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Over 50s life insurance guide

Guide to buying life insurance if you're over 50

As you get older, taking out life insurance can get more expensive. Even the fittest 50 something isn’t going to be around for as long as they were in their 30s and that makes you a greater risk to the insurer. Over 50s life insurance can offer a more affordable way to protect what matters at this stage in life.

By the time you reach your 50s, your life insurance needs may have changed. Where once keeping a roof over your family’s head was the priority, today the children may have flown the nest and the mortgage may be coming to an end.

These days, you may be concerned about how your loved ones may cope with funeral costs or want to leave a little something for them to remember you by and over 50 life insurance could be the solution.

What is over 50 life insurance?

It’s a whole-of-life insurance policy so unlike term life insurance, you’re covered for the rest of your life and a cash payout is guaranteed whenever you die.

It’s easy to apply for because you don’t have to provide any details of your medical history or lifestyle to qualify for cover. Most providers guarantee to accept any UK resident aged 50-80, and with the SunLife Guaranteed Over 50 Plan cover is available up to age 85.

How does our cover work

  • Cover for life — A cash payout on death is guaranteed, once you’ve had the plan for at least 2 years
  • You won’t be turned down — Your acceptance is guaranteed without having to answer a single medical question, we don’t even need to know if you’re a smoker!
  • It’s the most affordable over 50 life insurance plan available — Premiums start from less than £4 a month1
  • You’ll always know where you stand — The premium you pay and the cash payout will never change

Important things you should know

  • There is a waiting period of 2 years — You need to have paid in to the plan for 2 years or more before the full amount will be paid out on your death. If you die during the waiting period, all the premiums paid will be paid out, but if you die by accident the full cash sum will be paid
  • You must pay your premiums when due - If you stop paying your premiums your insurance will end and you won’t get anything back
  • The effect of inflation — Inflation will reduce how much the fixed cash payout will buy in the future
  • You could pay more in premiums than the cash payout on death - this will depend on how long you live

SunLife Over 50 life insurance – straightforward and affordable

  • You won’t be turned down - Your acceptance is guaranteed without having to answer a single medical question
  • You’re covered for life - A cash payout on death is guaranteed, once you’ve had the plan for at least 2 years and have been paying your agreed regular premiums
  • Accidental death benefit from day one - The full cover amount will be paid out if you die as the result of an accident Full details terms and conditions (PDF)
  • It’s the most affordable over 50 life insurance plan available - Premiums start from less than £4 a month1
  • You’ll always know where you stand - The premium you pay and the cash payout will never change
  • You can choose how long you pay premiums for:
  1. Premiums for life: Pay every month for the rest of your life
  2. Cap your premiums: Pay a higher premium every month until a set date then stop. It is available for anyone aged 50-80 via telephone. Please call 0800 904 7674 for a quote.

How the plan will pay out

Full cash payout
  1. You die in an accident at any time
  2. You die from any other cause, and have paid your monthly premiums in to your policy for at least two years and continue to do so up to the time you pass away
100% of all premiums paid so far

You die from any cause other than an accident during the first two years.

No payout

If you stop paying your premiums your insurance will end and you won’t get anything back.

The cost

Here’s an example of the Guaranteed Over 50 Plan in action for a range of ages.

Remember, the cash payout and the premium you pay will never change.

 505560
Cash payout on death after 2 years £5,350 £4,034 £3,310
Monthly premium £19.50
Payable for 22 years and 9 months 17 years and 3 months 14 years and 2 months
OR
Monthly premium £15
Payable for Life

Quoted on 03.09.2018

Reasons why people choose it

  1. To leave money as a nest egg for loved ones
  2. To contribute towards the cost of a funeral
  3. To leave money to help settle unpaid household bills
  4. To leave a donation for a favourite charity

Rising funeral costs

will funeral costs keep rising

Our research has revealed that on average, families have to find £2,559 to make up the shortfall in the financial provision made by their loved one2.

Planning ahead can make a difficult time a little easier for the people left behind, especially if they might struggle to pay for the entire funeral themselves.

Over the past 15 years the average cost of a funeral in the UK has risen 122% to £4,2712. And assuming costs continue to rise at the same rate as we’ve seen over the past decade, the average funeral will cost over £5,000 in five years’ time.

How funeral costs add up

The average funeral cost is based on the average of quotes from a sample of funeral directors for standard funeral arrangements — made up of their services and fees for a cremation or burial, the doctor and the person conducting the funeral.

Bear in mind that any touches like flowers, venue hire, catering and memorials average out at over £2,000 extra on the final funeral bill*.

Figures like these help explain why over 70%** of our over 50 life insurance customers choose the plan to help with funeral costs and ease the financial burden on loved ones.

Want to help with funeral costs?

With our over 50 life insurance it costs nothing to add a funeral benefit option and you get an extra £300 put towards the cost of your funeral.

The way it works is simple. When the time comes, the cash payout from your plan will go directly to Dignity Funerals to take care of the arrangements. Your loved ones will only need pay the balance left after the cash payout and the £300 have been taken off the final funeral bill.

Straightforward answers to your questions

1. What's the difference between term life insurance and over 50s life cover?

Term life insurance provides cover for a specified number of years (the ‘term’) and pays out if you die during this time. This type of life insurance is underwritten so your eligibility, premium and cash payout is based on your personal circumstances e.g. medical history.

Over 50 life insurance provides cover for the rest of your life and pays out whenever you die. It is not underwritten so does not depend on your personal circumstances. You only need to be a UK resident and within the given age range to get cover.

2. What's the difference between over 50 life insurance and a funeral plan?

Life cover pays out a fixed amount of money when you die. This money could be used to help pay for your funeral or it could be used to pay other bills or left to a friend or loved one.

funeral plan helps specifically with your funeral arrangements when you die. This help is usually practical as well as financial.

3. How much life cover do I need?

This will depend on what you would like the payout to be used for, for example, to help with funeral costs or a cash gift.

It’s important to think about how much you can comfortably afford to pay each month and see what the payout will be for this premium, based on your age. Remember, even leaving a small amount could help when it matters most.

4. Can I have more than one plan?

Yes you can. You just need to make sure the total cash payout of all your SunLife plans combined, including any you already have, doesn’t exceed £18,000.

5. Can I get joint over 50 life insurance?

No, plans are set up in individual names. If your partner would also like a policy, they can take one out in their own name.

6. Can I change my mind?

Yes. You have 30 days to change your mind and have any premiums you’ve paid refunded to you.

After 30 days, you can cancel your policy but you won’t get any money back.

7. Can I cash-in my policy?

No you can’t. If you stop paying your premiums, your Guaranteed Over 50 Plan would be cancelled and you wouldn’t get any money back.

8. Can I write my policy in trust?

Yes you can. Get in touch for guidance on how to do this.

9. What is inflation?

Over time, prices go up which means the amount we can buy for our money goes down. This is the effect of inflation.

For example, in 1980 you could buy nearly three loaves of bread for £1, but today you would be lucky to buy one*.

*Source: Office of National Statistics (as at July 2018) Crown copyright material is reproduced with the permission of the Controller of HMSO 

10. How easy is it to make a claim?

Making a claim is simple. when the time comes, all your loved ones will need to do is call or write to us and we’ll help with the rest.

The process is quick and reliable too. We pay 9 out of 10 claims within 3 days of receiving the correct paperwork.

Why choose SunLife for over 50s life insurance?

Video transcript
What our customers think about us

So let’s hear from a few of them…

Customer 1 - I contacted SunLife and they offered me exactly what I wanted.

Customer 2 - When that advert came on the iPad I thought I’m going to do it.

Customer 3 - It has given me piece of mind.

Customer 4 - It’s giving your loved ones the best.

Customer 5 - Everything was laid out.

Customer 1 - What they told us was to the point.

Customer 3 - It was a product that I needed.

Customer 6 - They talk to you as a person.

Customer 7 - They just listened to me as an individual.

Customer 8 - It was very, very straight forward.

Customer 3 - That’s what I want, especially at my age I want simplicity.

Customer 9 - SunLife were very easy to deal with

Customer 7 - It was just totally you know, easy-peasy.

Customer 1 - I don’t have to worry it.

Customer 5 - The only question I had was ‘where do I sign?’

Customer 10 - I’d recommend SunLife to everybody that I come across.

Customer 5 - I would recommend SunLife to anybody.

Customer 3 - You don’t get well known by not having good products.

Customer 1 - As far as I’m concerned SunLife gives you the right answers that’s all you need to know.

Customer 5 - I believe even if we were royalty we wouldn’t have been treated any differently.

The smallest print

1. SunLife offers the lowest monthly premium option of £3.70, making it the most affordable way to take out over 50s life cover.

2. Source: SunLife Cost of Dying Report 2018.

3. Source: New Policyholders Continuous Research, January - October 2017.

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 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.