over 50s life cover

Our over 50s life cover plan offers life insurance for people aged 50 and over and provides a fixed cash sum for your family when you’re gone. Our life cover plan pays out on death and has no cash in value at any time. Remember, in some circumstances what you pay in premiums may be more than is paid out on death. This depends on how long premiums are paid for. All of your premiums will be used to cover the cost of your life cover and expenses.

• any UK resident aged between 50 and 80 can apply and we guarantee to accept you without a medical

• from just 27p a day - low cost premiums, guaranteed never to rise

• instant cover in most cases and 5% off when you apply online.

Our over 50s life insurance plan is a whole of life policy – so your cover lasts for life as long as you pay all your premiums. You will only pay premiums until you are 90 but your cover will carry on for life. Once you have selected your premium, we guarantee it will never rise. If you stop paying your premiums before the age of 90 your plan will stop and the cover will cease. All of your premiums will be used to cover the cost of your life cover and expenses.

We think everyone should be able to plan for the future - that's why our life insurance starts from just £8 a month. That's the equivalent of just 27p a day - less than the cost of a first class stamp! 

That small amount buys you valuable life assurance with our plan. The actual cost of life insurance depends on the level of cover you choose and your personal circumstances.

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Our life insurance for over 50s guarantees to pay out a cash lump sum to your family on death. The amount paid out depends on the premium you choose and other factors, and normally counts as part of your estate so may be subject to inheritance tax.

If you die within the first two years we will pay 150% of premiums paid up to the date of your death, or if death occurs solely as the result of an accident we will pay out three times the sum assured (to a maximum payment of £32,000). If you die after the first two years we will pay out the sum assured.

Over time, inflation would reduce the buying power of the amount payable on your death. In some circumstances what you pay in premiums may be more than is paid out on death.

Our over 50s life insurance comes with a choice of plan options. You can choose from two plans: 

plan with welcome gift

• £30 M&S vouchers

• Digital radio

  • Alarm clock with sleep feature

  • Mains operated 

  • 20 station presets

  • Stereo speakers

  • DAB auto time update

Terms and conditions apply.

or plan with cash back

• Cash back - 3 months' worth of premiums after 6 months' premiums paid
  

Terms and conditions apply.

You can now arrange for a payment to be made directly from your plan to The Co-operative Funeralcare to help with your funeral expenses. What’s more, The Co-operative will also contribute a further £250. Read about our funeral funding option. This is not a funeral plan and would not necessarily meet the full cost of your funeral.

As a friendly society, our over 50s life insurance comes with the additional benefit of enabling you to nominate a beneficiary or beneficiaries. This means we can pay out all or part of the cash lump sum quicker with fewer formalities.

Under the Friendly Societies Act 1992 the maximum amount you can nominate is £5,000. This is an overall maximum, not the maximum per policy or per beneficiary. So if you held three Over 50s Life Cover Plans, for example, the nomination limit would be £5,000 and not £15,000 (3 x £5,000).

If you have nominated your spouse and get divorced, the nomination remains in place. If you remarry, any previous nomination ceases. If this happens, please let us know – you can then setup a new nomination if you wish.

When you open a new over 50s life cover plan, you can take advantage of free, independent care advice from impartial experts.

We've teamed up with independent care advice experts, Grace Consulting to offer the Grace Care Guidance - 'Discussion and General Advice Service' (normally costing £99) free to our over 50s life cover plan customers.

Learn more about independent care advice.