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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Last updated 31st May 2019
If you’ve paid off your mortgage and the kids have flown the nest, you may question whether you need life insurance at all, let alone over 50s life insurance. But even though your family’s all grown up, as you get older you still might worry about how they’ll get along without you. However what might have changed, is the way in which you want to help and how much you can afford.
The purpose of over 50s life insurance is to provide an affordable way to leave some money behind when you’re gone, and it can be particularly useful if other types of life insurance have become less readily available to you or if you want manageable monthly premium.
Whether over 50s life insurance is worth buying will depend on your circumstances. Start by asking yourself these questions.
If the answer is yes to every question, then over 50s life insurance may not be worth it. But if your answer is no to any of them, it’s worth reading on…
It’s exactly as the name suggests – a whole of life insurance policy that you can take out aged 50-80 (SunLife’s Guaranteed Over 50 Plan can be taken out up to 85). A cash sum is paid out when you die, which could be used to help with funeral costs, pay off final bills or simply as a gift to remember you by.
There are three main benefits:
Remember, it’s insurance, not a savings plan. So, if you don’t pay your premiums when required to, you won’t get any money back and you won’t be covered anymore. With the SunLife Guaranteed Over 50 Plan, there is Premium Cap Option where you choose to pay a little extra each month. This means that you stop paying after a certain number of years, but you’ll still be covered for life and your cash sum will be the same.
With over 50 life insurance, there’s also a chance you end up paying in more than the amount paid out when you die. It will depend on how long you live.
Over 50 life cover is not the only way to help with funeral costs or to settle any unpaid expenses you leave behind. Here’s how some of the alternatives compare:
A funeral plan is a great way to both arrange and pay for your funeral, but even the most comprehensive plan may not cover everything you’d like. Also, quite often anything beyond the funeral itself, such as a headstone or wake, will need to be paid for on top.
An over 50 plan could help loved ones pay for these extras or even be help towards your funeral directly. SunLife’s funeral benefit option lets you have the cash sum paid to an allocated funeral director and taken straight off the funeral bill.
There’s no question that saving is a good thing to do and everyone should do it. But even at today’s prices, you’ll need to have around £4,000 squirrelled away just to cover the basic cost of a funeral.
And what happens if you have to dip into your savings when an unexpected expense comes up? A broken boiler or major car repair could take a big chunk out of your nest egg.
Selling your home is another option but it might take months, possibly leaving loved ones strapped for cash in the short term. If you share your home with a partner, selling it may not be an option or it may need to be sold sooner to help fund long term residential care.
Over 50s life insurance is generally paid out within a few days once claimed , giving loved ones access to some cash just when it’s needed.
Of course, you could always do nothing. But sticking your head in the sand won’t prevent the inevitable and risks leaving loved ones with a financial burden as well as an emotional one.
Over 50s life insurance is not only affordable, it’s quick and straightforward to set up. A few minutes and a few pounds that could make a big difference to the people left to sort out your affairs, when the time comes.
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.