Choosing cover that fits your goal
The best over-50s life insurance depends entirely on why you want it. Covering a mortgage, replacing income, leaving an inheritance, and guaranteeing a funeral payout all suit different products. Don't default to the heavily-advertised "over-50s plans" without comparing — they're not always the best value.
1. Level term life insurance
A fixed amount of cover for a set term — pays out if you die within it. Best for covering a specific need with an end date, like a mortgage or supporting a partner until retirement. Cheaper than whole-of-life because it isn't guaranteed to pay out.
2. Decreasing term (mortgage) life insurance
Cover that reduces over time, designed to track a repayment mortgage. Best, and cheapest, for protecting a repayment mortgage so it's cleared if you die.
3. Whole of life insurance
Guaranteed to pay out whenever you die, as long as premiums are maintained. Best for leaving a guaranteed inheritance or covering inheritance tax. More expensive, as a payout is certain.
4. Guaranteed over-50s plans
No medical questions, guaranteed acceptance, fixed payout — popular for funeral costs. Best for those who can't get medically-underwritten cover, but be aware you can pay in more than the payout if you live a long time, and there's usually a short initial qualifying period. Compare against medically-underwritten whole-of-life first.
Which is best for you?
- Covering a repayment mortgage: decreasing term
- Fixed need with an end date: level term
- Guaranteed inheritance or IHT: whole of life
- Funeral costs, can't pass medical questions: guaranteed over-50s plan
How to find the best over-50s cover
Premiums and terms vary widely between insurers, and the best value often isn't the most advertised plan. A protection specialist compares the whole market for your age and health. Find a life insurance specialist through Nesto — free, no obligation.
Frequently asked questions
Can I get life insurance over 50?
Yes — easily. You have term, whole-of-life and guaranteed over-50s options. Medically-underwritten cover is often better value than guaranteed plans.
Are guaranteed over-50s plans worth it?
They suit those who can't pass medical questions, but you can pay in more than the payout if you live long. Compare against underwritten whole-of-life first.
What's the cheapest life insurance over 50?
Term cover (level or decreasing) is cheapest because it isn't guaranteed to pay out. Whole-of-life costs more as a payout is certain.
Do I need a medical?
Often just health questions rather than a full medical. Guaranteed over-50s plans ask none but cost more for the certainty.
Can I have more than one policy?
Yes — many people combine, e.g. decreasing term for the mortgage plus a small whole-of-life plan for funeral costs.