I’m Over 50, so what are my Life Insurance options?


Life Insurance is designed to provide financial support to your loved ones when you pass away. This can be used to clear off a mortgage or debt, cover funeral expenses or Inheritance taxes, replace lost income or simply to provide your loved ones with financial security from a lump sum.

Once we are over 50, we get bombarded with postal, email and TV advertising about Over 50’s Life Insurance. It is important to know you may have a lot more options than just the ones put on the table from big name advertising.

The type of cover you need and the options you have come down to 3 key areas. Your age, your general health and the reason why you want Life Insurance. It’s no secret the older we get the harder it is to get well priced Life Insurance, and of course the older we get the more likely we are to have some health concerns. If you’re considering Life Insurance, it’s a good idea to plan ahead as early as you can as this will increase your options to achieve quality cover at the lowest price.

If you are looking for Life Insurance to pay out a fairly large lump sum to cover a mortgage or other debts for example, then you will probably need fully underwritten Life Insurance. With this policy you would typically have no serious health concerns as you are required to answer a series of medical and lifestyle questions before the provider would accept you and offer a final underwritten quote.

Until recently you would need to run through each provider’s specific medical questions to get a decision from that specific provider. If they could not offer you cover, or if they increased your premium significantly above the pre-underwritten quote, the only way to find out if another provider could offer better terms would be to start this long process all over again.

The good news now is that technology in this area has improved dramatically in recent years meaning you can effectively run multiple applications with entirely different providers at the same time, answering only one set of medical questions. They will then all come back with their decisions based on the answers you have given, so you may have some providers needing more information before they can decide on your final premium and others offering you immediate terms and giving you a “buy now” option. This smart way to get an underwritten quote is a huge time and money saver and is a service offered by leading brokers who simultaneously compare big reputable providers such as LV=, Scottish Widows, HSBC, AIG Life and AEGON. You can now get a smart quote through Saveonlife.co.uk who will help you through this time and money saving process.

If you require a smaller lump sum from your life insurance, for example to cover some funeral expenses, then an Over 50’s Life Insurance policy could be the answer. These plans do not ask any medical questions, so acceptance is guaranteed for all UK residents up to age 80, and for non-smokers up until age 85. They typically pay out up to £10,000 dependent upon your age and smoking status and once you reach age 90 or 95 you won’t need to make any more premiums while your cover remains in force. Saveonlife.co.uk allow you to quickly and easily compare quotes from leading providers.

Whether you are looking for Life Insurance for a mortgage, family protection or funeral expenses, Saveonlife.co.uk can help you easily get you and your loves ones the right cover at the right price.

Protection claims at MetLife UK hit a new high


MetLife have announced they have paid out 3,216 protection claims in the first quarter of 2019 with a total value of £2.411m.

Around two out of five claims paid during the quarter were for customers, or their children, suffering broken bones.  MetLife MultiProtect covers a number of eventualities from broken bones and hospitalisation to accidental death and funeral cover.

Total claims for MetLife paid in the first three months rose to 3,216 compared with 2,577 for the same period in 2018, while the value of claims paid increased to £2.411 million from £1.885 million.

Richard Horner, head of individual protection, MetLife UK said: “The record rise in volume and value of claims, shows that MultiProtect is playing an increasingly important role in covering customers for everyday risks and widening the options for advisers.

“The fact that around two-fifths of claims are for broken bones, suffered by customers or their children, highlights how advisers are supporting their clients by offering cover that meets their needs at a time when they need financial help.”

MultiProtect offers cover for between £8 and £40 a month and does not require medical underwriting.

5 things you should know before you buy Over 50’s Life Insurance

1. No Medical Questions – Over 50’s Life Insurance is offered on a guaranteed acceptance basis. Provided you are a UK resident aged 50-80, or 85 in some cases, then you can get cover without having to answer any other medical questions. As a consequence, if you are fit and healthy then Over 50’s Life Insurance can be more expensive when compared with medically underwritten Whole of Life Insurance.

2. Faster Payouts – Due to the fact you didn’t need to answer any medical questions, Over 50’s Life Insurance policies can usually pay out very quickly on receipt of the death certificate. This means the money can be used to pay for the funeral as opposed to potential having to wait weeks or months for the provider to process the claim. Currently up to £10,000 can be taken out of an estate for funeral expenses without the need for going through probate so the family receiving the money within 72 hours is not uncommon.

3. Deferred Periods – All Over 50’s Life Insurance policies come with a deferred period, this is the length of time you need to have a plan in place for before the sum assured is paid out on death. Typically this time frame is 2 years but this can be less with some providers.

4. Protected Benefit – With most Over 50’s Life Insurance policies if you stop paying premiums the policy will lapse and you will get nothing back. AIG Life offer a Protected Benefit within their plan once you are at least half way through the paying term. With AIG Life you pay premiums up until age 90 so if you take out the policy at 60 years age the Protected Benefit will commence from age 75. If after this point you were to stop paying premiums or cancel the plan for any reason, your family would get a pro-rata payment on death based on how long you paid premiums for.

5. Compare – Some companies spend big on TV advertising but the product or price often fails to deliver. You will want to check if premiums are fixed or can increase, if you stop paying at 90 or if you have to keep paying for as long as you live and of course compare how much cover you get for your budget. Join 300,000 UK residents who have compared Life Insurance online with SaveOnLife.co.uk –

Over 50s Life insurance Quotes

Zurich pays out 97% of 2017 protection claims


Paid life claims reached 99% and mental health most common reason for IP pay-out

Zurich has announced it paid 97% of all retail protection claims last year – a payments total of £235.2m to 2,872 customers and their families – which compared to 95% paid claims in 2016 (£224.6m).

Critical illness

A total of 867 critical illness claims were paid in 2017 (95%), at a cost of £65.2m to the insurer.

Cancer – the most common cause of critical illness pay-outs – alone accounted for 59% of CIC payments and amounted to £40m worth of claims.

Heart attack was the second most common reason for claims (14%), followed by stroke (6%) and multiple sclerosis (3%).

The average CIC claim last year was £75k and 54% were from men with the average claimant being 52 years of age compared to 49 years for women.

Families with children covered by policies received £647k in total from pay-outs.

The small number of declined claims were because a customer had not disclosed key medical information on their application such as lifestyle (smoking or drinking habits) or existing medical issues (3%) or because a condition claimed for was not covered for by the policy (2%).


The total percentage of life claims paid was 99% in 2017, to 1,929 customers (£144.6m).

The 1% of denied claims were due to non-disclosure of important medical information on application forms.

Income protection

For IP, more than £8.8m was paid in claims and there were 76 made and 87% of these were paid.

Ten were claims not paid over the period, including seven where the policy’s criteria were not met, and where three customers returned to work before the policy’s payment period started.

Accounting for 22% of IP claims, mental health was the most common reason for a pay-out, followed by musculoskeletal conditions (18%), cancer (15%) and neurological illnesses (14%) such as multiple sclerosis.

“Research periodically suggests that customers aren’t necessarily confident that these kind of plans will pay out – these figures evidence that the overwhelming proportion of claims are successful” said Peter Hamilton, Zurich’s head of market management. “We know that the likelihood of claims being paid is a key factor in helping customers decide whether or not to buy life insurance including income protection and critical illness.”

Claims publicity

According the Zurich’s internal research, a quarter of people do not have cover because they think it’s too expensive and nearly a third do not think it is relevant, he also pointed out.

“We hope that sharing this information helps to chip away at the commonly held view that insurers don’t pay out,” added Hamilton. “Having cover like this in place means people can maintain their standard of living without having to worry about covering large costs like mortgages while they’re trying to deal with serious illness.

“We’re also keen to highlight the extra support available to customers through their policies such as professional counselling, therapies and advice on everything from sourcing suitable elder care through to money management.”

Article : Covermagazine.co.uk – Adam Saville @AdSaville_COVER 13 April 2018

Defaqto introduces Star Rating for prepaid funeral plans

Defaqto has added pre-paid funeral plans to its Star Ratings

The Star Rating for prepaid funeral plans will help consumers identify where products sit in the market, in terms of the overall quality and comprehensiveness of the features and benefits of the product.

The prepaid funeral plan market currently comprises of almost 100 products and Defaqto has analysed these from 26 product providers.

Many of the products are purchased direct; the Star Rating will help consumers take into account the value of the cover rather than just the cheapest plan.

Defaqto has witnessed the continuing growth and emergence of a burgeoning funeral plan market as a result of the desire for consumers to have arrangements already in place whilst they are still alive and to lock in the cost of their funeral against inflation.

Reflecting this trend, Defaqto has used criteria that differentiate products in terms of their comprehensiveness, portability if a client moves location and the customer experience in areas of the quality of the funeral service and the treatment of third party disbursements.

Over 60 experts independently research, collect and assess nearly 41,000 financial products, of which just over 10,000 are star rated.

Defaqto has given each product an independent Star Rating from 1 to 5 based on an expert assessment of the overall proposition and quality it offers.

Ben Heffer, Insight Analyst for Wealth and Protection at Defaqto, said: “With consumers increasingly focused on price, our Star Ratings help segment the market in respect of the cover offered across a wide range of financial products.

“We have extended our Star Ratings to include prepaid funeral plans as more and more products have come onto the market, which is largely unregulated, yet taps into the consumer interest to plan ahead for their funerals and thereby relieve the burden on their loved ones.

“Funeral inflation is considerably above the ordinary rises in cost of living, so paying for your funeral at today’s prices is an attractive proposition for customers.”

Fiona Murphy – covermagazine.co.uk – 22/05/2017

Vitality first UK insurer to partner with Apple Watch

Vitality has introduced Vitality Active Rewards with Apple Watch Series 2

This latest evolution of Vitality Active Rewards enables Vitality members to get an Apple Watch Series 2 from £69 and then fund the remaining balance by getting active.

Vitality Active Rewards is designed to work seamlessly with Apple Watch Series 2. Members can track their activity via Apple Watch Series 2 to earn Vitality points.

They can also receive notifications to their Apple Watch Series 2 when they unlock Vitality Active Rewards, which include weekly Starbucks drinks and cinema tickets.

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Are we ready for a longer life?

Are we ready for a longer life?

It’s a fact people are living longer thanks to advances in medical care and an increasing awareness about how to live our lives in a healthier way.  This is great news for mankind but are we prepared for a longer life?

People are buying their first homes later, starting families later and often working into their retirement years (or past it with the abandonment of ‘Default Retirement Age’).

As these key financial milestones are now often occurring later in life, it’s important that people review their life insurance to ensure they’ve not only got enough cover in place, but that the length of time they have it for is also adequate.

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Equity Release Sales Hit Record High – Here’s What You Need to Know.

According to statistics from the Equity Release Council, Equity Release sales in 2015 hit a record high of £1.71 billion. So why is this market growing 29% year on year and is this really the best option for homeowners seeking a lump sum or monthly income ?

Continue reading “Equity Release Sales Hit Record High – Here’s What You Need to Know.”

Funeral costs continue to rise


Recent cost of dying statistics have shown that the average funeral has risen to an all time high with no sign of a significant slow down.

  • The rising cost of dying: Average funeral now costs £7,600 and thousands are struggling to afford a fitting send off.
  • Study claims cost of funeral, burial and administration is up 7.1%
  • Estimated that 100,000 people will struggle to pay for funeral this year
  • Rose 80% between 2004 and 2013 and will continue to increase

Continue reading “Funeral costs continue to rise”