Over 50s life insurance is a type of cover specifically designed for people typically aged between 50 and 80 (at least one insurer extends this to age 85). The big difference compared to other life insurance is that you are accepted with no health questions and no medical. It’s potentially a great option if you’ve struggled to get life insurance in the past.

It guarantees a cash payout to your loved ones when you pass away, as long as you've held the policy for a set period – typically 12 months. After that, you're fully covered for life, no matter what happens with your health.

On this page, we concentrate on this type of over 50s insurance. But bear in mind that these are not designed to take care of all your loved ones’ financial needs as the sum assured tends to be relatively low. If you require more cover in your 50s, you may wish to look at other types of policy, like whole of life insurance and term insurance.

Once you’ve passed the waiting period (e.g. 12 months) your cover kicks in for life. No matter how long you live or what health conditions you develop, your loved ones will receive the agreed payout when you die.

What isn’t covered?

Over 50s life insurance offers valuable protection, but there are a few situations where a claim may not be paid:

• If you die during the waiting period: Policies won’t typically pay out for death from illness during this time, but some will pay out if you die due to an accident.

• Missed payments: Like other types of insurance, missed payments can lead to your policy being cancelled.

• Serious illness: Over 50s plans typically pay out on death alone. It may not be possible to add terminal illness cover or critical illness cover, unlike some other life insurance plans.

Please see each policy’s exclusions and limitations: always read the small print to make sure you understand the terms and conditions.

Over 50s life insurance can offer peace of mind, but it’s not the right fit for everyone. Here are a few things to think about:

• You may end up paying more in premiums than the policy pays out, especially if you live for many years.

• The payout is fixed and inflation could reduce its value over time.

• It’s not designed to cover large debts or provide full financial support, and it may not cover the full costs of a funeral.

• If you miss payments, your policy may be cancelled and you won’t get any money back.

• Other types of life insurance may offer more coverage.

That said, for many people it’s a simple and stress-free way to make a thoughtful gesture and ease the financial burden on loved ones. If you’re unsure whether over 50s life insurance is right for you, it might be worth exploring your other insurance options.