Comprehensive Guide to Over 50 Life Insurance (& a Free Gift)

Mark Benson

Mark Benson

Money Savings Advice Over 50s Life Insurance with a free gift

The over 50 life insurance market is extremely competitive, with many insurers offering an array of free gifts.

So, how do you choose the best insurance policy for you and what are the best free gifts available? Let us take a look at the current deals on the market.

Over 50 Life Insurance With a Free Gift

Most Over 50s insurers offer a free gift to entice customers to sign up. The value of this is normally around £100 and can be claimed 6-8 months after you've started paying the premium, which often costs less than £10 a month.

We often have the likes of Michael Parkinson and other older celebrities waxing lyrical about over 50 life insurance and numerous free gifts on offer.

Some of those gifts can be tempting, of that there is no doubt, but you need to take into account the insurance package on offer and see the free gift for what it is, a bonus.

Continue reading to get all the details about over 50s Life Insurance and which companies offer a free gift.

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What Does Sainsbury’s Over 50 Life Insurance Offer?

The Sainsbury’s over 50 life insurance offer comes with £90 of nectar points and double points on shopping/fuel while your policy is live. The free gifts kick in straightaway with extra nectar points after five months. As far as over 50 life insurance goes, this is interesting!

What Does Churchill’s Over 50 Life Insurance Offer?

Churchill is the mascot for this very competitive insurance company, offering a £100 gift card for Amazon, Marks & Spencer or Tesco with their over 50 life insurance. The offer kicks in after six months of paid premiums so you won’t have to wait too long.

What Does Direct Line Over 50 Life Insurance Offer?

Direct Line has been very competitive in the over 50 life insurance market for some time now. Leading the way, the company now offers £100 in vouchers for Love 2 Shop with the bonus received after six months premiums have been paid.

What Does Sun Life Over 50 Life Insurance Offer?

Sun Life insurance has gone a step further than Direct Line offering a £110 voucher redeemable at Love 2 Shop! Your free gift is also available after six months premiums have been paid, and then it is time to shop, shop, shop….

What Does Royal London Over 50 Life Insurance Offer?

The Royal London over 50 life insurance offer takes in a £100 Argos/Marks & Spencer voucher or a cheque for £100. The qualifying period for this offer is slightly extended at eight months, but with premiums potentially under £10 a month, the maths looks good.

What Does the Post Office Over 50 Life Insurance Offer?

The Post Office has been very active in the insurance market for some time now, and the over 50 life insurance offer/free gift has thrust the company back into the limelight. After the qualifying period of six months, you will be eligible for a £100 gift card for either Argos or Marks & Spencer. Not bad when you consider the premiums are potentially under £10 a month!

What Does L&G Over 50 Life Insurance Offer?

The L&G over 50 life insurance offer comes with a £100 gift card for Amazon or Marks & Spencer once the qualifying six-month period has elapsed. In general, the premiums for L&G seem to be towards the lower end of the market, but this will differ from person to person.

Should I Take Any Notice of the Free Gifts?

In reality, we know that we need to focus on the actual offer as opposed to the free gifts, but it isn’t easy. When you receive a £100 gift card after a six-month period when you may have paid less than half that in premiums, it does look attractive.

Then you have Michael Parkinson waxing lyrical about various offers and freebies, where do you start? Focus on the underlying offer, the life insurance cover and the premiums. The freebie, well, that’s just a bonus.

Will I Need a Medical When Taking Out an Over 50 Life Insurance Policy?

The key to an over 50 life insurance policy is the fact that many of them will guarantee acceptance without a medical. In reality, the insurance companies are already factoring in the potential for various medical conditions in later life.

How Long Will an Over 50 Life Insurance Policy Last?

The policy will simply last as long as you keep paying the premiums. If you take out a policy aged 51, it is important to calculate the potential premiums against the proposed payout. However, for many people, it is the peace of mind that in the event of their death, their loved ones will be provided for which makes these policies so attractive.

You will find some over 50s insurance companies will stop taking premiums at for example aged 90 but will continue to offer life insurance cover for the rest of your life. Some companies will offer continuous life insurance if you have paid consistent premiums for a period of time, for example, 30 years. It is advisable to shop around to find the best deal for your scenario.

How Do Over 50 Life Insurance Policies Compare With Traditional Policies?

There is no one size fits all comment for this particular question, but as there are no medicals, this will come at a price. Some people may prefer to look at more traditional term insurance which can make your decision a little more complicated.

Should I Take Financial Advice on My Life Insurance Policy?

No ifs, no buts, if you are looking to take out life insurance aged over 50, then it is worthwhile taking advice. We know the freebies catch the eye, they look good and they sound good, but it is the underlying policy you are buying. As a consequence, you should seek professional guidance.

Will My Life Insurance Payout Straightaway Upon My Death?

You will find that many over 50s life insurance policies will include a period of time during which you are not covered. For example, you may need to live at least 12 months after taking out your life insurance policy before payment will be made.

This will vary from company to company, and it is essential that you are fully aware of the small print. In some ways, this is a balancing act between cover without a medical and potential insurance company liabilities.

What Happens if I Miss Payments on My Life Insurance Policy?

In theory, as soon as you miss a payment on your life insurance policy, it would become null and void. In reality, life insurance companies offering over 50s cover are relatively flexible and may give you a period of time to “catch up”.

Some companies will also allow you to adjust your payment schedule, either reducing payments, taking a payment holiday or stop paying after a set period of time. These are issues you should be discussing with your insurance broker/insurance company.

Can I Name a Second Beneficiary?

In the event of the demise of your first life insurance beneficiary, the situation can become a little complicated. You can still maintain a degree of control by naming a second beneficiary in the event that your first beneficiary is not available.

If no second beneficiary is named, then the life insurance payout would be sent to the beneficiary of your estate. If you had no will, then the courts would become involved and distribute funds amongst qualifying individuals.

Appreciating the Balance Between Premiums and Life Insurance Payments

In theory, whether an over 50s life insurance policy or a traditional life insurance policy, there are times when you may end up paying more in premiums than your beneficiaries receive upon your death.

While there needs to be a balance between premiums paid and life insurance cover, you also need to maintain focus on the fact that you are covered for the rest of your life. For example, if you had an average life expectancy of an additional 30 years, and your premiums to this point would be greater than your life insurance payment, it may be worth shopping around.

Money Savings Advice Tip

Over 50’s life insurance is growing in popularity. If you are considering over 50’s life insurance, then getting a whole market quote is the best option as it will compare the market, enabling you to make the best decision for your circumstances.

What Are Tied and Independent Insurance Brokers?

When seeking advice regarding life insurance cover, you will no doubt come across tied and independent insurance brokers. A tied broker works very closely with a small number of insurance companies. An independent broker has access to the whole market and therefore, in theory, a greater degree of choice.

While many automatically assume that independent brokers are the most “competitive”, this is not always the case. A tied broker may have more influence over their insurance partners and be able to negotiate equal or even better terms than their independent counterparts. It is dangerous to assume!

Should I Look at Life Insurance as Part of My Overall Finances?

Again, this is an area where there is some confusion about the level of cover, premiums and the term of the policy. There are many factors to take into consideration, such as mortgages, debts and inheritance tax to name but a few. So, in reality, your life insurance policy should be considered in tandem with your overall finances and potential tax liabilities on your death.

Can I Apply Online for Over 50 Life Insurance Cover?

The Internet has opened up a whole new market for insurance companies and created great competition to the benefit of consumers. It is now possible to apply for an over 50 life insurance policy online, and due to the fact, no medicals are required, this should be fairly straightforward.


The over 50s life insurance market is huge and expected to grow as we live longer, and the older generation makes up a greater percentage of the overall population. While easy to get blinded by the free gifts and offers, they need to be considered in light of the underlying cover, premiums and ultimate value for money. You should see the freebies for what they are, a bonus.

How Can Money Savings Advice Help You With Life Insurance?

Here at Money Savings Advice, we have partnered with some of the UK’s leading Life Insurance brokers. They have already helped thousands of people get the best Life Insurance cover and they can do the same for you.

Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.

If you would like to speak to one of these brokers who can provide you with a ‘whole market quote’ then click on the below and answer the very simple questions.


Money Savings Advice Author Mark Benson

Mark Benson

Mark has been writing professionally for over ten years for the financial sector. Having started in the financial world as a stock-broker in central London and then moving to equities trader Mark is one of our senior financial writers who has a vast knowledge of multiple financial sectors.

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