Your Options After 50
| Type | Best For | Monthly Cost (est.) |
|---|---|---|
| Term life insurance | Mortgage, income replacement until 65–70 | £30–£80+ |
| Whole of life | IHT planning, guaranteed estate payout | £60–£150+ |
| Over-50s guaranteed plan | Funeral costs, small inheritance | £15–£40 |
Term Insurance After 50
If you have an outstanding mortgage or financial dependants, term insurance still offers the best value. Most insurers will offer term cover up to age 75–80 for those in good health.
Inheritance Tax Planning
For those over 50 with larger estates, a whole of life policy written in trust is an effective IHT planning tool. The policy is guaranteed to pay out, providing funds to cover the 40% IHT bill without reducing the estate.
Over-50s Guaranteed Plans
These are whole-of-life policies with guaranteed acceptance – no medical questions. The payout is typically £3,000–£20,000, designed to cover funeral costs or leave a small gift.
Important: Premiums do not stop after a set period at most providers. If you live long enough, you will pay more in premiums than you receive. They are not investment products.
Frequently Asked Questions
Yes. Term and whole-of-life both available at 55. Health matters more than age.
For funeral cover, yes. For larger sums, term or whole-of-life is better value.