How to Get More Cover from Your Over 50s Life Insurance Policy
Published 6th of April 2016·Updated 7 April 2026
Reviewed by: Reviewed for accuracy April 2026
If you're over 50 and shopping for life insurance, a whole of life policy could give you 40 to 80 per cent more cover than a guaranteed over 50s plan for exactly the same monthly premium. The catch is that you will need to answer health questions. If you are in reasonable health, it is almost always worth applying.
Short Summary
Guaranteed over 50s life insurance accepts everyone aged 50 to 80 with no medical questions, but the payout amounts are often low relative to what you pay in premiums.
Whole of life insurance requires health and lifestyle questions but can pay out 40 to 80 per cent more for the same monthly cost. If your application is declined, you can still fall back on a guaranteed plan.
If your main goal is covering funeral costs, a prepaid funeral plan locks in today's prices and may be a more cost-effective alternative.
Always compare quotes from multiple insurers before buying. Premiums vary significantly between providers for the same level of cover.
What is guaranteed over 50s life insurance?
Guaranteed over 50s life insurance is a whole of life policy that accepts all UK residents aged between 50 and 80 (age ranges vary slightly by insurer) without any medical underwriting. You pay a fixed monthly premium and the policy pays out a lump sum when you die, provided you have been paying for a set period (usually one to two years).
The main advantage is certainty: you cannot be turned down. The main drawback is value. Because insurers accept everyone regardless of health, the premiums are priced conservatively. According to comparison data from GoCompare and MoneySuperMarket, a 60-year-old paying £20 per month might receive a payout of around £3,000 to £5,000 under a guaranteed plan, depending on the insurer.
How does whole of life insurance compare?
Whole of life insurance also pays out whenever you die, with no expiry date. The difference is that the insurer asks about your health and lifestyle during the application. If you are a non-smoker in reasonable health, you represent a lower risk, and the insurer can offer significantly more cover for the same premium.
The same 60-year-old paying £20 per month could receive a payout of £5,000 to £9,000 under a standard whole of life policy. That difference compounds over time: a policy held for 20 years could mean tens of thousands of pounds more for your family.
| Policy type | Medical questions | Guaranteed acceptance | Approximate payout (£20/month, age 60) |
|---|---|---|---|
| Guaranteed over 50s | No | Yes | £3,000 - £5,000 |
| Whole of life | Yes | No (subject to health) | £5,000 - £9,000 |
| Prepaid funeral plan | No | Yes | Covers funeral costs directly |
What happens if I am declined for whole of life cover?
If a whole of life insurer declines your application, you can still apply for a guaranteed over 50s plan. Being declined for one product does not affect your eligibility for the other. This means there is no real downside to trying for whole of life cover first; the worst outcome is that you end up where you would have started.
Some insurers will offer a modified policy rather than an outright decline, for example covering you for a lower sum or excluding certain conditions. Always read the terms carefully before accepting a modified offer.
Should I consider a prepaid funeral plan instead?
If your primary reason for taking out a policy is to cover funeral costs, a prepaid funeral plan is worth comparing directly. These plans let you pay for your funeral in advance, at today's prices, locking in costs before they rise further. The average UK funeral cost in 2024 was around £4,000, according to SunLife's Cost of Dying report.
Most prepaid funeral plans guarantee the funeral director's services and include an allowance toward third-party costs such as cremation fees, a minister's fee, and the death certificate. You can often pay in a lump sum or spread the cost over several years. Unlike life insurance, the money goes directly toward your funeral rather than as a general cash sum to your beneficiaries.
How to get the best deal on over 50s life insurance
Getting the best deal comes down to three steps. First, get quotes for whole of life cover before assuming you need a guaranteed plan. Second, use a comparison site such as Compare the Market or MoneySuperMarket to check premiums across multiple insurers at once. Third, consider using a whole of life broker if your health history is complex; a broker can approach specialist insurers who are more willing to cover pre-existing conditions.
Key things to check before committing to any policy:
- How long is the initial waiting period before the policy pays out?
- Is the premium fixed for life, or can the insurer increase it?
- What happens if you stop paying? Does the policy lapse entirely, or is there a reduced paid-up option?
- Is there a maximum age at which premiums stop?
FAQ
What is the difference between over 50s life insurance and whole of life insurance?
Guaranteed over 50s life insurance accepts all applicants with no health questions; whole of life insurance requires underwriting but typically offers more cover for the same premium. Both policies pay out a lump sum on death. The guaranteed version is the right choice only if you cannot qualify for standard cover.
Can I get life insurance over 70?
Yes. Most guaranteed over 50s policies accept applicants up to age 80, though some stop at 75. Standard whole of life insurers typically cover applicants up to 85, though premiums at older ages are considerably higher. It is worth getting quotes from multiple providers as upper age limits vary.
Is over 50s life insurance worth it?
It depends on your health and goals. If you are in reasonable health, a whole of life policy is likely to offer better value. If you have serious health conditions that would lead to a decline or very high premiums, a guaranteed over 50s plan provides certainty. For funeral cover specifically, compare the cost against a prepaid funeral plan before deciding.
How much does over 50s life insurance cost?
Premiums typically start from around £5 to £10 per month and can go up to £50 or more depending on your age and the level of cover you want. The older you are when you start, the higher the premium for the same payout. Most plans allow you to stop paying premiums at age 90 while the cover remains in force.
Do I need a medical exam for over 50s life insurance?
Guaranteed over 50s life insurance requires no medical exam or health questions. Whole of life insurance uses a written application with health and lifestyle questions; some insurers may request a medical report from your GP for certain conditions, but a physical exam is rarely required.
Can I have more than one over 50s life insurance policy? Yes. There is no legal limit on the number of life insurance policies you can hold. Some people take out multiple smaller policies with different insurers to spread risk or to increase the total payout. Each policy is assessed independently, so taking out one does not affect another.