What is over 50 life insurance?

Over 50 life insurance pays out a lump sum of money when you die to a person of your choice.

Why choose us?

Co-op Over 50 Life Insurance has a number of different features including:

Guaranteed acceptance

Without medical questions if you are a 50 to 80 year old UK resident.

Fixed monthly payments

Get cover from as little as £3.95 a month. Payments depend on the amount and length of cover, and your personal circumstances.

Payout Promise

If you miss a payment once you're more than halfway through your policy, you will still get a payout.

Full cover after two years

You’re covered in full after 24 months of payments.

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 95, 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 halfway 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 halfway through

Our Payout Promise means that if you’re more than 50% of the way through your policy and miss a payment you will still get half of your payout on death. That's halfway from the start of the policy until your policy anniversary date after you turn 95.

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 and you can leave behind up to £10,000. The size of your monthly payment affects the amount that is paid out on death.

Make a claim

Please call us on 0345 268 6082^ to register a claim.

Next steps

  1. We’ll send out a claim form, which needs to be filled in and returned to us.
  2. Once we’ve received the claim form, we may ask for more information.
  3. After we've received all the information we need we aim to pay claims within 10 working days.

We won’t be able to pay a claim until we’ve received all the information we need.

Documents we may need to see include:

  • proof of the policyholder’s death such as the original death certificate
  • the original birth certificate of the policyholder
  • evidence of a change of name – for example, a marriage or civil partnership certificate
  • medical evidence, which may include full medical records.

Frequently asked over 50 life insurance questions

How long do I pay for?

You pay to the policy anniversary date after you turn 95, or until you pass away, whichever comes first.

It’s worth remembering that depending on how long you live for, you could pay more in than the money paid out when you die.

Can I increase my over 50 life insurance?

If you then want to leave more money for your family at a later date, you may be able to take out an extra policy from just £1.

The maximum insurance you can have is £10,000 across all over 50 life insurance policies taken out with us.

Does the payout amount go up with inflation?

No. It's worth thinking about inflation, as prices increase over time and the payout you choose today may not be enough for your family in the future.

If you would like a bigger payout, you can apply to take out an extra policy for as little as £1 a month. The maximum insurance you can have is £10,000.

Can I cancel or cash in my policy?

No, you cannot cash in your policy at any time. Over 50 life insurance only pays out on your death.

You can cancel your policy at any time. If you cancel within 30 days of starting your insurance, we'll refund any payments you've made. If you cancel after that, you won’t get anything back.

If you feel you can’t afford your insurance, talk to us. We may be able to reduce it to bring down your payments.

If you need to stop paying, your family can still get at least half of the payout when you die, as long as you’re at least halfway through paying for your policy.

That’s halfway from the start of the policy until the policy anniversary date after you turn 95. You stop paying at that policy anniversary or when you die, whichever comes first.

Can I have a joint policy?

No, but you can have one each.

What if I stop making my monthly payments?

The policy is designed for you to make your monthly payments until the policy anniversary following your 95th birthday.

If you stop making your payments before you're halfway through your payment term your insurance will end and you'll get nothing back.

If you stop after the halfway point, your family will get some money when you die.

How long does it last?

Your over 50 life insurance lasts until you die, providing you are up to date with your monthly payments.

We will automatically stop collecting payments on the policy anniversary following your 95th birthday, or if you die, whichever comes first, but your insurance will continue for the rest of your life.

How much over 50 life insurance can I have?

The maximum payout amount is £10,000.

You can have more than one life insurance policy with us, but you cannot exceed a total payout amount of £10,000.

How does over 50 life insurance work?

Choose how much you can afford each month to leave your loved ones some money when you die.

The maximum payout you can get is £10,000. The more you pay each month, the bigger the payout amount is.

Do you do payment holidays for over 50 life insurance?

If you stop paying altogether you could lose your insurance. We want to keep you covered and our over 50 life insurance has different ways to help:

Flexible payments – you can reduce your monthly payments by bringing down your payout amount, as long as you’re paying at least £3.95 a month.

Payment holiday - After your first year, you can have a break from making your monthly payments for up to six months - and still stay insured.

You'll have to make up the missed payments or reduce your payout amount after your payment holiday finishes. You can have up to two payment holidays during your policy – only one can be taken within any twelve-month period.

Payout Promise – If you need to stop paying altogether, we promise that your family can still get at least half of the payout when you die, as long as you’re at least halfway through paying for your policy.

That’s halfway from the start of the policy until the policy anniversary date after you turn 95. You stop paying at that policy anniversary or when you die, whichever comes first.

How long does it take for a successful claim to be paid?

As soon as the claim has been approved and we have all the paperwork we’ve asked for, we make the payment via BACS transfer.

The funds usually clear in five working days. Find out more about making a claim.

What happens if I die during or after the first two years year of my policy?

If you die in the first two years of your policy, we will return your payments.

If you die in an accident (as defined in our terms and conditions), in the first two years of your policy, we pay out the full amount.

If you die after the first two years of your policy, the full payout will be paid out.

Does over 50 life insurance cover death from coronavirus?

Yes, you're covered for any death, including death resulting from coronavirus, after your second year - as long as your payments are up to date.

What is over 50 life insurance?

Our over 50 life insurance is a simple way to leave your loved ones money when you die. If you're a UK resident aged 50 to 80, you're guaranteed to be accepted with no medical.