Over 50s life insurance
Life insurance doesn’t need to be taboo. Get a life insurance quote for over 50s from Sainsbury’s Bank today for extra peace of mind and collect 20,000 Nectar points too.†
You'll receive your points within 60 days after you've paid 5 months' premiums.
Provided by Legal & General
What is over 50s life insurance?
Over 50s life insurance provides you with cover for the rest of your life. It helps to protect you and your family if the worst was to happen.
Our life insurance for over 50s helps you to live your best life without worry. All you need to do is pay a fixed monthly premium, and we’ll pay out a cash sum when you die. It’s a simple and affordable way to leave money behind for your partner and family when you're pass away.
You can get out and live your life to the fullest while knowing that your family will be supported should anything happen.
This money could be a valuable resource for your loved ones, offering assistance with funeral expenses or providing comfort during that difficult time.
Do I need over 50s life insurance cover?
Over 50s life insurance offers some peace of mind knowing that your family will get some financial help if the worst was to happen to you.
It makes sure that your loved ones will get a lump sum if you die. This can be put towards funeral costs or to help with making any necessary arrangements.
By making simple monthly payments, when you pass away, the policy pays a small cash sum to your beneficiaries. There are many benefits, including:
- Cover from £5 a month depending on your age
- Protection from one of the UK’s largest life insurance providers, Legal & General
- Collect 20,000 Nectar points (could be worth £100) †. You'll receive your points within 60 days after you've paid 5 months' premiums
- Access to Legal & General Wellbeing Support Services
- Free access to Care Concierge – a confidential and impartial telephony advisory service to help you or loved ones understand and navigate later life care options that will work for you
- Guaranteed acceptance if you’re aged between 50 and 80 and are a UK resident
- No medical questions required. Full cover payable after just one year. If you pass away within the first year, any premiums paid will be refunded. However, if you die as a result of an accident then full cover will be paid
- A level of cover to suit you – maximum cash sum £10,000
- After your 90th birthday, you will stop paying premiums but enjoy cover for the rest of your life
Choosing your plan
You can choose from two over 50s life insurance plans - Fixed Plan and Increasing Plan.
Fixed Plan
Over 50s fixed life insurance offers a simple way to help plan for the future. It’s designed for those who want to leave a fixed cash sum to their loved ones when they die. Choose your premium based on how much you can comfortably afford each month, and the cost will be fixed and guaranteed not to increase. Remember that inflation will reduce the buying power of your cash sum in the future.
Increasing Plan
With the Increasing Plan your cash sum increases in line with inflation as measured by the Retail Price Index (RPI). RPI measures the changing prices of everyday household goods and services like food and energy bills and shows how inflation rises over the years. The plan is designed to help protect your cash sum against the effects of inflation. With this type of plan your premiums will also increase every year.
Compare over 50s life insurance
Decide which plan suits your needs:
| Product feature | Fixed Plan | Increasing Plan |
|---|---|---|
| Fixed monthly premiums |  |
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| Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies | |
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| Fixed cash sum if you die after one year of the plan starting | |
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| Monthly premiums reviewed each year | |
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| Cash sum reviewed each year in line with the change in RPI | |
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| Cash sum paid on death to your estate - unless assigned or placed in trust | |
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| Inflation will reduce the buying power of the cash sum | |
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How much over 50s life cover do I need?
The amount of cover you need will depend on a few factors. Consider how much you would like to leave your loved ones. You should also think about how much you can comfortably afford to pay each month, both now and in the future.
Before you apply, use our life insurance calculator to see what options are available to you.
What is Legal & General Wellbeing Support Services?
Legal and General Wellbeing Support Services are a suite of telephone-based Wellbeing Support Services provided by RedArc Assured Limited. The services offer expert help and advice from qualified nurses. The support begins from the day you take out cover for the duration of your policy.
There are lots of reasons why you might want access to Wellbeing Support; maybe you’d like a friendly chat following a medical diagnosis, or advice on navigating healthcare systems. We want to support you as much as possible. Here are just some of the ways Legal & General Wellbeing Support can help.
Read More
Dealing with a serious illness
If you’ve been diagnosed with a serious illness or require support for a disability, your nurse will be there to offer wellbeing support. That includes helping you understand a diagnosis, advice on managing life with an illness or disability or return to work coaching.
Bereavement support
We know how hard it is to lose a loved one, but you can count on the bereavement support to help you cope. Even if all you need is someone to listen, RedArc nurses will lend an ear.
Second Medical Opinion
For your own peace of mind following a diagnosis or course of treatment, RedArc can arrange face-to-face appointment with a UK-based specialist consultant.
Mental health support
If you’re having difficulties with your mental health and you’re not sure how to improve it, nurses can provide long-term support and guidance from a mental health nurse as well as counselling, therapy sessions and other forms of wellbeing support.
Carer support
Looking after a sick or elderly loved one is challenging for anyone, and if you’re in that situation, you’ve got to think about your own health and wellbeing too. RedArc can offer emotional and practical support for carers whose wellbeing can be improved.
Help at home
It’s one thing to be discharged from hospital, but the recovery phase can also be a challenging time. RedArc nurses provide health and wellbeing advice over the phone while you’re at home.
Eldercare
Keeping your loved ones safe is the most important thing in the world, and RedArc can provide advice on how to support an elderly relative, whether they’re living independently or at a residential home.
Loneliness and isolation
We can all experience loneliness at different times in our lives – whether we’ve lost a loved one, relocated from our usual home or been diagnosed with an illness. No one should have to face these challenges alone, but our Wellbeing Support provides a direct line to a supportive RedArc nurse.
Specialist counselling
No two people have exactly the same challenges, and Legal & General Wellbeing Support treats you as an individual. Specialist counselling caters for you and your needs.
Dietary and lifestyle guidance
If you’re seeking advice on healthy living – for example, if you’re at risk of a heart attack, stroke or diabetes – RedArc nurses can offer you the guidance you need.
Legal & General Wellbeing Support Services are available to customers purchasing a new Over 50s Life Insurance policy via Sainsbury’s Bank on or after the 13 January 2020.
Things you need to know
Before you apply it is important you understand how the policy works:
- These plans are not designed to meet the full costs of a funeral, and do not guarantee to do so
- They are not savings or investment products and have no cash value unless a valid claim is made
- Depending on how long you live, the total premiums paid may be greater than the cash sum paid out
- If you stop paying your premiums when due, your cover will end 30 days after your missed premium and you will not get anything back
- You can take out more than one plan as long as the total of your cash sum for all plans added together is not greater than £10,000. This includes any existing Legal & General Over 50s Plan you may have. For existing plans taken out on or before 25 November 2017, please refer to your Policy Terms and Conditions for your total sum assured value
- There may be other products available if you want to answer further lifestyle and medical questions
Increasing Plan only
- With the Increasing Plan your cash sum is reviewed each year in line with the change in the Retail Prices Index (RPI). Your premium will also be reviewed each year and it will increase by the change in the RPI, multiplied by 1.5. To keep pace with inflation you need to make sure you can meet the premium increases over the years. RPI may not keep up with future rises in funeral costs
- If the change in RPI rises to over 10% the maximum increase in your cash sum will be 10% and the maximum increase in your premium will be 15%. If RPI is less than or equal to 0%, there will be no change in the cash sum and premiums will remain the same
- If you’re worried you won’t be able to afford the increases in future, you can decline the increase following your annual review. If you do this the cash sum will remain at the same value from that point, and inflation will reduce its buying power in the future. You won’t be able to increase your cash sum or premium in future years
Fixed Plan only
- Inflation will reduce the buying power of your cash sum in the future
- If you choose to reduce your premiums, your cash sum will also be reduced
- Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies
Make sure you read all the information available including the policy summary document.
There are no medical questions, so you’re guaranteed to be accepted as long as you’re aged 50 to 80 and a UK resident.
Over 50s life insurance Terms and Conditions
† Collect 20,000 Nectar points
1) This offer is only available when you take out a new over 50s life insurance policy. Purchases through price comparison, cashback, voucher code and similar sites are excluded
2) After you've paid 5 months' premiums, we'll add 20,000 (could be worth £100) points to your Nectar account within the following 60 days
3) You need to tell us your Nectar number when you apply
4) We'll award points for no more than 2 polices per household in any 12 month period
5) Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available
6) This offer is governed by English law and we reserve the right to change or cancel it without notice
Want to talk to us?
To apply by phone please call 0800 197 3373. Lines are open Monday-Friday 08.30am-8pm and Saturday 9am-1pm. Calls may be monitored and recorded. Calls free from a landline or mobile when calling from the UK.
Frequently asked questions
How does an over 50 life insurance policy work?
To make use of life insurance age over 50 , you have to be over the age of 50. You will be required to pay a fixed sum every month, which will guarantee a cash payout when you pass away. This money is given to your family and can help towards funeral costs or anything else that may provide support should the worst happen.
At what age can you no longer buy over 50s life insurance?
Typically, you can only apply for life insurance up to the age of 77 years old. With our policy, you’ll stop paying after your 77th birthday but will still have cover for the rest of your life.
Purchasing life insurance from Sainsbury's Bank after the age of 77 may have certain limitations and considerations. It is advisable to contact Sainsbury's Bank directly for specific information about life insurance policies and any potential age restrictions that may apply.
It’s also important to check the eligibility criteria carefully of any life insurance policy that you’re considering, to check that it’s right for you and your circumstances.
Can I get over 50s life insurance if I’m over 60?
Yes. You are eligible for Sainsbury’s Bank Life Insurance if you are between the age of 50 and 80, are a UK resident and have lived in the UK for 183 days in the last tax year.
What is the difference between life insurance and over 50s life insurance?
Over 50s life insurance is only available to people over the age of 50 years old. It is essentially the same product as life insurance but designated for people above 50 years old as the term lasts for the rest of your life. With standard life insurance you’re only covered for as long as the term states.
Can I have more than one over 50 life insurance policy?
Yes. You can have multiple over 50s life insurance policies, as long as your total cash sum does not exceed £10,000. If your policy was taken out before to 2017, check your policy documents to confirm your total cash sum.