Over 50s Life Insurance

Over 50s Life Insurance provides you with peace of mind, with guaranteed acceptance and no medical questions.

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Over 50s life insurance is a type of life insurance taken out by people aged 50-80 years old, that allows you to leave behind a fixed tax-free cash lump sum after your death. This cash lump sum can then be used by your loved ones towards any funeral costs or unexpected bills.

Funerals can be expensive, so this will give you peace of mind knowing that once you’re gone your loved ones will receive some financial help towards any large bills. With over 50s life insurance plans, no medical information is required, with a guarantee your application will be accepted.

Our Over 50s Life Insurance starts from as little as £10 per month, and you can choose to pay up to £50. Your premiums are guaranteed never to rise and your cover will never be reduced, regardless of your future health.

  • Relax knowing that those left behind will have less to worry about
  • If you’re aged 50-80 and live in the UK, you’ll be accepted for cover without a medical
  • With a 5-star Defaqto rating, you can trust our Over 50s Life Insurance to work for you

We make it simple to get an instant quote – just click below. You can amend your quote and change the level of cover as many times as you like before you apply.

If you have loved ones who depend on you such as a partner or any children, over 50s life insurance could give them a helping hand once you’re gone. This is because life insurance can give them added security by helping fund any funeral bills or unexpected costs. If you’re aged over 50 it isn’t a legal requirement to have life insurance. Depending on your circumstances, you may feel that you do not have a need for it.

Our Over 50s life insurance includes a guaranteed cash lump sum, and guaranteed acceptance, with no medical questions asked. It also has the option to opt-in to additional funeral support, where you can nominate Co-op Funeralcare to receive your cash lump sum. If you select this Funeral Benefit Option, Co-op Funeralcare would offer a discount of up to £250 on your funeral, on top of your Over 50s Life Insurance cover. Your loved ones will also receive access to the National Bereavement Service – a not for profit organisation that can offer counselling, guidance and support.

The Funeral Benefit Option is designed to let you use your cash lump sum to help cover your funeral costs. When you start your application, you’ll be asked whether you want to opt-in to receive the Funeral Benefit Option. This gives you up to £250 discount from your funeral on top of your Over 50s Life Insurance cover when you choose Co-op Funeralcare, a UK based funeral care provider.

Please note, the £250 funeral payment will only apply to ‘Tailored’ funerals. If your estate opts for an ‘Essential’ funeral, the benefit will be £100, and if they opt for direct cremation or burial, the benefit will be £50. The Funeral Benefit Option is available to UK residents only, excluding Northern Ireland. If you are based in the Isle of Man, Co-op Funeralcare will refer you to an authorised local funeral director that will carry out the funeral to the same standards.

Affordable Premiums that never increase

Pay a minimum of just £10 up to £50 per month. The higher the premium, the greater your level of cover.

Insurance that could cost you less

Unlike some other insurers you’ll only pay premiums to a maximum of age 90 but remain fully covered.

The option of funeral benefit

Choose Co-op Funeralcare as your funeral provider and receive a discount of up to £250 from your funeral.

Over 50s Life Insurance Provider Additional funeral benefit Earliest you could stop paying Separate rates for non smokers? Final pay out
Shepherds Friendly Age 80* £5,316
SunLife Until death £4,455
Aviva Age 80* £4,326
Royal London Age 90 £4,447
Legal and General Age 90 £4,605

This table is an example of a 65 year old, non-smoker paying £23 a month. All figures are correct as of 1st August 2022.

Please note, the £250 funeral benefit is a discount from your funeral and will only apply to ‘Tailored’ funerals. If your estate opts for an ‘Essential’ funeral then the benefit will be £100, and if they opt for direct cremation or burial then the benefit will be £50. The Funeral Benefit Option is available to UK residents only, excluding Northern Ireland. If you are based in the Isle of Man, Co-op Funeralcare will arrange for you to use an authorised local funeral director that will carry out the funeral to the same standards.

*Premiums are no longer payable after the plan has been in place for 30 years, or when you reach age 90, whichever comes first. You will never pay premiums past the age of 90, regardless of when you take out the plan.

We’re a financial mutual that’s built on fairness. Everything we do is for our members, not shareholders, and all profits made are paid to you or re-invested for your benefit.

Our members love that we do things the right way

Nine out of 10 members would recommend us for the way we help protect their futures.

Helping our members benefit for almost 200 years

The world’s changed a lot since 1826 but our commitment to fairness remains the same.

When you’re member-owned, it matters more

We take the financial future of every member personally, because you’re one of us.

Open an Over 50s Life Insurance Plan and get rewarded too. We’ll send you a Love2shop voucher code worth up to £50 when you make your sixth payment. See our terms and conditions.

Take the worry out of the future by reducing the financial burden for those left behind when you die. Download the documents below to get up to speed with exactly how the Shepherds Friendly Over 50s Life Insurance plan works.

  • If your circumstances change and you stop paying the premiums, your life cover will end after three missed premiums.
  • Over 50s Life Insurance has no cash in value at any time, so if you cancel it after the first 30 days you will get nothing back.
  • Your life cover does not start until after the second anniversary of your plan start date, as shown in your plan illustration, unless you die as a result of an accident, in which case your life cover begins from the start date shown on your plan illustration.
  • This life plan is not a funeral plan and therefore may not cover the full cost of a funeral.
  • Over time, although the amount we pay out on death is fixed, this amount is likely to reduce in value because of the effects of inflation.
  • If you live long enough the total premiums you have paid may be greater than the amount payable on death.

All references to taxation are to UK taxation and are based on Shepherds Friendly Society’s understanding of current legislation and H M Revenue and Customs practice which may change in the future. Please ensure that you read the full terms and conditions of this plan which are available from your financial adviser or by contacting us directly.

Please note: No advice has been provided by Shepherds Friendly. If you are in any doubt as to whether a plan is suitable for you, we recommend getting in touch with a financial adviser, who will be happy to take you through what options are available. Should you consult a financial adviser there could be a cost involved and you should confirm this cost beforehand.