You are using an outdated browser. Please upgrade your browser to improve your experience.

Sales enquiries 0800 904 7674

Over 50? It’s not too late for life insurance

If you’re looking for cover in later life, over 50s life cover could be an option. And it might be more affordable than you think.

Now could be the time for over 50s life insurance

Your reasons to consider over 50 life cover might be different now you’re older, but that doesn’t make it any less important.

If you’re wondering if you’ve left it too late for life insurance, here’s some good news for you. The chances are you haven’t missed the boat. In fact, you can still get some form of life insurance when you’re over 50 and even up into your mid 80s.

Life insurance then… and now

grandfather and grandson playing with a paper airplane

When you were younger, you probably took out life insurance because you had a young family at home and wanted to make sure there would be money available to help your family maintain their way of life if the worst had happened to you.

But as the years have flown by and your may kids have flown the nest, your priorities may well have changed. Today, life insurance may still have a place in your plans but a different role to play.

Instead of helping to keep a roof over your family’s head if you died, you may now be more concerned about making sure some money will be there when you die. Money that could help with your funeral costs, settle your bills or just be a little something for the grandchildren.

Life insurance can still be affordable

It’s true that the later you leave life insurance the more it’s likely to cost. Very simply, the cost of life insurance depends on how ‘risky’ you are to the insurer, so the older you get… Need we say more?

This is where whole of life insurance for the over 50s with no medical, presents an interesting and affordable option to older people.

older couple looking at a laptop

Your eligibility for cover, monthly premium and cash payout are not decided by your answers to personal health and lifestyle questions - they are decided by your age alone. As long as you have the right number of years on the clock – from 49 up to 85 – you won’t be turned down. Your health is your business, even if you’re a smoker.

Premiums start from under £4 a month and you can choose how much you want to pay each month. Be aware that you usually have to pay this amount every month for the rest of your life, as if you stop your plan may end and you won’t get anything back. So think carefully before settling on a figure.

A cash payout when it matters most

The reality of life insurance with so few criteria is a more modest cash payout than underwritten – fully risk assessed - life insurance. But that doesn’t mean the money won’t be a big help to your beneficiaries, especially if they’re footing the bill for your funeral.

There’s also a waiting period of one or two years before the full amount will be paid out. If you died during this time, the amount you’d already paid in will be paid out.

Better late than never

daughter looking at elderly mother

Like most things in life the sooner you start the better, but better late than never. Doing whatever you can today, will be worth more in the future than doing nothing.

To give you an idea of the level of payout available, here are some examples using the Guaranteed Over 50 Plan based on a premium of £10 a month.

Age 50 £3,374
Age 60 £2,160
Age 70 £1,377

Don’t forget though, you must keep paying premiums when due or your plan will end and you won’t get anything back. Depending on how long you live you may also get back less than you have paid in. Also, as the amount of the cash payout is fixed from day one, inflation will reduce how much this amount will buy in the future.

Never assume

If you haven’t got over 50 life cover yet, don’t just assume it’s too late. It probably isn’t.

Maybe you can’t leave as much as you could have if you’d started years ago, but so be it. Don’t dwell on the past, do something now. Whatever you’re able to do will give you peace of mind because you’ll know your loved ones will have some extra money to help them cope when they need it most.

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.