If you’re aged between 50 and 80, this policy could help provide your family or loved ones with a fixed lump sum upon death, which could be used to help towards funeral costs.
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What is over 50s life insurance?
It’s a type of insurance policy designed for people aged 50 and over. The policy can only cover you (single person). You can choose how much cover you need, or how much you’d like to pay each month.
You can take out more than one policy, as long as your monthly premiums across all of your Aviva Over 50s Life Insurance policies taken out with us are not more than £100 in total.
- If you die in the first year due to an accident, the policy will pay out the lump sum.
- If you die from any other cause in the first year, the policy will pay out an amount equal to the premiums paid.
- If you die after the first year, the policy will pay out the guaranteed lump sum. The cover remains in place until death.
If you’re not 50 or over, you may want to check out the other types of life insurance we offer.
The benefits of over 50s life insurance
Things to consider
If you don't pay your premiums during the premium term, your policy and your cover will end 60 days after your last payment was due and you won't get any money back.
The lump sum paid is fixed, so inflation will reduce what it can buy in the future. You should review your cover to ensure that it remains adequate over time.
Depending on how long you have the policy for, the amount paid out on your death may be less than the total amount you've paid in premiums.
Applying for an insurance product online or over the phone is a non-advised service. If you need to speak to someone for help and support with your application, please call us on 0800 085 0540. For advice on our products, you can book an appointment with a branch adviser by using our online appointment booker
Existing customers in financial difficulty
If you have a Santander life insurance policy underwritten by Aviva and you’re experiencing short-term financial difficulty, you may be able to get help with your monthly payments. Please get in touch with Aviva on 0800 141 3430. Lines are open 8am-6pm, Monday to Friday.
Key documents
- Over 50s Life Insurance Policy Summary
- Over 50s Life Insurance Policy Conditions
- £100/£150 cashback terms and conditions live from 10/01/2022 and offer withdrawn on 30/11/2022 (PDF - 582 KB)
- £125 cashback terms and conditions live from 9th January 2023 and offer withdrawn on 30/6/2023 (PDF - 949 KB)
- £100/£150 cashback terms and conditions live from 1st August 2023 (PDF - 251 KB)
- Edge/Edge Up current account £5,000 Prize draw 01/07/2024 to 31/10/2024 (PDF - 65 KB)
To view these documents, you may need to download Adobe Reader
Using a trust could prove tax-efficient
You can put your life insurance policy in trust. Doing this will:
- allow the proceeds to be paid to the intended beneficiaries
- minimise delays that might cause financial difficulties
- make sure the proceeds do not form part of the estate for inheritance tax purposes.
If you're unsure on whether you should put your policy in trust you should seek specialist legal advice. Tax rules may change in the future.
See our forms below for more information.
Aviva Guide to Protection Trust
Aviva Discretionary Gift Trust Form
The Financial Conduct Authority and the Prudential Regulatory Authority do not regulate taxation and trust advice.
Over 50s Life Insurance has no cash-in value at any time, and exclusions and limitations will apply. For full details, please read the policy summary and policy conditions. Please make sure you read all the information provided before getting a quote.