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How SunLife over 50s life cover works

Considering life insurance for the over 50s? Find out how our over 50 life cover works and see typical examples of how people just like you, use it or simply get a quote today.

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.

  1. Tell us a bit about you – simply fill in your details
  2. Get your quote – choose your monthly payment and guaranteed cash pay-out
  3. Set-up your payment – check you’re happy with all the details and set-up your direct debit payment

Get a quote for over 50 life cover

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.

Meet Richard

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.

Richard's age 55
Amount of cover he chooses £10,223
Monthly premium he is quoted £35 (standard) £45.50 (Premium Cap Option)
How long he would pay premiums for Until death (standard) 18 years 9 months with the premium capped option (or until death if earlier)
Payout his family receives when he dies after the first 2 years £10,223

Meet Margaret

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.

Margaret's age 60
Premium she’s comfortable she can afford each month £10
Amount of cover she is quoted £2,160
How long she has to keep paying premiums for The rest of her life
Payout her family receives when she dies after the first 2 years £2,160

Meet Dave

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.

Dave's age 63
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 2 years, which is paid directly to the funeral director, plus Dignity's thank you contribution £3,616 + £300
Total amount to be taken off Dave’s funeral bill £3,916
Final bill for Dave’s funeral £4,100
How much extra his family will need to pay £184

Meet Grace

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.

Grace's age 70
Premium she's comfortable she can afford each month £15
Amount of cover she is quoted £2,103
How long she has to keep paying premiums for The rest of her life
Money the charity receives when she dies unexpectedly after paying 12 monthly premiums £180
Grace’s first month was free, then she paid £15 a month for 11 months.
When she dies, the charity receives the total she has paid plus the free month.
£15 x 12 = £180

Meet Eric

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 for him because the premiums are affordable.

Eric's age 67
Premium he’s comfortable he can afford each month £20
Amount of cover he is quoted £3,393
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 2 years £3,393. 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). 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.

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 is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

Dignity Funerals Ltd arranges and provides the funeral services. 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 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.