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Planning your future

Over 50s Life Insurance: What Is It?

February 23, 2023

Life insurance is an incredibly important financial tool which can help to provide security and peace of mind for both you and your loved ones. Over 50s life insurance in Ireland is a type of life insurance that is designed for individuals, as the name would suggest, who are between 50 and 80 years old. It is a guaranteed once off payout that is intended to offer financial support and cover for your family once you have passed away. This article outlines the coverage, suitable candidates and differences between over 50s life insurance and whole life insurance. It will also explain the benefits of this type of insurance and why it is important to consider when planning for your future.


What is Over 50s Life Insurance?

Over 50s life insurance is a type of life insurance that provides financial protection in the event of death. A life insurance policy can be used to provide an income for dependents if the insured person dies, or can be used as collateral to secure a loan in the event of a critical illness. Over 50s life insurance is usually taken out for a term of 10 to 30 years, and covers the insured person as they age. This type of life insurance can provide both a death benefit and a critical illness benefit. It is most commonly taken out to cover the funeral costs of the insured so to relieve their family of this financial burden. It can also be used to cover outstanding debts belonging to the policy holder or to be used as gifts for loved ones upon passing.

The vast majority of over 50s insurance policies are paid out as a fixed lump sum if the insured passes away during the term of the policy. One important thing to note regarding this type of insurance is that the amount paid out can be affected over time by inflation and result in a potentially diminished policy value.


Who is Eligible for Over 50s Life Insurance?

Over 50s life insurance is an ideal insurance policy for those aged 50 and over who have dependents and existing debts. Over 50s life insurance is a great option for many as it is eligible to everyone over 50 years of age, regardless of their medical history or other factors. Unlike other types of life insurance, you do not have to undergo a medical test to access over 50s insurance. It is a particularly great option for people who have previously been denied life insurance due to a pre-existing medical issue.


Coverage Options for Over 50s Life Insurance

Over 50s life insurance policies offer coverage options which are tailored to suit individual needs. You can choose to increase the death benefit of your policy to provide more financial security for your family, however, this will lead to an increase in monthly premiums. One important thing to note when you are considering over 50s life insurance is that the premiums tend to be quite high in comparison to other types of life insurance. Given that you might be paying these premiums for up to 30 years, you must be sure that you are in a position to make this financial commitment.


How is Over 50s Life Insurance Different from Whole Life Insurance?

Over 50s life insurance and whole life insurance are similar in that they are both long-term insurance policies to help protect against the risk of death. However, they differ in a number of ways. Whole life insurance policies usually have a higher death benefit and lower monthly premiums. Over 50s life insurance policies have lower death benefits, but are advantageous in the sense that they are often available to individuals who have previously been denied whole life insurance. Whole life insurance covers from the moment you sign the policy until your death. Generally speaking, you are only covered by over 50s life insurance for the duration of the policy.

While whole life or even term life insurance might offer better cover, these types of life insurance may not be available to everyone and in certain cases, over 50s insurance might be your only option. Be sure to speak to our life insurance experts here at FitzGerald Flynn Insurances to discuss what types of policies might best suit you.


What to Consider When Choosing Over 50s Life Insurance

Coverage amount: The most important thing to consider when choosing over 50s life insurance is the amount of coverage. Your death benefit should at least be enough to cover the cost of your debts and your funeral costs.

Policy term: How long do you want your policy to last? Generally with over 50s insurance, the term is set from your age when you take the policy out until when you turn 80. However, be sure to speak to an expert about whether or not the policy term can be changed and what term might best suit your situation.

Premium: How much do you want to pay each month for your over 50s life insurance policy? Premiums can vary based on your age, health, and the amount of coverage you need.

Critical illness benefits: Some policies offer a critical illness benefit, which provides a lump-sum payment if you become ill.

Company reputation: Choosing a reputable insurance company will help ensure you receive the benefits you are owed should you become ill or pass away. Here at FitzGerald Flynn we have decades of experience and will be sure to find you the perfect policy for your situation.



If you are looking to apply for over 50s life insurance, the above are just a few of the things you should know before you begin the process. Over 50s life insurance can be a great option for many and can instill the confidence and peace of mind many of us are looking for as we approach our golden years. Be sure to speak to our insurance experts to learn more.

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