Finding the right life insurance plan when you’re over 50 can feel overwhelming. Your priorities change, premiums are higher than when you were younger, and it’s hard to know which policy actually meets your needs — without overpaying or getting buried in fine print.
The good news? Life insurance providers in both the UK and the US now offer dedicated plans tailored specifically for people over 50, with flexible coverage, no-medical options, and guaranteed acceptance in many cases.
Whether you’re looking to leave behind a financial legacy, cover funeral expenses, or just ensure your family isn’t burdened with debts, this guide walks you through the best life insurance options for people over 50 in 2025 — in both countries.
Why Life Insurance Over 50 Still Matters
You might think life insurance is something only young families need, but that’s a misconception. In your 50s and beyond, life insurance can still play a vital role in your financial plan, especially if:
-
You have a mortgage or other debts
-
You want to help with your children’s or grandchildren’s future
-
You want to cover funeral costs or final expenses
-
Your spouse or partner relies on your income or pension
-
You want to leave a tax-free payout behind
The key is choosing the right type of policy for your situation — and understanding how providers in the UK and US approach life insurance for older adults.
Types of Life Insurance for Over 50s
Let’s break down the main types of policies available — with notes for both UK and US residents.
1. Whole of Life Insurance (UK) / Permanent Life Insurance (US)
These policies cover you for life, no matter how long you live. They usually come with guaranteed acceptance, especially in over-50s plans, and pay a fixed cash sum when you die.
Best for: Covering funeral costs or leaving a small inheritance
Pros: Guaranteed payout, fixed premiums
Cons: Lower payout amounts, no cash value in many UK plans
In the UK, over-50s plans are often advertised with no medical exam and fixed monthly premiums. Providers like SunLife, OneFamily, and Aviva are popular choices.
In the US, whole life plans can build cash value over time, which you can borrow against. Companies like Mutual of Omaha, AARP (New York Life), and State Farm offer strong permanent policies for seniors.
2. Term Life Insurance
This policy covers you for a set number of years (e.g., 10, 15, 20). If you pass away during the term, your beneficiaries receive the death benefit. If you outlive the policy, the coverage ends.
Best for: Covering remaining mortgage, income replacement
Pros: Higher coverage for lower cost
Cons: Ends after term, may require medical exam
In the UK, term life is used frequently to protect mortgage debt. Legal & General, LV=, and Aviva offer competitive options for people over 50.
In the US, Haven Life, Ethos, and Ladder provide online term life with high limits and no medicals for many healthy applicants.
3. Guaranteed Issue / No Medical Life Insurance
These policies don’t require a medical exam or health questions. They’re usually available to people aged 50–85, regardless of their health history, but come with lower coverage and a waiting period.
Best for: Those with pre-existing conditions
Pros: Guaranteed approval
Cons: Lower coverage, waiting period of 2 years
Popular in both countries. In the US, AIG, Colonial Penn, and Gerber Life dominate this space. In the UK, SunLife is a major provider.
4. Final Expense / Funeral Insurance
This is a small, simple whole life policy meant to cover funeral costs or other small end-of-life expenses. Policies range from £2,000 to £20,000 or $5,000 to $25,000.
Best for: Covering funeral and cremation costs
Pros: Fixed premiums, lifelong cover
Cons: Low payout
Especially common in the US, where funerals can cost $7,000 to $12,000. Lincoln Heritage, AARP, and Globe Life are notable providers.
Best Life Insurance Providers for Over 50s in the UK (2025)
Here are top-rated UK providers and what they offer:
SunLife Over 50s Plan
-
Ages: 50–85
-
Max payout: Around £18,000
-
No medical exams
-
Guaranteed acceptance
-
Includes funeral benefit option
SunLife is one of the most trusted over-50s insurers in the UK, offering plans with fixed monthly costs and a guaranteed payout after two years.
OneFamily Over 50s Life Cover
-
Ages: 50–80
-
Payout up to £20,000
-
Guaranteed acceptance
-
Option to contribute to funeral costs directly
Known for good customer service and flexible policy features.
Aviva Whole Life Insurance
-
Accepts applications up to age 89
-
Medical exams may be required
-
Offers higher cover amounts than most guaranteed-acceptance plans
More suitable for people in relatively good health who want higher payouts.
Best Life Insurance Providers for Over 50s in the US (2025)
These companies stand out for value, flexibility, and reputation:
Mutual of Omaha
-
Offers both term and whole life
-
Ages: 45–85
-
No medical exam required for some plans
-
Strong financial ratings and customer support
Their Living Promise policy is especially popular among seniors.
AARP (via New York Life)
-
For AARP members aged 50–80
-
Offers both term and permanent plans
-
No medical exams required for most policies
-
Up to $25,000 in guaranteed life coverage
Good option for those who value simplicity and reliable backing.
Haven Life
-
Backed by MassMutual
-
Online-only application
-
Term coverage up to age 64
-
Up to $1 million coverage for healthy applicants
Known for fast approval and strong digital experience.
Ethos Life
-
No medical exam for most term applicants under 65
-
High coverage limits
-
Affordable pricing for healthy individuals
-
Entire process handled online
A great choice if you want to avoid paperwork and phone calls.
How Much Does It Cost?
Pricing depends on age, gender, health, lifestyle (like smoking), and coverage type. Below are ballpark figures for non-smokers:
| Age | Policy Type | UK Monthly Cost | US Monthly Cost |
|---|---|---|---|
| 50 | Over-50s Plan | £10–£20 | $25–$40 |
| 55 | Term (15 yrs) | £15–£30 | $30–$50 |
| 60 | Whole Life | £20–£40 | $40–$70 |
| 65 | Final Expense | £25–£50 | $50–$90 |
Always compare quotes — prices vary significantly between insurers.
What to Watch Out For
Waiting Periods: Most no-medical policies won’t pay out the full benefit in the first 12–24 months unless death is accidental.
Low Cover Limits: Guaranteed acceptance plans rarely go above £20,000 or $25,000. That’s fine for funeral costs, but not for replacing income or paying off debts.
Premium vs. Payout: In some cases, especially with guaranteed plans, you may end up paying more in premiums than the benefit your family receives — particularly if you live well into your 80s or 90s.
Inflation Impact: Fixed payouts lose value over time. If you’re worried about rising funeral costs, look for policies with inflation-linked benefits or indexation options.
How to Choose the Right Plan
-
Define your goal — Are you protecting loved ones from debt? Funding your funeral? Leaving a gift?
-
Consider your health — If you’re in good shape, go for a medically underwritten plan to get better coverage at a lower price.
-
Compare multiple quotes — Always get at least three. Look at premiums, payout, and whether there’s a waiting period.
-
Check financial ratings — Choose insurers with strong ratings (A or better) from agencies like AM Best or Fitch.
-
Read the terms carefully — Pay close attention to exclusions, payment length, and what happens if you miss a premium.
Final Thoughts
Life insurance for over 50s is still very much worth considering in 2025 — but it’s critical to choose the right plan for your age, health, and goals. Whether you live in the UK or the US, there are solid options available, even if you have pre-existing conditions or just want simple, guaranteed cover.
Start by defining what you actually need — don’t overbuy, and don’t underinsure either. Then compare trusted providers, understand the real costs, and make sure the plan aligns with what you want to leave behind.