By the time you hit your 50s, life tends to look a bit different. The kids might be (nearly) off the payroll, the mortgage might be winding down, and hopefully, the pension pot is starting to look a little healthier. So, the big question for many UK savers and investors is: do I still need life insurance?

Short answer? Maybe. But not always.

Let’s walk through the reasons why it might still be a smart move – and when it’s probably not worth the premiums.

What’s Changed in Your 50s?

Life insurance needs aren’t one-size-fits-all. But in your 50s, there are a few key questions worth asking:

• Do you still have dependants? Are the kids still at home, or are they financially independent?
• What about the mortgage? Is it paid off, nearly done, or is there still a way to go?
• Savings and investments: Could your family live comfortably if you weren’t around?
• Your pension: Will it provide for your partner or dependants if you’re not there?
• Funeral plans: Have you set something aside, or would your family be footing the bill?
• Do you want to leave a legacy? Some people like the idea of leaving something behind, even if their family wouldn’t struggle without it.
• Your health: This one’s big. The older we get, the more insurers start looking at health risks – which affects cost and eligibility.

Once you’ve got those answers, it’s easier to figure out if life insurance makes financial sense – or if you’re better off saving that money elsewhere.

What Kind of Life Insurance Should You Consider?

Here’s a quick overview of what’s available in the UK – and how it fits into life in your 50s:

1. Over 50s Life Insurance

• Good for: Those in poor health, or those just wanting to cover funeral costs.
• Not so good for: People wanting a large payout or great value.

This type is often sold in TV ads and glossy leaflets promising “guaranteed acceptance” – and that’s true. If you’re between 50 and 80, you can usually sign up without a medical. But the trade-off is a low payout, and if you live a long time, you could easily pay in more than you get out.

Plus, most plans have a waiting period (12–24 months), where if you die from natural causes, your family gets nothing (accidental death is usually covered straight away).

Best for: Covering funeral costs or leaving a small legacy if you can’t get other cover.

2. Term Life Insurance

• Good for: Covering a mortgage, dependants, or any financial gaps over a fixed time.
• Not so good for: Those in poor health or who want lifelong cover.

You choose how long the cover lasts (say 10 or 20 years), and if you die during that period, the insurer pays out. If you’re healthy, you can still get reasonable premiums in your 50s. You can even tweak it to match your needs – like a decreasing term policy that drops in value as your mortgage shrinks.

There’s no payout if you outlive the term – but if your financial obligations are gone by then, that might be just fine.

Best for: Those who still have a mortgage, kids in school, or other financial commitments that won’t last forever.

3. Whole of Life Insurance

• Good for: Leaving a guaranteed legacy or helping with inheritance tax planning.
• Not so good for: Anyone on a tight budget.

This one does what it says on the tin – it covers you for life. There’s always a payout as long as you keep paying. Some policies even have an investment or savings element.

Sounds ideal, right? Except it can be expensive, especially the older you are. And if you live a long time (which we hope you do!), you might end up paying in far more than your loved ones get out.

Best for: High earners or savers wanting to pass on money tax-efficiently or guarantee a payout, no matter when they go.

When Life Insurance Might Be Worth It

You should definitely think about it if:

✅ You still have financial dependants
✅ There’s still a mortgage or large debt that would pass on to your partner or family
✅ You want to cover funeral costs so loved ones don’t have to
✅ You’re keen to leave a financial legacy
✅ You don’t have enough savings yet to support your family if you’re gone
✅ You’re in good health and could get a decent deal on a term policy

When It’s Probably Not Worth It

You might skip it if:

❌ Your children are grown and financially independent
❌ Your mortgage is paid off
❌ You’ve got enough savings and investments to support your partner
❌ You’ve already got cover elsewhere (like a work policy or pension death benefit)
❌ The premiums would stretch your budget too far
❌ You’d be better off putting the same money into savings or investments

A Few UK-Specific Tips

Put your policy in a trust – It means the payout won’t be counted as part of your estate, so it’s not hit with inheritance tax, and it usually pays out faster.
Review your old policies – Life changes. If you took out insurance years ago, double-check if it still fits your needs.
Compare quotes – Premiums vary massively. Use comparison sites or go through a broker to make sure you’re getting value.
Speak to a financial adviser – Especially if your situation is a bit complex (e.g. second marriages, step-children, or you’re dealing with IHT planning).

Final Thoughts: So, Is Life Insurance in Your 50s Worth It?

It can be. But it’s not a must-have for everyone.

If you’re in decent health and still have financial responsibilities, term life insurance can be a smart, affordable way to protect your family. If you’re harder to insure or just want peace of mind over funeral costs, an over 50s plan might be worth a look – just go in with your eyes open.

But if your debts are gone, your savings are solid, and you’re not worried about leaving a legacy, you might not need it at all. That money could be better spent boosting your pension, paying off what’s left of your mortgage, or treating yourself to a few well-earned holidays.

As always, get advice if you’re unsure. A 30-minute chat with an independent adviser can save you thousands – or reassure you that you’re already on the right track.