Post Office life insurance for over 50s

If you are over 50 it is a good idea to have life insurance cover as it helps to pay for funeral expenses or helps relatives to clear debts.

The Post Office Over 50s Life Cover is designed for just these purposes and so has no cash-in value. It is provided by Aviva Life & Pensions UK Limited.

Be aware that the amount you end up paying in premiums over the years may well exceed any payout to your relatives when you die. The value of the money paid out will also be reduced by inflation meaning that what the cash can buy in future will be less than it would at the present time.

Over 50s Life Cover - Key features

Cover is available to any UK citizen aged 50 to 80. Only one person is covered by the plan.

You don't need a medical as acceptance is guaranteed.

You can pay as little as £7 a month.

The cash lump sum guaranteed if you die is payable after only 12 months unlike similar policies.

In case of death from an accident after the first 12 months of cover, the policy will pay out double the full sum assured.

If death is due to other causes within the first year the payout will be equal to the amount of premiums paid. After the first year it will be the life insurance amount.

Frequently asked questions

Q: Is it a flexible plan?
A: No, it is fixed. You should review your cover periodically as inflation may affect the future value of your guaranteed cash sum. You can apply for an additional policy to increase your future guaranteed cash sum

Q: Are the premiums fixed for the whole of the plan or can they change?
A: Your premium amount is guaranteed not to change, but you could pay more than the amount payable on death, depending on how long your payments continue

Q: What happens if I cancel, or stop paying my premiums?
A: If you cancel, your cover will end 30 days after your last premium and there will be nothing due back to you

Q: Can I cash in my plan?
A: No, it is not possible at any time

Q: When is the lump sum payable, and is it guaranteed?
A: It is payable upon death., and it is guaranteed

Q: What happens if I die in the first 12 months?
A: The payout will be the full amount of premiums paid. However, if you die from an accident the pay out will be the full guaranteed amount

Q: Is tax payable on the payout?
A: No tax is payable at the current time

Q: Can my spouse or partner take out cover?
A: Yes, as long as they fulfil the age criteria

In 3 steps you can have cheaper over 50s life insurance.

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