20 million don’t have over 50s life insurance

Posted in: Corporate

  • 72% do not have over 50s life insurance. This equates to more than 20 million over 50-year-olds without cover
  • 14% of over 50-year-olds are relying on money from the sale of their house or assets to pay for their funeral, and 13% simply don’t know how their funeral will be paid for
  • Only 14% of over 50s intend to fully pay for their funeral with life insurance
  • One in five (19%) of those who don’t have over 50s life cover don’t want to think about it

Almost three in four (72%) don’t have over 50s life insurance, which equates to 20.2 million over 50-year-olds.

But research from financial services organisation, OneFamily, has revealed nearly half (44%) of those with over 50s life insurance purchased the product for funeral cover.

However, just 19% of over 50-year-olds said their funeral could be fully or partially paid for by life insurance. Worryingly, more than eight million over 50s have not put any money aside to specifically cover their funeral costs, with 13% admitting they don’t know how their funeral will be paid for, 14% leaving their family to use money from the sale of their assets, and 3% relying on loved ones to pay. With funeral costs continuing to increase, perhaps it is no surprise that one in ten (9%) are now choosing not to have a funeral.

For those that do have over 50s insurance, 12% of people said no medical review was a priority when choosing a provider. But almost a third (28%) said the biggest consideration was cost.

Jackie Davies, Head of Customer Service and Direct Sales at OneFamily, said, “With concerns over the cost-of-living crisis continuing, it’s not surprising people have reservations around finding the spare cash for over 50s life cover. Understandably, one in five don’t want to think about getting older and funeral arrangements, but this will only push the worry onto their loved ones when the day comes.

“Our premiums start from just £10 per month with no medical needed, and our funeral funding means the pay out can be sent directly to the chosen funeral provider. This leaves families with one less thing to worry about, as well as peace of mind that their loved one’s funeral is taken care of.”

The OneFamily Over 50s policy includes a comprehensive benefits package and funeral funding is automatically included. It also offers terminal illness benefit as standard and guarantees acceptance, with no medical needed. Premiums start from £10 per month.

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Notes to Editors

Unless otherwise stated, all research is conducted by Opinium, on behalf of OneFamily, between 25 September – 3 October 2023, among a sample of 2,000 UK adults aged 50 and over.

About OneFamily

OneFamily is a member-owned financial services company that offers lifetime ISAs, lifetime mortgages, junior ISAs, child trust funds, bonds and over 50s life cover.
We have over 45 years’ experience of being a trusted provider of financial solutions, with nearly 2 million customers and over £5.5 billion in funds under management at the end of 2022.

We are the UK’s biggest child trust fund provider, holding over 25% of the market.

Supporting our members and their communities

At OneFamily, we’re owned by our members for our members – and doing right by them is at the heart of our business.

We don’t have shareholders to pay dividends to, so we reinvest our profits to provide quality products and services for the benefit of our members.

We think that financial products should be accessible to everyone regardless of how much money they have to invest. That’s why our products have low investment levels and minimum contributions, giving more people the opportunity to save regardless of their circumstances.

Inspiring Better Futures

Our Inspiring Better Futures vision underpins our commitment to doing the right thing at every level for our members and customers, colleagues and communities.

The Inspiring Better Futures vision is built on 3 pillars – Members and customers, colleagues and communities.

Our focus is on long-term sustainability, so we can continue to be relevant and impactful to our members and communities.

Access to education and training

The costs of further education and training can be a barrier to many young people and their families. This is why we offer OneFamily customers the opportunity to apply for a Young Person’s Education Grant of up to £250 – for someone aged 15-19 – to help meet these costs, when they would otherwise struggle without financial assistance.

The grant can be used towards study materials, specialist uniform, travel costs or a laptop/tablet.

Applications are open throughout the year, and grants are awarded following a random computerised draw.

We’ve improved the lives of over 3,400 people through our individual grants since 2015.

Charity partnerships

Supporting our communities has been a key focus of ours for many years. We’ve established partnerships with local and national charities that champion access to education and improving life chances for people from disadvantaged backgrounds.

For more information on how we support our members and communities see:
Education Grants
Charity Partnerships