Over 50s Life Insurance

Our Over 50s Life Insurance is a whole-of-life policy for people aged 50 to 80 who want to leave a fixed lump sum to their loved ones, as a gift or to help towards funeral expenses.

Whole-of-life insurance vs Term assurance

A whole-of-life insurance policy guarantees a payout when the insured person dies, no matter when that happens, as long as the premiums are paid.  Unlike term life insurance which is taken out for a specific length of time i.e. to cover a mortgage.

Premiums start from as little as £5 per month and go up to £100 per month. Once you’ve chosen the amount you want to pay, your premium will never increase.

Premiums are based on the level of cover you choose. The maximum cover amount per policy is £10,000, and the minimum is £1,000. If the premium you select falls outside these limits, we’ll offer you the closest available cover amount.

Acceptance for Over 50s Life Cover with Unity Mutual is guaranteed — no medical questions or examinations are required. Cover is available to any UK resident aged between 50 and 80 years.

We offer coverage up to £10,000 for both smokers and non-smokers. However, because of the increased risks associated with smoking, smokers will pay higher premiums.

The cost of your life cover is based on your age at the time of application, your smoking status, and either your preferred monthly premium or the coverage level you need.

Yes, you can. We offer coverage up to £10,000 for both smokers and non-smokers. However, due to the higher risks associated with smoking, smokers will have higher premiums.

Who qualifies as a smoker?

Anyone who has used tobacco or nicotine products in the past 12 months, including:

• Tobacco products: cigarettes, pipe, and chewing tobacco
• Nicotine replacement products: patches, chewing gum, lozenges, and sprays
• E-cigarettes and vaping products

Your cover begins as soon as your completed application for Over 50s Life Insurance is processed. If you apply online, you’ll receive your policy documents by email immediately.

However, because we don’t ask any medical questions, there is a 12-month qualifying period.

During this time:

• If you die from an accident, we will pay the full cover amount.
• If your death is from other causes within the first year, we will pay 100% of the premiums you have paid so far. 

After the 12-month period, full life cover applies regardless of the cause of death, as long as your premiums are up to date.

You should choose a monthly premium you can afford, but if your circumstances change and you can no longer pay, please contact us. We may be able to help by reducing your premium or making your policy paid-up, allowing you to still receive a payout on death (terms and conditions apply).

If you want to increase your cover, you can take out additional policies with us. However, the combined total coverage of all your Over 50s Life Insurance policies cannot exceed £10,000, and your total monthly premiums cannot exceed £100. Any new policy applications must meet the eligibility requirements at the time of application.

The payout on your death is free from UK Income Tax and Capital Gains Tax. However, it may be considered part of your estate and could be subject to Inheritance Tax. We cannot provide tax advice, so if you’re unsure about your tax position, please consult a professional. Please note that tax rules may change in the future.

No, like other life insurance products, this policy has no cash value at any time. As long as you continue paying your monthly premiums, it will pay out only upon death.

You pay premiums until age 90, after which they stop, but your coverage will continue for life.

No, your premium and life cover amount are fixed from the start and remain the same until age 90. However, costs you may use your life cover for, such as funeral expenses, can rise with inflation, which means the pay-out's real value may decrease over time.

It’s a good idea to review your coverage from time to time to ensure it continues to meet your needs.