What is SunLife’s over 50s life cover?
SunLife’s Guaranteed Over 50 Plan is over 50s life insurance that pays out a guaranteed cash lump sum when you die.
How does it work?
The way our over 50 life cover 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 for the Guaranteed Over 50 Plan, 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.
How to get a quote for our over 50s life cover
Getting a quote for SunLife’s over 50s life insurance is quick and easy – taking just 60 seconds.
- Tell us a bit about you – simply fill in your details
- Get your quote – choose your monthly payment and guaranteed cash pay-out
- Set-up your payment – check you’re happy with all the details and set-up your direct debit payment
Examples of over 50s life insurance in action
To give you a better idea of how our over 50s life 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 chooses over 50s life cover 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 50s 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||£10,222|
|Monthly premium he is quoted||£35 (standard)||£45.50 (Premium Cap Option)|
|How long he would pay||Until death (standard)||23 years or death if earlier (Premium Cap Option)|
|Payout his family receives when he dies after paying for 2 years||£10,222|
Margaret chooses life insurance for the over 50s so she can 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.
|Amount she’s comfortable she can afford each month||£10|
|Amount of cover she is quoted||£2,126|
|How long she has to keep paying||The rest of her life|
|Payout her family receives when she dies after paying for 2 years||£2,126|
Dave wants to help his family sort out his funeral, so he decides to add the funeral benefit option to his over 50s life 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.
|Amount he knows he can afford each month||£18|
|How long he would keep paying||The rest of his life|
|Payout when he dies after paying into his plan for at least 2 years, which is paid directly to the funeral director, plus Dignity's thank you contribution||£3,467 + £300|
|Total amount to be taken off Dave’s funeral bill||£3,767|
|Final bill for Dave’s funeral||£4,100|
|How much extra his family will need to pay||£333|
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.
|Monthly cost she’s happy she can afford each month||£15|
|Amount of cover she is quoted||£2,023|
|How long she has to keep paying||The rest of her life|
|Money the charity receives when she dies unexpectedly after paying 12 monthly premiums||£270
Grace’s first month was free, then she paid £15 a month for 11 months.
When she dies, the charity receives 1.5 times the total she has paid plus the free month.
£15 x 12 = £180
£180 x 1.5 = £270
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 over 50s life insurance as a good option because there are no health questions.
|Monthly amount he’s comfortable he can afford||£20|
|Amount of cover he is quoted||£3,259|
|How long he has to keep paying||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 2 years||£3,259 As he died as a result of an accident as defined in the terms & conditions, the full amount is paid out.|
SunLife over 50s life cover – answers to your questions
1. What happens if I die after the first 2 years?
If you die after the first 2 years, the full amount will be paid out.
2. What happens if I die during the first 2 years?
If you die in an accident, you will receive the full pay out. If you die of another cause, you won’t receive the full pay out, but 1.5 times the amount paid in will be paid out. Read the full terms and conditions for the Guaranteed Over 50 Plan.
3. What happens if I miss a monthly payment?
Your monthly payment must be paid when due. If you stop paying, your over 50s life cover will end. You won't get any money back and nothing will be paid out when you die.
4. Is there anything else I should be aware of?
The reason you pay into the plan until you die, is because our over 50 life cover is a whole of life insurance plan, meaning you’re insured for the whole of your life.
Having peace of mind that you’re insured for life also means that you could pay in more than what is paid out.
Also, as your cash sum is fixed, inflation will reduce the value of it over time.
Think you’re ready to take out a plan?
If you think life insurance for over 50s could be for you, it might be worth reading up more about how life insurance for over 50s can help. Or if you’d like to get exact idea of how much it will cost you, you can get a quote below.