Life insurance guide
More options than the TV adverts suggest. Medically underwritten term cover is usually far better value than a guaranteed-acceptance over-50s plan — if your health allows it.
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Over 50 the market splits in two. Understanding which side you belong on is the whole decision — and for most people in reasonable health, it is not the one advertised most.
| Term life insurance | Over-50s plan | |
|---|---|---|
| Health questions | Yes — full underwriting | None, guaranteed acceptance |
| Typical cover | £25,000 to £1m+ | £1,000 to around £25,000 |
| Cost per £ of cover | Much lower if in good health | Much higher |
| Waiting period | Cover starts immediately | 1–2 years for non-accidental death |
| Term | Fixed, e.g. 15–25 years | Pays whenever you die |
| Best for | Mortgage, family income, IHT planning | Poor health, small funeral sum |
Rule of thumb: if you can answer health questions and get accepted, underwritten cover almost always buys more protection per pound than a guaranteed-acceptance plan.
Later-life and interest-only balances still need clearing.
Pension income often falls sharply for the survivor.
Inheritance tax liability and final costs, paid without probate delay.
Yes. Standard term life insurance is widely available well into your seventies, and guaranteed-acceptance over-50s plans are available from age 50 to around 85. Over 50 you have more choice than most people expect; the main change is that medical history matters more to the price.
An over-50s plan asks no medical questions, accepts everyone in the age band, pays a fixed modest lump sum and usually has a one- to two-year waiting period for non-accidental death. Standard term insurance is medically underwritten, can cover far larger sums, and is normally much better value for money if your health allows it.
A healthy 50-year-old non-smoker can often get £100,000 of level term cover over 20 years for roughly £25 to £45 a month. Smoking, a raised BMI, diabetes or a cardiac history can multiply that, which is why comparing insurers matters far more at this age than at 30.
Yes, and it is the single biggest risk with these plans. Premiums usually continue until age 90 or for life, so a long-lived policyholder can pay in more than the fixed payout. Most plans include a guarantee that you get back at least the premiums paid, but check the wording — this is exactly the trap a broker will steer you away from.
Sometimes not for the mortgage, but often still for other reasons: funeral costs, replacing a pension income for a surviving spouse, equalising an inheritance between children, or covering an inheritance tax bill. The purpose changes after 50 — it moves from debt protection to estate and income planning.
Usually not a full exam. Most applications over 50 are decided from the health questions alone, sometimes with a short report from your GP. Straightforward conditions that are well controlled are frequently accepted at standard or only slightly increased rates.
In most cases yes. Writing the policy in trust normally keeps the payout outside your estate for inheritance tax and lets your family receive the money without waiting for probate. It costs nothing to set up at application and is easy to overlook if you buy direct.
Often yes. Insurers price conditions such as controlled high blood pressure, treated cancer in remission or type 2 diabetes very differently from one another, so the same applicant can receive quotes that vary widely. This is where a whole-of-market broker adds the most value.
An FCA-regulated adviser will check which insurers treat your health history most favourably before you commit to anything.
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