What do I need to know?
There are a few things to think about when buying an over 50 life insurance policy:
You will pay until the end of your policy
You will pay your monthly premium until the anniversary date of your policy after you turn 90, or your death, whichever comes first.
If you a miss a monthly payment your cover will end
If you miss a monthly payment before you’re more than 35% of the way through your policy your cover will end and you’ll get nothing back.
But you will still get a payout if you are more than 35% of the way through
Our Payout Promise means that if you’re more than 35% of the way through your policy and miss a payment you will still get 35% of your payout on death.
If you’re over 75% of the way through your policy and miss a payment you will get 75% of your payout on death.
You could pay in more than you receive
Your monthly payments could add up to more than your payout depending on how long you live.
Inflation could impact your payout
Over time inflation will reduce the value of the payout amount.
You are fully covered after two years
If you die within the first two years as the result of an accident we will pay in full, if your death is not as the result of an accident, we will refund the amount you have paid in so far.
You can have multiple policies
You can have multiple policies with Co-op, taken out at different times. The maximum amount of cover across all of your policies is £10,000.
Co-op accepts all 50-80 year old UK residents
Co-op Over 50 Life Insurance is available to UK residents aged between 50 and 80. Our insurance offers guaranteed acceptance meaning you don’t have to answer any medical questions.
Monthly payments are fixed
You get to choose a fixed monthly payment between £3.95 and £100. The size of your monthly payment affects the amount that is paid out on death.