What is over 50s life insurance and how much does it cost?

If 2020 has taught us anything, it is that life can be unpredictable, uncertain and at times, completely out of our control.

However, when it comes to your financial future, there are ways to plan ahead and to be prepared with products designed to offer much-needed peace of mind, such as an over 50s life insurance plan.

Over 50s life insurance gives you the reassurance, comfort and peace of mind that whatever life has in store, you can go on caring for your nearest and dearest when you are no longer around.

Here we take a look at over 50s life insurance, its features, benefits and how you can give your family a helping hand when they need it most.

What is over 50s life insurance?

Over 50s life insurance is a policy designed specifically for those aged 50 and over. It can be an easy and affordable way to give your family a helping hand when you’re no longer there in person by providing them with a cash lump sum.

Why buy over 50s life insurance?

Investing in over 50s life insurance gives you peace of mind that your loved ones will receive a cash lump sum after you’ve gone which could:

Help to cover the cost of your funeral
Help to pay off any outstanding bills or financial commitments
Be a gift to remember you by

Is over 50s life insurance the best cover for me?

Over 50s life insurance offers an affordable and easy way to give you peace of mind that your loved ones are secure, protected and looked after in the event of your death.

In contrast to a funeral plan, life insurance unlocks the flexibility for your family to use the cash lump sum any way they choose. This could be to help towards the cost of your funeral, to settle any outstanding bills or even to have as a gift after you pass away.

The other great benefit to this type of life insurance is that your acceptance for a policy is guaranteed. Even if you have pre-existing medical conditions. No pre-existing conditions need to be disclosed, and we don’t need you to be on the phone for hours or referred to an underwriting team to see if we can accept you. You can open a policy in a matter of minutes without stress or complication – even better for you and your loved ones.

Independent reviewers like Fairer Finance, can also help you to identify the products which have a set of features most customers will need and expect.

What is the difference between a funeral plan and life insurance?

The main difference between a funeral plan and life insurance is related to planning in advance. A funeral plan will enable you to make decisions regarding the type of funeral you want and be able to make arrangements for this in advance. In contrast, over 50s life insurance will pay out a cash lump sum to your loved ones in the event of your death.

A funeral plan covers the cost of your funeral only, and funds which are paid into your funeral plan are paid directly to the funeral director when you pass away.

How to choose if I need a funeral plan or life insurance

While over 50s life insurance will provide a lump sum in the event of your death which could be used to help towards the cost of a funeral, it is important to explain the difference between this and a funeral plan:

Funeral Plan	Over 50s Life Insurance
A funeral plan allows you to organise, arrange and pay for your funeral in advance to ease worry for your family in the future.	Life insurance will pay out a cash lump sum in the event of your death which can be used as your family see fit.
Funds are paid directly to the funeral director when you pass away.	A lump sum is paid to your loved ones in the event of your death.
Funeral prices are fixed at today’s prices for added peace of mind.	The funds can help to pay towards your funeral costs, however they don’t safeguard your family from potential increases in funeral costs.
Helps your family with funeral arrangements.	Does not help your family with funeral arrangements.
They can be paid in full or in instalments depending on the provider. There are several funeral plans to choose, from a wealth of providers.	With Foresters Friendly Society, cover starts from £10 a month/33p a day. You choose a monthly premium that you pay for the rest of your life, or until age 85. Other providers’ terms may vary.
No health restrictions and no medical questions to answer.	No medical required and no health-related questions to answer.

The content of this article is for information purposes only and does not constitute financial advice. We do not offer financial advice. If you’re unsure as to the suitability of a product you should seek advice from a Financial Adviser. You may have to pay for this advice.