What are the Best Life Insurance Companies for Over 50’s 2020 / 2021?

Having the best life insurance companies for over 50’s is critical as you advance in age. The truth is that no matter your situation or age, having insurance cover that protects your family, home and finances is extremely important. It’s very comforting when you have something to fall back on, a safety net that ensures that in case something happened to you, no loose ends would suddenly come up in terms of your finances. Life insurance is meant to do just that – provide a safeguard for your financial security and that of your family.

Types of Life Insurance

The best life insurance companies for over 50’s generally have two types of life insurance to choose from depending on your preferences as they each offer different benefits: term insurance and whole life. The simplest is term life insurance which is also often the most affordable between the two. When you are on term life type of insurance the dependents on your policy are guaranteed of a tax-free, fixed pay-out in case you die within the stated period. There are options where you can be receiving some set amount of month monthly or annually.

On the other hand, with whole life insurance, you would be paying a monthly (or annual) premium. Upon your death, your dependents would then receive a one-time lump sum pay-out. Generally, whole life insurance is the least popular being more expensive and doesn’t really benefit the policy holder when he is alive.

Choosing the Best Life Insurance Companies for Over 50’s

Choosing the best life insurance companies for over 50’s has lots of benefits. For one, acceptance by the majority of providers is guaranteed without having to undergo a medical check. Because you can also expect to be paying fixed premiums for most over 50’s insurance policies, there are no surprise price hikes or hidden charges to be concerned about. It is, therefore, important to get the best life insurance companies for over 50’s that covers your specific needs and meets your budget.

1. Aviva Annuity UK Limited

Aviva has some of the best life insurance companies for over 50’s annuity packages. Annuities are financial products designed to give the subscriber a guaranteed income for life after retirement. As your pension savings will not automatically do this, financial experts at Aviva recommend you use those savings to buy some type of retirement income package. A good option for achieving this is an annuity product from Aviva.

Aviva Annuity UK Limited has two types of annuity products that you can use with your pension fund:

  • Pension Annuity.
  • Pension Annuity with Profits

They also offer the Immediate Life Annuity which you can buy using your own money from other non-pension sources. They also have a Pension Annuity Calculator which uses factual information that helps you in generating figures based on the annuity product as well as some of their other available alternatives. You will be able to use the Aviva Calculator to get some idea of how your income can be affected by the different options.

Why Aviva is the best life insurance companies for over 50’s:

  • They have a broad range of options to meet your unique needs.
  • They employ a sophisticated pricing method to give you an annuity rate that is customized.
  • In case you have or previously have had some specific medical conditions you could qualify for a higher income.
  • Employs innovative online tools to guide and educate you through all possible annuity options.

Considered by many as to be among the best life insurance companies for over 50’s Aviva Annuity UK Limited now gives you more choices when it comes to the available options for accessing and investing your pension savings. With Aviva, you are allowed to withdraw money from your pension and spend or invest as you choose.

Additionally, with Aviva, you will have many more options open for investing your money, with different levels of risk. But for those older folks who are looking for the best life insurance companies for over 50’s, an Aviva annuity package remains a retirement option that is worth considering.

2. Reliance Mutual Insurance Society Limited

Reliance is a long-standing pension and life insurance provider that is rated as one of the best life insurance companies for over 50’s having begun their operations in 1911. As suggested by their name, this is a mutual society which means they have no shareholders and are wholly owned by their member policyholders.

A pension annuity from Reliance Mutual, at times referred to as an income for life, is designed to provide the individual with an income as long as they are living. Before your annuity commences, you will have the option of taking close to 25% of your total pension pot in the form of a lump sum (tax-free). The remainder is what Reliance will use for your taxable income for life.

The product features you can select include:

  • Payments frequency that are flexible (per month, each quarter, bi-annually or yearly)
  • Life income that goes up over the passage of time to help in keeping up with rates of inflation.
  • Payments that continue being received by your dependent in case you die.
  • Income that is paid for a set minimum period (5 or 10 years).

If you suffer from high blood pressure, are a smoker, have an existing medical condition, or are on prescribed medication, you may qualify for a Reliance Mutual 'enhanced' income for life package, (also known as 'underwritten', 'impaired' or 'lifestyle' annuity). This is seen by many experts as being among the best life insurance companies for over 50’s packages, as most over 50’s tend to fall under this category. This package also tends to pay you a higher income.

When you have your pension with Reliance Mutual, the expert pension’s service team is available to assist you with the best available options towards ensuring you get the best life insurance companies for over 50’s package. All life insurance enquiries are handled by UK-based friendly people.

3. Canada Life Limited

The goal of Canada Life is to remain the best life insurance companies for over 50’s. Their range of life and pension funds provides you with access to over 150 selected funds that have been carefully selected covering nearly every key asset class. The range is broad and includes popular multi-asset portfolio funds, risk-rated funds, as well as a selection of several single strategy funds.

Products from Canada Life are designed around what is important to you: your needs.

  • Lifetime Annuity and Scheme Pension - Provides you with a lifetime guaranteed income.
  • Pension Investment Plan (PIP) – Allows pension savings consolidation, building benefits and when you attain age 55 onwards, you can withdraw lump sums.
  • Trustee Investment Plan (TIP) – This is the investment plan for you if you an occupational pension scheme trustee or as a self-invested pension scheme member.
  • Wealth Preservation Account (WPA) – Available from Canada Life International, this fund offers an alternative method of income supplementing.
  • CanRetire Flexible Drawdown Plan (FDP) – This product allows you to take tax-free cash from the beginning, while at the same time keeping all your other options wide open.
  • Wealth Preservation Europe Account (WPEA) – Another Canada Life International Assurance product (specifically for Ireland), it offers another alternative supplementing income method.

Selection Process – As one of the best life insurance companies for over 50’s, when selecting the type of funds to avail to you, Canada Life does an intense selection process. Before any link to an external fund gets added to the available range of offerings, it undergoes a comprehensive process of due diligence checks towards ensuring it is suitable and that it meets all the Canada Life governance, operational, investment, and compliance standards.

Continuous Monitoring - On a continuous basis, all of the available funds are monitored to ensure that they are continuously meeting the expected Canada Life standards. Fund performance is regularly monitored to ensure that they are being run in accordance with reasonable expectations and that reasons for any poor performance are well-understood.

Towards ensuring they remain one of the best life insurance companies for over 50’s, Canada Life also brings in board legacy solutions that were previously being sold by Albany Life and ManuLife which were offering access to smaller-sized pension and life funds including With-Profits funds.

​4. Starr Insurance & Reinsurance Limited

Many insurance reviews rate Starr Accident & Health as the best life insurance companies for over 50’s products. The experienced and talented Starr associates are highly trained in managing risk with the goal of supporting profitable outcomes for both individuals and organizations in an environment that is highly competitive, dynamic, and ever-changing.

The Starr Group of Companies is a global investment and insurance organization that provides individual and business insurance solutions to a broad range of clients. Starr has invested across a broad range of sub-classes with the goal of continually diversifying and expanding into profitable and new areas. All this is done with a keen eye on maintaining bottom-line profitability for both individuals and organizations.

Supported by a robust balance-sheet and a globally-renowned brand name, Starr Insurance & Reinsurance Limited takes great pride in their flexibility, innovation, and speed of service, all which are underpinned by first-class capital. Key attributes of the Starr Insurance products and services include:

  • First class customer service.
  • Global footprint.
  • Responsive claims handling.
  • Coverage up to USD 10m - One individual.
  • Coverage up to USD 25m - One event.

With a strong presence across 5 continents, Starr provides accident & health, casualty, and property insurance products plus a range of specialty insurance coverages such as you would expect from the best life insurance companies for over 50’s. These are provided to a diverse client base that ranges from Fortune 500 clients to individuals, employees, families, and non-profit organizations.  By tapping into their vast accumulation of expert knowledge, this insurer creates customized insurance solutions designed to accord you peace of mind and the freedom to enjoy your life savings.

Whether you are seeking FTSE100 or just Key Person protection, the Starr insurance solutions can be tailored according to your needs and requirements. Starr Insurance provides bespoke coverage for individuals and groups alike including the best life insurance companies for over 50’s products and services.