Anyone who has dependents needs life insurance to protect their family, for example, to pay off debts like a mortgage or to provide for their family's financial security.
However, the older you are the more expensive life insurance will be so buying it as early as possible, could save you money. The over 50s will probably need less life insurance as most, if not all, of their debts will probably have been paid off.
Over 50s can buy standard life insurance although the older you are, the more it will cost. Standard life insurance normally lasts for a set period of time - around 10 years or until retirement.
For most people a standard life insurance policy will be better value than a special over 50s life insurance policy.
Over 50s life insurance plans normally don't have any medical checks and as a result could be good for someone who has a poor medical history.
Over 50 policies normally last for life and pay out a lump sum in the event of death, but there is normally an initial qualifying period of 2 years during which the death benefit will not be payable.
As the premiums are payable for life, and this period is unknown, you may pay premiums in excess of the death benefit. A standard life insurance policy will probably offer better value if you are over 50 but in good health.
Whether you want an over-50s life insurance policy or just standard life insurance, it's important that you shop around.
If you are over 50, make sure that the amount of cover you get reflects the fact that you have probably paid off your mortgage and have fewer debts.
Remember that if you don't have dependants then you probably don't need a life insurance policy. Before buying over 50 life insurance, you should check what life insurance cover you already have with your mortgage or employment.
*Based on £150,000 of level-term cover for 25 years for a 30-year-old non-smoking male with no pre-existing medical conditions (March 2023)