Over 50 Life Insurance

Over 50 Life Insurance: Your loved ones will receive a monetary payout when you pass away thanks to over 50s life insurance. Funeral expenses or other expenses can be paid with the affordable monthly contribution that never increases that you make.

What is over 50 life insurance?

It’s a type of life insurance that allows you leave money behind for your loved ones when you’re no longer here.

It’s what we insurers term ‘whole of life’ cover, which means that it will protect you for as long as you live, not just for a set amount of time.
You must be a UK citizen between the ages of 50 and 80 in order to take it out with us.

The Benefits of over 50 life insurance

Your cover lasts for life, but your payments may not

You’ll always be covered, but from the anniversary date after your 90th birthday, or after 30 years, you won’t pay a penny more

Claims you can count on

We pay out on every single claim and we do it quickly – usually within 3-5 working days 1

No medical

There’s not a check-up in sight – and we won’t even ask you any health questions

Wellbeing support in your hand

Your cover unlocks access all to benefits and services of the Aviva DigiCare+ app

How Does Over 50 Life Insurance Work?

It’s very straightforward. There are almost no hoops to jump through, hurdles to leap over or decisions to make. And, as you’ve already seen, there are no medical checks or health questions standing in your way either.

You just need to pick a cover amount (what we’ll pay out) or how much you want to pay each month in premiums. There’s more on how that works below.

We guarantee to pay out every penny of the cover amount as a lump sum if you die for any reason after the first 12 months of having the policy – or if you die because of an accident within the first 12 months.

However, if you die before the first 12 months are up, and it wasn’t an accidental death, we won’t pay out the cover amount, but we’ll pay a sum that’s equal to the premiums that have already been paid.

Do you need over 50 life insurance?

That’s up to you. But this type of lifetime cover is one way to leave a little something when you’re gone. The lump sum it pays out could be a welcome helping hand towards the cost of your funeral, home improvements, a holiday or anything else.

If you only need cover for a fixed amount of time, rather than your whole life, you could consider our term life insurance.

And unlike over 50 life insurance, which only covers one person, with term life insurance you can get a joint policy with your partner.

How To Buy Life Insurance

Finding the correct policy can be difficult, but it can help you plan for the future and protect loved ones financially after your passing.

The actions listed below can assist you in choosing an insurance business, a policy, and the level of coverage you require.

  1. Decide if You Need Life Insurance

Before you begin, one of the first questions to ask is if you need life insurance. According to the Insurance Information Institute (III), most people do. Though everyone’s personal and financial circumstances differ, a life insurance policy can be a valuable safety net. That’s particularly true if any of the following are true:

  • Your family or beneficiaries would face financial hardships if they lost your income
  • Your dependents would be left with a large amount of debt after you die
  • You want to cover end-of-life expenses, including funeral, burial, or medical costs
  • You want to pay for a dependent’s tuition, day-care, or retirement costs

What if you already have a policy through your employer? The Life Insurance Marketing and Research Association (LIMRA) cautions consumers against relying solely on their employer-sponsored life insurance coverage, which may not provide a significant safety net should a primary wage earner die. Within six months or less, 44% of U.S. dual-income households would run into financial trouble.

If you have an employer-sponsored life insurance policy, also known as group life insurance, take note of the death benefit, or the lump sum, your beneficiary would receive if you die. If it’s not enough to fit your needs, then a stand-alone policy may be a good option. As Catherine Theroux, Director of Public Relations at LIMRA points out, employer life insurance may not follow you when you leave your job.

  1. Determine How Much Life Insurance You Need

The amount of life insurance you need depends on various factors, including your personal and household income, the needs of your dependents or prospective beneficiaries, and your financial goals. Here are some questions to ask when determining your policy coverage amount:

  • How will the loss of my income affect my dependents?
  • How long would I like my income to provide financial support for my beneficiary?
  • How much will my dependents or spouse need to cover the mortgage or rent?
  • What day-to-day expenses, if any, do I want to cover for my beneficiaries?
  • How will my loved ones cover end-of-life expenses, like funeral costs, estate taxes, etc.?
  • Do I want my life insurance policy to be used as an inheritance?
  • Do I want part of my life insurance policy to go to a charitable organization?

Determining how much life insurance coverage you need can be challenging. The answer often takes into account several pieces of your whole financial picture. As such, it’s a good idea to discuss your concerns and intentions with a trusted financial advisor who can help you identify a policy that supports your loved ones and your larger financial strategy.

  1. Determine Which Type of Life Insurance Is Right for You

There are two primary types of life insurance to choose from: term life, which lasts for a set period of time, or permanent life, which covers you for as long as you live. Understanding the defining characteristics of each type can help you choose the right one.

Term Life Insurance

Characteristics of term life policies:

  • Provides coverage for a limited period, typically between one and 30 years
  • Often the most affordable life insurance option
  • Predictable premiums and a guaranteed death benefit

Term life insurance is life insurance that provides coverage for a specific period, called a term. Policies can have term lengths that are short, lasting one or five years, or that remain active for longer, like 15 to 30 years.

Term insurance policies typically have fixed, or level, premiums that stay the same for the duration of your policy. Term life insurance also offers a guaranteed death benefit, or a guaranteed sum of money, as outlined in your contract.

With term life policies you may have the option of two types of death benefits. One is level, which means that it will stay the same for the entire time the policy is active. And the other is decreasing. This means that the amount of money your beneficiary would receive will decrease over the life of the policy.

Term life insurance policies may also be renewable, meaning the policy can be renewed at the end of the initial term. They can also be convertible, which means the policy can be converted to a permanent policy.

If you choose term life insurance, the payout will only be received, as outlined in your contract, after your death. This type of policy does not carry an investment component, and you cannot borrow against or withdraw from it while you’re alive.

Permanent Life Insurance

Permanent life insurance refers to policies that last for your entire life. As long as you make your regular premium payments, your coverage won’t be interrupted. Like with term life insurance, there is a death benefit that is paid out to beneficiaries after you die.

Permanent life insurance also typically has a separate cash value component, which is separate from your death benefit and functions similar to an investment account from which you can withdraw or borrow available funds. When you pay your premium, part of the payment goes into an investment account.

The cash value can also grow or fluctuate based on the type of insurance policy you have. In some cases, growth depends on interest rates or stock and money market mutual fund performance. In others, the value grows as the insurer distributes a portion of company earnings, also known as dividends, to account holders.

If you’re shopping for permanent life insurance, it’s a good idea to discuss cash value growth options with an agent to determine which policy is best for you.

Whole Life Insurance

Characteristics of whole life policies:

  • Coverage that lasts for the insured’s entire life
  • Flexible premium payment options with a guaranteed death benefit
  • Opportunity to access the policy’s cash value before death

Like term insurance, whole life insurance offers a guaranteed death benefit, though premiums may change based on the type of policy you choose.

As a form of permanent life insurance, these policies also typically include a cash value that you can access before death, either by borrowing against or withdrawing from the account or using the funds to cover premiums. How the cash value grows depends on the type of policy you choose. There are types of whole life policies where cash value accumulation is set at the beginning of the policy as well as types where it grows based on dividends paid to you by the insurer.

Universal Life Insurance

Characteristics of universal life policies:

  • Coverage that lasts for the insured’s entire life
  • Flexible premium payments and death benefits
  • Cash value that grows through tax-deferred interest earnings

Universal life insurance is another form of permanent life insurance that allows insureds to maintain coverage for life. In this type of policy, premiums and death benefits are not fixed and can be changed by the policyholder. That gives some policyholders the flexibility to adjust their policy based on life circumstances. However, policy value and premiums can also vary based on investment market performance.

Universal policies also offer a cash value that grows based on tax-deferred interest earnings. However, the value can fluctuate depending on how well (or poorly) the company’s investments perform. If you have a universal life policy, you can access the cash value while you’re living or leverage it to pay premiums, as long as the account balance is higher than the premium payment.

There are also variable universal life (VUL) and indexed universal life policies (IUL) which you can read more about in our guide to universal life insurance. The former incorporates features of variable life insurance as well.

No-Exam Life Insurance

Characteristics of a no-exam life insurance policy:

  • Does not require a medical exam
  • Typically a faster application process
  • Available for both term and permanent policies

No-exam life insurance refers to any policy, permanent or term, that doesn’t require a medical exam to get coverage. This may be an attractive option for individuals who want to avoid an exam or want faster and easier access to life insurance.

This doesn’t mean providers approve applications or determine premiums blindly, however. Instead of relying on a medical screening, an underwriter uses available data to approve applications and set life insurance rates. The data may be pulled from a variety of sources, including medical and driving records. Carriers may also rely on information from the MIB Group (formally known as the Medical Information Bureau), an insurance consumer reporting agency.

There are trade-offs. A no-exam life insurance policy is typically more expensive than alternative life insurance plans. These policies may also offer less coverage and less flexibility. For instance, you may not be able to convert a term policy to a permanent coverage policy.

  1. Decide if You Need Life Insurance Riders

Riders are additional benefits or options that you can add to your policy to create customized coverage that meets your specific needs. There are several types of riders available to policyholders, and each can impact your premium.

The following riders are frequently offered for life insurance policies:

Children’s Term Rider

This rider allows parents to cover their children under the policy. If the child dies before reaching the age specified in the rider, the insurer will pay out a death benefit to the policyholders.

Accelerated Death Benefit Rider

By adding this rider, you may be able to access your death benefits before you die if you’ve been diagnosed with a terminal illness or disease.

Accidental Death Benefit Rider

Also referred to as a double indemnity rider, this increases the death benefit paid out if you die from injuries sustained due to a covered accident.

Waiver of Premium Rider

Adding a waiver of premium rider to your policy may protect you if you can’t pay the required premium due to an injury or illness that leaves you disabled.

If you’re interested in adding riders to your policy, be sure to discuss them with your agent, broker, or carrier first. Availability, eligibility, and restrictions can vary by company and policy, so it’s important to thoroughly understand the rider and the triggering circumstances before adding it to your policy.

  1. Choose a Life Insurance Company

Today’s robust life insurance market gives consumers their fair share of providers and policy choices. Consumers also have the option to work with an insurance agent, insurance broker, or insurance company. Understanding the difference between each term can help you find a company and policy that meets your needs.

Insurance Agent

An insurance agent is a licensed professional who sells insurance products, like life, auto, or home insurance, to consumers. They can be a captive agent, which means they represent a single insurance company, or they can be an independent agent, meaning they may represent multiple companies.

Insurance Broker

Instead of representing one or more insurance companies, the broker acts as the middle-man between their clients and the insurance market. Insurance brokers work with individual consumers to help them find, review, and compare insurance policies from multiple companies. They do not, however, underwrite, bind, or otherwise oversee policy sales.

Insurance Company

Also referred to as a provider, insurer, or carrier, an insurance company is an entity that packages, sells, underwrites, and binds insurance policies. They are also the entity that processes and pays out claims.


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