What is Over 50s Life Cover?
Our Over 50s Life Cover is a life insurance policy available to people aged 50 to 80 years old.
It can be used to help with some of the costs that your family may face when you die, such as paying for your funeral and outstanding debts, or as a gift to your loved ones.
It also comes with Funeral Funding, which is paid directly to the funeral director to cover some of the cost of your funeral.
About our Over 50s Life Cover
Unlike similar products on the market, we offer terminal illness benefits as standard. 100% of life cover paid in the event of a terminal diagnosis after two years.
You’ll also get access to free practical, emotional and health support for you and your family, provided by our trusted partners RedArc and Co-op. Please note these support services are available immediately, but are subject to change or withdrawal at any time.
We’re recognised across the industry too, and are delighted to have been awarded the 2021 What Mortgage Award for Best Life Insurance Provider. Defaqto, an independent financial information business, awarded OneFamily a 5-star rating for 2023.
Need more information? Take a look at our Over 50s Life Cover FAQs
Over 50s Life Cover comparison
| Provider | Pay out | Full life cover payable after | Premiums payable until | Terminal illness benefit included as standard | Flexible Premium | Defaqto Rating |
|---|---|---|---|---|---|---|
| OneFamily | £5,217 | 24 months | Age 90 | Yes | Yes | 5 stars |
| Sunlife | £4,671 | 12 months | Death* | No | No | 2 stars |
| Aviva | £4,721 | 12 months | Age 90 or 30 years (whichever is sooner) | No | No | 5 stars |
| British Seniors | £4,249 | 12 months | Age 95 | No | No | 4 stars |
| Legal & General | £4,766 | 12 months | Age 90 | No | Yes | 5 stars |
The figures in the above Over 50s Life Cover comparison are for a 60 year-old non-smoker, whose premium is £20 a month. This table is designed to compare levels of cover that may be available. It is not a comprehensive comparison of all product benefits.
*Unless capped option is selected
All information is correct as at 26/05/2023.
What is Funeral Funding?
Funeral Funding is included as standard in our policies and provided by Golden Charter.
It allows the proceeds of your policy to be paid directly to the funeral provider, who will add an additional £300 towards the cost of your funeral. If you choose a direct-to-cremation funeral, the £300 contribution will not apply*.
Funeral Funding is designed to give your loved ones less to worry about at a difficult time, but it's worth being aware that it's not the same as a Funeral Plan, so may not cover the full cost of your funeral.
Find out more about Funeral Funding or download our Funeral Funding flyer for more information.
*A direct-to-cremation funeral is a cremation where there is a direct disposal service only and therefore no funeral service, funeral procession (or other services such as family viewing, limousine(s), embalming or delivery of ashes) and where the cremation is arranged at a crematorium at a date and time chosen by the allocated funeral director and without anyone attending other than the funeral director's staff.
Tips and resources for people over 50
Take a look at our guides to planning ahead, getting retirement ready and making your money go further.
Over 50s Life Cover FAQs
Got a question about our Over 50s Life Cover? Browse our Frequently Asked Questions to get the answers you need.
Is it better to save or invest your money?
Stocks and shares (investment) accounts and savings accounts can both be used to put money away for the future.
Things to be aware of
- You won't have to pay for your cover once you reach age 90 but your cover will continue for life. If you stop paying premiums before age 90, the cover will cease and you won't be entitled to claim any money back.
- The cash lump sum on death normally counts as part of your estate and so may be subject to inheritance tax.
- It is also important to note that you could pay out more money in premiums than the policy pays out. Our Over 50s Life Cover is not a savings plan and has no cash-in value. Due to inflation, any amount paid out may not buy as much in the future as it would now.
- Please read our Terms and Conditions and Policy Summary and Our Insurance Services leaflet for more details.
Get a quote today and give your family peace of mind
or call 0800 028 1112**
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