1 Frequently Asked Questions | FiftyLife Over 50s Life Insurance

Frequently Asked Questions

If you’ve still got questions about over 50s Life Insurance or buying with FiftyLife, we’re here to answer them. Many people aren’t sure which kind of cover is right for them or what their loved ones will receive. While we’d always recommend that you get independent advice, we’ve compiled some answers to some of the most frequently asked questions below.
 

Our FAQs include information about over 50s Life Insurance and what we offer. Find out more about getting cover through FiftyLife, including what guaranteed over 50s life insurance means, how to cover your partner, and making a claim.

If you still can’t find the answer to your question, we’d be happy to help you. Please give us a call on 0800 294 0750.

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  • Can I take out a joint policy with my partner or spouse?

    At FiftyLife, we don’t offer joint policies, but you and your partner can buy a single policy each. With a single policy each, you will both be covered for a guaranteed lump sum, which is paid out when you die.

  • Can I insure my partner, spouse or parent?

    You can’t take out an Over 50s Life Insurance policy on behalf of someone else. However, you can get a quote for your loved one, with their permission, by using our quick quote tool or calling our team on 0800 294 0750. We’ll just need some basic details including their date of birth, address and smoker status.

     

  • Can I have multiple policies?

    Check with your provider, as some may have limits to the cover they’ll give you. Many will let you take out more than one Life Insurance policy, and even with different providers. You could have different plans covering different aspects of your life, or you might just want to top up your overall cover. If you want to take out more than one policy with FiftyLife, you will only be able to get cover up to a maximum of £10,000 across all your policies.

  • Can I increase my premium?

    Once your Life Insurance policy is agreed with your provider, it usually can’t be changed. It’s always worth checking with your provider as they may allow you to top up your cover or buy an additional policy. While here at FiftyLife we can’t change the cover amount you’ve agreed with us, you can have multiple policies. However, if you take out more than one policy with us, you will only be able get cover for up to a maximum of £10,000 across all of your policies.

  • What happens if I have an accident?

    With a FiftyLife policy, there will only be a pay out if you die. If you have a non-fatal accident, Life Insurance will not pay out, it only covers you in the event of your death. There are other financial products on the market to cover you against loss of income through injury.

     

  • Am I covered if my death is accidental?

    With FiftyLife, if you die due to an accident 24 months or longer after you take out the policy, we pay out the full lump sum. If accidental death occurs within 24 months of taking out the policy, we repay all of the monthly payments you’ve paid, but not the lump sum.

     

  • What happens to Life Insurance premiums I pay?

    Over 50s Life Insurance is not a savings or investment product. You’re simply paying a monthly payment to secure a lump sum when you die. You can’t withdraw any money before you die, although you can cancel your policy.

     

  • How do I make a Life Insurance claim?

    To claim against a deceased loved one’s Life Insurance policy, contact your insurer directly. You’re likely to need a death certificate, claim form, and a copy of the original policy. To make a claim with FiftyLife please contact us on 0800 294 0750.

     

  • Can I cancel my Over 50s Life Insurance policy?

    You can cancel your FiftyLife policy at any time by calling us on 0800 294 0750. This means your monthly payments won’t be refunded and we won’t pay out a lump sum on your death.

     

  • What is Over 50s Life Insurance?

    Over 50s Life Insurance will provide a lump sum when the policyholder dies and is usually geared more specifically to the needs of those enjoying middle age.

  • How much will Over 50s Life Insurance cost me?

    The cost of Life Insurance payments is affected by various factors, such as your age and higher-risk factors like smoking which could raise your premiums. With FiftyLife, prices start as low as £8.52 a month for £3,000 of cover.[1]

    ¹ Based on a 50 year-old non-smoker, prices as of 3rd May 2018.

  • What does guaranteed Over 50s Life Insurance mean?

    If you’re a UK resident aged between 50-84, FiftyLife guarantees that you’ll be accepted for Life Insurance, regardless of any medical conditions or smoking status.

  • Do I need a medical for Over 50s Life Insurance?

    Some insurers will ask for the results of a medical exam from your GP as part of a Life Insurance application. Other providers, including FiftyLife, offer Over 50s Life Insurance without needing a medical and we don’t ask any questions about your health. We just ask about your smoking status. We guarantee you’ll be accepted for our Over 50s Life Insurance, regardless of your health, as long as you’re a UK resident aged between 50-84.

  • How much will be paid out from the guaranteed Over 50s plan?

    The amount your Life Insurance policy covers you for is agreed between yourself and the insurer when you’re setting it up. FiftyLife offers up to £10,000 of cover.

  • Is Over 50s Life Insurance worth it?

    That’s up to you. People choose to take out Over 50s Life Insurance for lots of different reasons, whether it’s to cover the cost of their funeral or to leave something behind for their loved ones.

  • How does Over 50s Life Insurance differ from funeral plans?

    With Over 50s Life Insurance, the sum assured is paid upon your death, to be used however you wish. With funeral plans, the sum assured is solely to pay for your funeral costs and is usually paid directly to a Funeral Director. With FiftyLife you can also choose the Funeral Benefit Option as part of your Life Insurance policy.

  • How does funeral cover work?

    Funeral cover refers to a number of products (including Over 50s Life Insurance) which are taken out to cover the costs of your funeral, usually paid directly to the Funeral Director upon your death. FiftyLife doesn’t offer funeral plans, but you can add a Funeral Benefit Option to your Life Insurance policy.

  • What is the Funeral Benefit Option?

    When you set up your Over 50s Life Insurance with FiftyLife you’ll be asked if you want to include a Funeral Benefit Option, at no extra cost. This means that your lump sum will be paid to our partners, Golden Charter, to handle your funeral arrangements. You also receive an additional £300 towards the cost of the service.

    Read our guide to the Funeral Benefit Option for more information.