As you get older taking out life insurance generally gets more expensive, particularly if you have poor health or a condition such as diabetes.

However, those aged between 50 to 75 years of age (up to 85 years of age with some insurance companies) can take out a 50’s plan which gives basic life cover for a few pounds a week.

The reason the premium are so cheap for the over 50’s is because, unlike traditional life insurance policies the over 50’s plan doesn’t require a medical examination or health questionnaire.

You do not have to make any statements about the current state of your health, which makes it very attractive if you are a diabetic.

How does it work?

You pay a monthly premium for a guaranteed cash lump sum payout in the event of your death.

The amount of payout depends on the level of cover you choose and it’s important to remember that inflation will reduce what your cash will buy in the future, so you need to factor that in when choosing the level of cover.

In most cases you stop paying the premium when you reach 90 (85 for some insurers) but you will continue to be covered by the policy for the remainder of your life.

Most insurance companies will not pay out if you die within the first 2 years unless it was an accident but some insurance companies will pay out 100% of what you have paid in plus additional 50%, so it’s always worth checking the policy.


The main advantage of the over 50’s plan is to get inexpensive life cover without having to make any statements about your current state of health.

One of the most trusted Over 50s Life Cover providers is Engage Mutual who offer other advantages including:

  • a guaranteed fixed cash sum and has no medical or health questions
  • 5% discount when you buy over 50s life insurance online
  • free welcome gift or a plan with cashback
  • £250 contribution towards your funeral through The Co-operative Funeralcare if you choose to include a funeral funding option


If you have the policy for 30 or 40 years you could end up paying out more in premiums than the actual payout.

It is also worth remembering that this is not a savings plan, so should you decide to cancel the policy before you are 90 (85 for some insurers) then you won’t receive any money.

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