If you are over 50 and looking for life insurance coverage, you might be wondering if there are policy specialists for your age group.
This policy includes a Cash-In Benefit option, allowing policyholders to cash in their policy if they reach 80 years old or have been policyholders for 15 years, whichever is later.
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If you are over 50 and looking for life insurance coverage, you might be wondering if there are policy specialists for your age group. British Seniors is one such insurance provider, so let’s explore what they can offer.
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British Seniors Insurance Agency, trading as Neilson Financial Services Limited, is a reputable life insurance provider for seniors in the United Kingdom. They are authorized and regulated by the Financial Conduct Authority and registered in England and Wales under number 07986483. Their registered office is located at Landmark Place, Windsor Road, Slough, Berkshire SL1 1JL.
The policies offered by British Seniors Insurance Agency are underwritten and administered by AIG Life Limited, a highly reputable and financially stable insurance company. AIG is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They are also registered in England and Wales under number 6367921, and their registered office is at The AIG Building, 58 Fenchurch Street, London, EC3M 4AB.
Customers can be confident that their policy is secure with AIG Life Limited, given their strong business performance and financial stability. Details about AIG’s business, performance, and financial position are available in their Solvency and Financial Condition Report (SFCR) on their website, www.aiglife.co.uk.
British Seniors offers two main types of life insurance, each with options to create a policy tailored to your needs.
This is a good option for seniors seeking a reliable and flexible life insurance policy. The payout from this policy is fixed, meaning it will not decrease over the policy’s duration, regardless of how long the policy is active. For example, if you choose £10,000 of cover at the start, £10,000 will still be paid out at the end of the policy period. The monthly premium is also fixed and will not decrease over the policy’s duration.
This policy includes a Cash-In Benefit option, allowing policyholders to cash in their policy if they reach 80 years old or have been policyholders for 15 years, whichever is later. By cashing in, policyholders receive 50% of the total payout amount, providing flexibility to use the funds as needed.
This option is particularly useful for seniors who might experience changes in their financial situation and need earlier access to funds from their policy. It also offers extra security, knowing that they can access a portion of the payout in an emergency before the end of the policy period.
The Increasing Benefit Option allows your policy’s benefit amount to automatically increase by a fixed percentage of your initial benefit amount each year on your policy anniversary. This option includes a 3% annual increase of your initial benefit amount.
However, you can opt out of this automatic increase at any time, and neither your benefit amount nor your premium will increase at the next policy anniversary. If you opt out for 3 consecutive years, the Increasing Benefit Option will be permanently removed, and there will be no further automatic benefit amount increases. Your premium will remain fixed, and your payout will adjust with inflation, protecting your policy’s value over time.
It’s worth noting that certain policy changes are free. You can decrease or increase your coverage amount at any time up to the age of 80, but the maximum sum insured for an 80-year-old is £6,000.
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| Name | Age Range at Application | Cover Range | Terms | Pays Out | Joint Cover |
| Over 50’s Life Insurance with Cash-In Option | 50 – 80 | £1,000 – £10,000 | Whole Life Cover | If you die or are diagnosed with a terminal illness during the cover period | Yes, but the policy will pay out only once |
| Increasing Benefit Option | 50 – 80 | £1,000 – £10,000 | Whole Life Cover | If you die or are diagnosed with a terminal illness during the cover period | Yes, but the policy will pay out only once |
The policy has set limits on the benefit amount based on the life insured’s age at the policy start date. The minimum benefit amount is £1,000. The maximum benefit amount at the policy start date depends on the life insured’s age:
| Age | Coverage Amount |
| Ages 50 to 69 | Up to £10,000 |
| Ages 70 to 74 | Up to £9,000 |
| Ages 75 to 80 | Up to £6,000 |
British Seniors previously offered a special promotion for new customers involving a Marks and Spencer gift card. This offer worked as follows:
Please note: This offer was available only for customers buying directly from British Seniors, not through intermediaries.
This offer was a way for new customers to gain extra savings and be rewarded for choosing to protect their loved ones with life insurance. It also demonstrated British Seniors’ appreciation for customer loyalty. Please check the British Seniors website for any current promotions as offers may have changed since this article was written.
Defaqto is a well-known independent rating agency that assesses financial products, including life insurance. Their ratings help consumers understand the quality of different policies. Defaqto ratings range from 1 to 5 stars, with 5 stars representing the highest quality.
As of March 7, 2025, British Seniors Over 50s Life Insurance has a Defaqto rating of 3 out of 5 stars. This rating indicates a good level of features and benefits for an over 50s life insurance policy.
When compared to some major competitors, Legal & General’s Over 50s Life Insurance boasts a 5-star Defaqto rating, suggesting a higher level of features. Post Office Money’s Over 50s Life Insurance is rated 4 stars, also indicating a slightly stronger offering than British Seniors. SunLife, another provider in this market, also holds a 3-star rating, similar to British Seniors.
For consumers, a 3-star Defaqto rating for British Seniors suggests a solid, reliable policy. However, it’s important to consider that higher-rated policies from competitors like Legal & General and Post Office Money may offer more comprehensive features or benefits. It’s always wise to compare different options to find the best fit for your individual needs and priorities.
When looking to buy the best life insurance over 50s, consider these factors to make an informed decision:
By following these tips, you can confidently make an informed decision when buying life insurance over 50s. Consider consulting a professional insurance agent for help selecting the best policy for you.
At lifecoverquotes.org.uk, our network of FCA-regulated brokers can assist you in comparing policies and providers. They can offer no-obligation quotes and help you find a policy that fits your needs and budget. Working with a reputable broker can give you peace of mind that you are getting the best coverage at affordable rates.
| Type | Plan name | Rating |
|---|---|---|
| Life assurance (direct) | Seniors Term Life Insurance | 5 |
| Life assurance (level term) | Seniors Term Life Insurance | 3 |
| Over 50s life assurance | Funeral Insurance Plan | 4 |
| Over 50s life assurance | Over 50s Life Insurance With Cash In Option | 4 |
| Over 50s life assurance | Over 50s Life Insurance With Cash In Option (Inc) | 4 |
