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However, you are unlikely to get £100,000 through a typical guaranteed acceptance over 50s life insurance plan. If you need this level of cover, you will usually need to consider medically underwritten life insurance instead.
Your age, health, smoking status and the length of time you want cover for will affect what is available and how much it costs.
Why guaranteed over 50s cover is different
Traditional over 50s life insurance is usually designed to provide a relatively small cash payment when you die.
Acceptance is commonly guaranteed within the insurer's age and residency rules, with no detailed medical questions.
Because the insurer accepts applicants without assessing their individual health in detail, the amount of cover available is normally limited.
For example, Legal and General currently limits the combined cash sum across its Over 50s Life Insurance plans to £10,000.
Aviva also describes its over 50s product as providing a smaller lump sum than its standard life insurance plan.
This means someone looking specifically for £100,000 should not assume that a guaranteed acceptance over 50s policy will meet their needs.
How can someone over 50 get £100,000 of cover?
The more likely route is standard life insurance.
This normally involves medical underwriting.
You may be asked about your health, medication, previous medical treatment, smoking, height, weight and lifestyle.
The insurer uses this information to decide whether it can provide £100,000 of cover and what premium to charge.
Being over 50 does not automatically prevent you from qualifying.
Some insurers offer substantially more than £100,000 of standard life cover to people in their 50s, subject to their underwriting rules. Current Aviva product information, for example, shows cover limits above £100,000 for applicants in their 50s on some policies.
Does having a medical condition stop you getting £100,000?
Not necessarily.
High blood pressure, diabetes, previous medical treatment or another health condition does not automatically mean an insurer will refuse you.
The insurer could accept the application at its normal premium, charge more or request additional medical information.
The outcome depends on your individual circumstances and the insurer.
This is why it can be a mistake to go straight to guaranteed acceptance cover simply because you have a medical condition.
You may still qualify for much more cover through an underwritten policy.
Related guideOver 50 life insurance with no medical questionsWhy would you need £100,000?
Before applying, consider what the money is intended to achieve.
£100,000 might be appropriate if you want to help repay a mortgage, support a partner, replace some lost household income or leave a substantial amount to your family.
- Help repay a mortgage
- Support a partner
- Replace lost household income
- Leave a substantial amount to family
If your main aim is simply to leave a contribution towards funeral costs, £100,000 may be far more cover than you need.
The amount should be based on the financial problem you are trying to solve.
Related guideHow much over 50 life insurance do I need?Can you get £100,000 of whole of life cover?
Potentially, but this is different from a typical guaranteed acceptance over 50s plan.
Medically underwritten whole of life insurance can provide larger amounts of cover and is designed to remain in place for life.
Because the insurer expects a valid claim eventually, premiums can be considerably higher than for term insurance.
If you only need £100,000 for a limited period, such as until a mortgage is repaid, term life insurance may be more relevant.
Does £100,000 become harder to get as you get older?
Generally, yes.
Age increases the likelihood of the insurer having to pay a claim sooner.
This affects both price and the length of cover available.
Someone aged 52 looking for £100,000 for 15 years will usually have more options than someone aged 78 seeking the same cover.
Health also becomes increasingly important.
The best way to establish what is available is to obtain quotes based on your actual age and circumstances.
Comparing £100,000 of cover
Do not compare a £10,000 guaranteed acceptance policy directly with £100,000 of medically underwritten cover as though they are the same product.
They serve different purposes.
If you genuinely need £100,000, start by seeing whether standard life insurance can provide it.
Speak to a qualified UK life insurance adviser who can compare options available through their panel. 50Life.co.uk can introduce you to an adviser who can discuss how much cover you need. 50Life does not itself give personalised advice.
For many people over 50, £100,000 of life insurance is possible. The important question is which type of policy can provide it at a cost you can comfortably maintain.
