, the full amount is paid out.|
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 is not authorised or regulated for this activity by either the Financial Conduct Authority or the Prudential Regulation Authority. 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.