Over-50 plans, also known as guaranteed whole of life plans, provide a guaranteed tax-free lump sum payment when you die. This cash payment can be useful if you wish to put it towards funeral costs or leave it to someone. Over-50 plans are only available to people over the age of 50.
Over-50 plans typically offer
- a guaranteed acceptance for this cover
- fixed premiums payable for life or to a specified age
- cover with no medical disclosures or underwriting
- full cover after an initial ‘moratorium’
- a guaranteed sum payable on death
The amount paid out when you die depends on the premium you choose.
Next steps
If you have a policy, want to buy some cover, or just want more information:
- read through your policy and / or talk to your insurer
- talk to a financial adviser or insurance broker through unbiased.co.uk or the British Insurance Brokers' Association (BIBA) website to find out more about over-50 plans
- shop around to find out more on how to buy the best type of over-50 plan for you