Over 50’s Life Insurance

A couple in their 50s hugging and smiling at the camera

Over 50’s life insurance can help you plan for the future and provide for your loved ones, should the worst happen and you are no longer there to help. With life cover, you can be certain that your dependents will have the financial reassurance they need if you pass away, including help with funeral costs and other expenses that may arise.

What is Over 50’s Life Insurance?

Over 50’s also known as senior life cover, is a type of life insurance for those over 50, in which policyholders pay monthly to insurance providers who in turn, on the death of the policyholder, pay out a lump sum to the loved ones and dependents.

This lump sum depends on the amount you pay into your policy and can be spent by your dependents or loved ones on anything they wish. It can be used to cover mortgage payments, funeral costs or even just be a monetary gift. Over 50’s insurance covers you for the rest of your life as long as you keep up your policy payments.

Why Is it Worth Getting Life Insurance at 50?

Getting covered is worth it for a good number of reasons, such as being able to keep up with payments for a mortgage, cover your funeral costs, and making sure that dependents relying on you financially are taken care of. Over 50’s life cover goes some way to ensuring your dependents will have financial security should you pass away. It helps you leave them something to keep them going through a difficult time.

How Much Will I Pay for Over 50’s Cover?

How much you pay for your over 50’s life cover will depend on a number of factors:

  • Age: Although over 50’s cover is marketed for those over 50, insurance providers are still concerned with risks. The older you are when you start your policy, the more you will pay as the risk of you developing health conditions will increase.
  • Smoking: As smoking increases your risk of developing health conditions it will affect your premium. If you have smoked in the past 12 months, you will see an increase in your proposed premium.
  • Payout Amount: The amount you want to leave behind will affect your premium. The higher the amount, the more you will pay.
  • Provider: Different providers will charge you different premiums. Here at The Mortgage Genie we can help you find the best solution and the best quote for you.

What are the Benefits of Over 50’s Cover?

There are many benefits to taking out over 50’s life cover:

  • Acceptance is Guaranteed: Although your premiums may increase with age and smoking etc. you will be guaranteed a policy regardless of your medical or financial history.
  • Fixed Premiums: Most over 50’s policies will fix your premium for the duration of your policy, allowing you financial security throughout.
  • Free Cover: In some cases insurers may waive premiums should you live past a certain age. This means you will continue to be covered without needing to make payments.

Why Might I Not Need Over 50’s Cover?

There are a few reasons why you may not need to take out over 50’s life cover. If you are single or have no dependents then there is no need to leave someone the lump sum of money. In this example, you should consider a policy for yourself, such as Critical Illness Cover.

If you have a partner who earns a steady income then you may not need cover as they might be able to support themselves and dependents after you have passed away.

If you are on low income then you may not need over 50’s cover as you may be eligible for state benefits. However, it is always worth speaking with an advisor to find the best options for you.

Here at The Mortgage Genie we are committed to giving you the best advice. No matter your situation, it is worth evaluating your options. To get a quick personalised quote just fill in this no-hassle insurance form and we will help you get the best possible quote.

If you are under 50 and concerned about life insurance, check out our Life Insurance guide to learn more about your options.

Company Information

The Mortgage Genie Limited is Registered in England and Wales with Company Number 9803176. The Mortgage Genie Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority. Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority. The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.


Depending on the complexity of your mortgage there may be a fee for our mortgage advice and arrangement service, which will be discussed and agreed before you make a mortgage application. A typical fee is £293 and will never be more than 1% of the mortgage amount.