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Over 50's Life Insurance

10 minute readBy Life Cover Plans

Life after 50 marks a significant milestone filled with wisdom, experience, and a continued focus on securing one's family and legacy. Over 50's life insurance emerges as a crucial financial tool designed to offer peace of mind, ensuring financial protection and leaving a lasting legacy for loved ones. Understanding the nuances and benefits of this specialized insurance is essential for individuals navigating this stage of life.

Over 50's life insurance, also known as senior life insurance or funeral insurance, is a type of life insurance tailored for individuals aged 50 and above. It typically guarantees acceptance without the need for a medical examination, making it accessible for those who might have health issues or pre-existing conditions.

The Benefits Of Over 50's Life Insurance

1. Guaranteed Acceptance: Over 50's life insurance policies typically offer guaranteed acceptance, irrespective of health conditions, ensuring that individuals can secure coverage even with pre-existing medical issues.

2. Financial Protection For Loved Ones: Upon the insured's passing, over 50's life insurance provides a lump sum payment to beneficiaries, offering financial support to cover funeral expenses, outstanding debts, or other end-of-life costs.

3. No Medical Examinations: Unlike traditional life insurance policies that may require medical exams, over 50's life insurance policies eliminate this requirement, simplifying the application process for individuals with health concerns.

4. Fixed Premiums: Most over 50's life insurance policies offer fixed premiums, ensuring predictable and manageable payments throughout the policyholder's lifetime, providing stability in financial planning.

5. Death Benefit Payouts: Policies often include an early payout option after a specified waiting period, ensuring that beneficiaries receive a percentage of the death benefit if the insured passes away within that period.

Is Over 50's Life Insurance Right for You?

Age & Health Status: Individuals over 50 who may have health concerns or find it challenging to obtain traditional life insurance due to age might benefit from over 50's life insurance.

End-of-Life Expenses: Assessing the need for coverage to ensure that funeral expenses or other financial obligations are covered without burdening loved ones can help in deciding the necessity of this insurance.

Legacy Planning: Over 50's life insurance allows individuals to leave a financial legacy for their loved ones, ensuring that they are taken care of even after they're gone.


Over 50's life insurance serves as a vital tool for individuals in their later stages of life, offering accessible coverage and financial security for themselves and their families. Its benefits, including guaranteed acceptance, fixed premiums, and providing financial support for end-of-life expenses, make it a practical choice for those seeking peace of mind and ensuring their loved ones are taken care of.

By understanding the advantages and tailoring over 50's life insurance to individual needs and circumstances, individuals can take proactive steps in securing their legacy, providing a lasting gift of financial stability and support for their families during a sensitive and critical time.

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Life Insurance Types

Find out more information on some of the most popular types of Life Insurance products

Term Life Insurance is the most basic type of Life Insurance, you choose the amount you want to be insured for and the amount of time you want to be covered for. If you pass away within the term period, the policy pays out to your beneficiaries. If you don't pass away during the term period, the policy will not pay out and the premiums you've paid are not returned.

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Critical Illness

Life Insurance with Critical Illness is a life insurance policy that can cover you in the unfortunate event that you become seriously or terminally ill, meaning that you would not be able to work again. These policies typically cover heart attacks, multiple sclerosis, Alzheimers, liver failure, major organ surgery, cancer, kidney failure, stroke and major organ transplants.

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Mortgage Life Insurance

Mortgage Life Insurance is often referred to as Decreasing Term Life Insurance, the amount you are covered for decreases over the period of the policy. This type of insurance is often used to cover a debt that reduces over time, such as a repayment mortgage. In the event of the policyholders death your loved ones can pay off your outstanding mortgage.

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Whole of Life Insurance is an ongoing policy that pays out to your beneficiaries when you pass away, whenever that might be. It's guaranteed that you'll pass away at some point in your life and therefore the policy will have to pay out, hence why these policies are more expensive than Term Life Insurance policies, which usually only run to a certain age.

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Frequently Asked Questions

Life Insurance is designed to help protect your family and loved ones financially, by providing a lump sum of money when you pass away or after a certain period of time. One of the most popular types of Life Insurance cover is Term Life Insurance, which is a policy that pays out if you die within a fixed period of time. If the policyholder passes away after the term cover expires, any beneficiaries would not receive a payout. For this reason, Term Life Insurance policies tend to have lower premiums than others.
A Life Insurance policy works by paying a small monthly premium to an insurance provider, who in return promises to pay your family or loved ones a lump sum when you pass away or after a certain period of time. There are many different Life Insurance policy types, including Critical Illness, Mortgage Life Insurance and Whole of Life Insurance.
Life Insurance with Critical Illness pays a lump sum if the policyholder is diagnosed with one of the listed critical conditions written in the policy. This usually covers conditions such as Alzheimer's, Dementia, vital organ surgery, severe disabilities, loss of sight and other related illnesses.
Whole of Life Insurance policies do not have a pre-arranged set term, they are designed to provide cover for the policyholder for their entire lifetime as long as you continue to pay the premiums. Whole of Life Insurance can be more expensive than other policies, but they guarantee to pay out when the policyholder passes away.
Mortgage life insurance is another name for decreasing term life insurance which acts as a safety net to cover your monthly mortgage repayments if you can no longer afford them due to illness, a serious injury, redundancy or death. It typically pays out a lump sum that can be used to help your family clear your mortgage if the worst should happen. It can prevent you from defaulting on your mortgage to avoid repossession of your home. By providing a lump sum to pay off mortgage debt, your loved ones will have one less financial burden at an already difficult time.
The cost of taking out a life insurance policy depends on a number of factors, including your lifestyle, your age, whether you smoke, your medical history and your occupation. The amount you pay will depend on your personal circumstances and how much cover you need. Life insurance premiums are based on risk, so the elderly and people with pre-existing medical conditions can represent a higher risk of making a claim.