How to find the cheapest life insurance for over 50s in the UK

Life insurance costs start creeping up when you're in your 50s, but there are ways to find cheap deals.

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How much you pay in life insurance premiums is invariably influenced by a number of factors. Your health, your lifestyle and your age are a few of the main ones.

Life insurance doesn’t have to cost you a fortune if you’re in your 50s though, and there are ways you can bring those pesky costs right down.

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What’s the cheapest type of policy?

There is no such thing as a universal cheapest type of policy when it comes to getting life insurance in your 50s. It really depends on your situation. Below we go over the two main options though.

Term life insurance

Depending on your lifestyle, your age and your health, a term life insurance policy might be the cheapest deal on offer.

With this type of deal, you pay monthly or annual premiums for a set length of time and, if you die during the insurance period, the insurer will provide a payout to your beneficiaries.

However, if you have any pre-existing medical conditions or the insurer simply sees you as too high-risk, it may hit you with higher premiums or even refuse you cover.

Over-50s life insurance

Should this happen you can turn to an over-50s life insurance policy. You often don’t even need to answer any questions about your health and premiums generally aren’t extortionate.

A word of warning though. If you live for a decade or so you’ll probably pay more in than the policy will pay out. Likewise, inflation can erode the value of an over-50s insurance payout over time.

By the end, the payout might not even be sufficient to pay for your funeral, let alone leave money behind for your beneficiaries to use.

When does it make sense to buy the cheapest life insurance in your 50s?

You might opt for the cheapest life insurance simply because you’re working on a tight budget. If you’re paying off your mortgage, credit card debts and have mouths to feed, you might not have money to blow on an expensive life insurance policy.

Another reason is that you want to get a term life insurance deal while you’re still in your 50s. Once you’re in your 60s it can be harder to get accepted onto a policy like this. Buying one now might also be a good idea if you just want financial protection until your mortgage is paid off and your children have fully grown and moved out.

For more on what type of term life insurance you should go for, see our guide.

What affects the cost of life insurance?

When you apply for life insurance the provider will ask you a range of questions, trying to work out what level of risk you pose. They’ll be particularly interested in the following:

  • Age
  • Lifestyle
  • Whether you smoke
  • Your current health
  • Your family’s medical history

How can I lower my life insurance rates?

There are many ways to lower your insurance premiums including:

  • Shop around. Use comparison websites and get some quotes online so you can see which insurers will offer you the cover you need.
  • Think about the level of cover you’re after. Consider how many beneficiaries you need to take care of when you’re gone, how much they would need to live on, and how much money you will need to leave behind to cover any debts.
  • Quit smoking. Binning your smoking habit can lead to lower premiums, even after just 12 months clean.
  • Keep active. Staying fit and healthy will convince your insurer you’re less of a short-term risk. Which in turn could lead to lower premiums.
  • Joint policies. Sharing a life insurance policy with your partner can reduce costs, however the deal might pay out less. So you need to think carefully about whether it will be worth it in the long run.

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