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If you’re aged 50 or above, you might be wondering if you need Life Cover, especially if any children you have are financially independent and have flown the nest.
However, there are plenty of reasons why you shouldn’t dismiss taking out Life Cover after 50. For example, it could provide valuable peace of mind that any debts you might have can be paid off when you die. It may also mean that there will be money available to help your loved ones cover your funeral costs, or any other expenses, at what’s likely to be an emotionally difficult time for them.
Here, we look at some of the reasons why Life Cover is important for the over 50s, and the different types of policy you can choose from.
Different types of Life Cover for over 50s
It’s worth noting that there are several other different types of Life Cover available, including specialist Over 50s Life Cover, so it’s a good idea to explore the various options before buying.
For example, Term Life Cover, in return for you paying monthly premiums, provides you with life cover for a set period of time, or ‘term’. This can be a good option if you have a mortgage or other debts that will need paying off when you die. You can usually choose as high a cover limit as you want, although it’s worth bearing in mind that the bigger the limit you choose, the higher your premiums will be.
However, if you have a particularly big mortgage on your home that you’d like to be paid off when you pass away, or you want to leave your loved ones with a substantial inheritance, you may decide that you want a high cover limit. For example, Post Office Life Cover will provide cover up to a maximum of £750,000 depending on your age when you apply.
If you only need a relatively low amount of cover – perhaps you only want enough to cover funeral expenses, for example – another option you might want to think about is Over 50s Life Cover. Unlike other types of Life Cover, you’re guaranteed to be accepted, and some providers, such as the Post Office won’t ask for your medical history when you apply. That means even if you have a long-term medical condition such as diabetes or heart disease, you won’t be refused cover.
Premiums are fixed, so you’ll know exactly how much you’ll need to pay each month, and the policy will pay out a fixed lump sum when you die. This type of policy typically offers cover ranging from £1,000 up to £10,000 depending on how old you are when you apply for cover.
Over 50s Life Cover without the health check*
Post Office Over 50s Life Cover is designed to be affordable and to provide a lump sum of up to £10,0001 for your loved ones when you pass away.
If you’re a UK resident aged 50-80, you’re guaranteed acceptance with no medical check required. Plus, choose a free £125 gift card2.
1Your cover amount will depend on your age and your smoker status at the time you apply. Policy terms and conditions apply. Post Office Over 50s Life Cover is underwritten and administered by Aviva Protection UK Limited. Neilson Financial Services Limited assist with the administration. 2£125 Gift Card offer ends 30 March 2026. This offer is subject to a minimum premium and after a 180-day qualifying period.
Why you might need Life Cover over 50
You can buy Life Cover at almost any age, although premiums generally become more expensive the older you are. However, costs aren’t based on age alone, and providers will look at all sorts of other factors too, such as your health, whether or not you’re a smoker, as well as how much cover you want and the length of the policy.
There are several reasons you might decide to take out Life Cover in your 50s or beyond:
To provide loved ones with financial support
You might be worried about how your loved ones will make ends meet if you’re no longer there to provide an income. Life insurance can provide valuable peace of mind that any outgoings will be covered when you pass away.
To cover the cost of your funeral
Planning a funeral can be upsetting enough, without having to worry about how you’ll pay for it. Many people take out life insurance so that their dependents don’t have to find the money to cover funeral costs themselves.
To ensure that any unpaid debts are paid off
If you have a mortgage or any other debts such as personal loans or an outstanding balance on a credit card, you can take out Life Cover to pay these off in full. Cover can be tailored to last for as long as your mortgage term.
To leave loved ones with a cash gift
It may be that you don’t have any specific purpose that you would want a Life Cover payout to be used for. Some people take out this type of cover simply so they can leave loved ones with a nest egg to spend in any way they want.
To leave a legacy that keeps pace with changing living costs
Cover can increase in line with inflation to ensure the payout amount is worth the same as it was when you took out the policy.
Essentially, life cover is about providing financial protection for the people you love – and the best thing is that there are no hard and fast rules about how any payout is spent, so it can be used wherever it is needed most.
Over 50s Life Cover without the health check*
Post Office Over 50s Life Cover is designed to be affordable and to provide a lump sum of up to £10,0001 for your loved ones when you pass away.
If you’re a UK resident aged 50-80, you’re guaranteed acceptance with no medical check required. Plus, choose a free £125 gift card2.
1Your cover amount will depend on your age and your smoker status at the time you apply. Policy terms and conditions apply. Post Office Over 50s Life Cover is underwritten and administered by Aviva Protection UK Limited. Neilson Financial Services Limited assist with the administration. 2£125 Gift Card offer ends 30 March 2026. This offer is subject to a minimum premium and after a 180-day qualifying period.
Things to watch out for
It’s vital to read the policy small print of any Life Cover policy you’re considering buying, so that you know exactly what is and isn’t covered, and at what point a claim can be made.
For example, most Over 50s life policies have a waiting period (typically12 or 24 months) before they’ll provide a payout. If you die within this period, your loved ones may only get the premiums you’ve paid so far back, but if you die after it’s finished, they should receive the full death benefit.
However, some providers do provide an immediate benefit in certain circumstances. For example, the Post Office’s Over 50s Life Cover offers immediate cover for accidental death, and will pay two times the cover amount. If natural death occurs within the first 12 months of the policy, they will pay 1.5 times the total premiums paid towards the cover. The full cover amount will be paid if death from natural causes occurs after 12 months from the policy start date.
With Term Life Cover, there’s usually no waiting period, but cover is only provided during the set term agreed at the outset. That means if you live beyond the policy term, no payout will be made when you die. However, if you pass away during the term, even if it is just a few weeks after taking out cover, your loved ones should receive the full death benefit.
Over 50s Life Cover without the health check*
Post Office Over 50s Life Cover is designed to be affordable and to provide a lump sum of up to £10,0001 for your loved ones when you pass away.
If you’re a UK resident aged 50-80, you’re guaranteed acceptance with no medical check required. Plus, choose a free £125 gift card2.
1Your cover amount will depend on your age and your smoker status at the time you apply. Policy terms and conditions apply. Post Office Over 50s Life Cover is underwritten and administered by Aviva Protection UK Limited. Neilson Financial Services Limited assist with the administration. 2£125 Gift Card offer ends 30 March 2026. This offer is subject to a minimum premium and after a 180-day qualifying period.
* Links with an * by them are affiliate links which help Rest Less stay free to use as they can result in a payment or benefit to us. You can read more on how we make money here.
Over 50s Life Cover without the health check*
Post Office Over 50s Life Cover is designed to be affordable and to provide a lump sum of up to £10,0001 for your loved ones when you pass away.
If you’re a UK resident aged 50-80, you’re guaranteed acceptance with no medical check required. Plus, choose a free £125 gift card2.
1Your cover amount will depend on your age and your smoker status at the time you apply. Policy terms and conditions apply. Post Office Over 50s Life Cover is underwritten and administered by Aviva Protection UK Limited. Neilson Financial Services Limited assist with the administration. 2£125 Gift Card offer ends 30 March 2026. This offer is subject to a minimum premium and after a 180-day qualifying period.