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Over 50 life insurance questions answered

The best place to find simple answers to your questions about over 50 life insurance.

Simple answers to your over 50s life cover questions

What is whole of life insurance?

Whole of life insurance is an insurance policy that guarantees to pay out a cash sum when you die.

The amount paid out will depend on the premium you pay in to your policy each month. This premium is either payable every month for the rest of your life or until you reach a certain age, depending on the whole of life insurance policy you choose.

Is whole of life insurance worth the money?

Look at it this way. Most insurance covers you just in case something happens like a car accident or a break in. Whole of life insurance is different. It covers you for something that will definitely happen, you just don’t know when.

Whole of life insurance guarantees a sum of money will be paid to your loved ones when you die – money that could be used to help with your funeral costs or to pay any outstanding debts you may leave behind.

man and woman at kitchen table looking at a bill

Can I get over 50s life insurance with no medical?

Yes you can. For example, with SunLife’s Over 50 life insurance as long as you’re a UK resident aged 50-85, you’ll be accepted without having to undergo a medical or answer any questions about your health or lifestyle.

Can I get over 50s life insurance with immediate cover?

Over 50s life insurance usually has a waiting period of one or two years before the full cover amount will be paid out. Unless you die as the result of an accident, in which case the full cover amount is usually paid out.

If you die of natural causes during this time, most over 50 life insurance providers will pay out the total of all the premiums paid in to the policy, as a minimum.

blurred view of a calendar

Can I write my whole of life policy in trust?

Yes you can. Ask your provider for guidance on how to do this.

The cash payout from your over 50 life insurance policy may be subject to inheritance tax as it forms part of your estate. By writing your policy ‘in trust’, the cash payout will remain outside of your estate and your beneficiaries will receive the money just as you intended.

What’s the best life insurance policy for my elderly parents?

The best life insurance for elderly people is likely to depend on what they can comfortably afford. Life insurance premiums go up as you get older and may even become prohibitively expensive.

Life insurance for the over 50s can offer a more straightforward and affordable choice. Monthly premiums are fixed on day one and start from as little as £3.90 a month. No medical is required and as long as all premiums are paid when due, a cash payout on death is guaranteed.

elderly woman looking at her daughter who has her arms around her

Can I get over 50s life insurance for couples?

Yes, some providers do offer joint cover for couples over 50.

A simple alternative is to take out over 50 life insurance individually. This way, one partner’s death has no impact on the other’s policy.

Can I cash-in my over 50 life insurance policy?

No, over 50 life insurance has no cash-in value. Remember, it’s insurance not a savings or investment plan. So, if you don’t pay your premiums when required to for any reason, your policy would be cancelled and you wouldn’t get any money back.

Make sure you’re comfortable you can afford to pay for your cover each month before committing yourself.

older couple sitting on sofa with a calculator and notepad

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, equity release, pet insurance, home insurance, car insurance, ISAs and Will writing services.

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). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

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 are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by Phoenix Life Limited, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

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.