Quick answer · Updated August 2026
By headline premium: SunLife from £4/month, Legal & General from £4.50, Aviva around £5. But "cheapest" properly means most cover per pound at your age — where L&G (£20,000 cap) usually edges SunLife (£18,000). And for anyone in reasonable health, underwritten cover beats every guaranteed plan on cost-per-pound by 3–5× — the truly cheapest route is passing a questionnaire.
Headline Price vs Real Cheapness (August 2026)
| Provider | From | Max cover | Cover-per-£ verdict |
|---|---|---|---|
| SunLife | £4/mo | £18,000 | Widest ages (49–85); £130 gift card |
| Legal & General | £4.50/mo | £20,000 | Usually the best guaranteed-plan value |
| Aviva | ~£5/mo | £20,000 | Close second; strongest claims brand |
| Royal London | ~£5/mo | £20,000 | ProfitShare can add value over time |
| British Seniors | varies | £10,000 | Lowest cap of the advertised brands |
Verified August 2026. Same-age quotes differ by hundreds of pounds of payout — always compare at your exact age.
Three Rules of Over-50s Cheapness
- Compare payout for identical premium, not premium for vague cover — two minutes across SunLife, L&G and Aviva at your age settles it.
- Younger = cheaper per pound, but longer paying — the premiums-vs-payout break-even (worked through in our SunLife review) bites hardest for the youngest, healthiest buyers.
- The cheapest product may not be this product — healthy under-75s typically get 3–5× the cover per pound from underwritten term or whole-of-life: see the full 50-plus options guide.
Frequently Asked Questions
SunLife has the lowest entry premium (£4/month); Legal & General usually offers the most cover per pound with its £20,000 cap. The genuinely cheapest option for anyone in reasonable health is underwritten cover — typically 3–5× more per pound.
It buys a modest fixed payout — worth having if it matches a real need (funeral costs) and the premium is sustainable for life. Check what the same £4 buys at each provider for your age; the spread is real.
Your premium is fixed at purchase and never rises — but each year you delay buying, the same premium buys less cover. Guaranteed-plan pricing is entirely age-at-entry.