At Engage Mutual, we know that when you come to consider an over 50s life insurance policy, there are likely to be a number of questions that come up. You will want to know what you will have to pay in premiums and what the cover is going to be. Hopefully, this Q&A should help answer one or two of these queries – although full details should be obtained from the policy provider.

What does over 50s life cover actually do?

An over 50s life cover plan will provide the policyholder with life assurance. Many providers will ask that you fall within a certain age group – for example 50 to 80 – at the outset and are a UK resident. However, you should note that there is usually an initial period before the full sum assured is paid. You will need to remember over 50s life cover is not a savings plan and only pays out when you die.

How do I apply?

You can do so in person with some providers if they have a high street location available to do so, but some people will want to apply for over 50s life cover over the phone or online. In certain cases, but not all, this could mean you are covered immediately. The option may also be there to arrange your policy via post, but this could take a little longer. You’ll be accepted without a medical too, so there is no need to worry about arranging this in advance.

How much will it cost?

This will depend entirely on what level of cover you require and what you can realistically afford to put in. All providers will offer you a quote and some have an online calculator that allows you to see how much cover specific incremental payments would provide. However, it should be noted you could pay more in premiums than the plan would eventually pay out on your death, but this depends on how long the premiums have been paid for.

What else do I need to know?

Premium payments will usually need to be made by Direct Debit and in most cases will remain fixed. You may be able to stop payments at a certain age and retain cover that is guaranteed for life, provided you have kept premiums up to date. If you do want to terminate your policy, you should contact your provider. Please note, you should refer to the Policy Summary for full details of the product.