Copy article

When to update life insurance (over 50s)

Journalist: Rachel Wait, Freelance

ended 18. July 2025

Looking for comment on any of the following:

-  When should you update life cover when over 50 - which are the major life events?
- Should you review it annually?
- What if you’re going overseas or doing an adventurous activity?
- What constitutes a change in circumstances?
- How do you know if your policy is about to expire?
- Is it worth switching providers?
- Any anecdotes of cases where a policy hasn’t been updated and the payout never arrived? 

 

3 responses from the Newspage community

Copy all

Copy

Editor
Scott Gallacher
Director at Rowley Turton
An annual review of your life cover—ideally with an independent financial adviser—is essential, especially over 50. Life events like marriage, divorce, kids growing up, salary changes, or even tax rule updates (such as the proposed IHT raid on pensions) can all affect your needs. I’ve seen Expression of Wishes forms still naming old girlfriends—while you’d hope trustees would show common sense, it could leave a spouse with nothing and certainly cause upset. Switching providers isn’t always wise for older policies but may be worthwhile for newer ones or if you didn’t get a good deal at the outset. A quick review could prevent a lot of pain later.
Copy

Editor
Dariusz Karpowicz
Director at Albion Financial Advice
Life insurance after 50 isn't like wine—it doesn't improve with age if left untouched. Major life events like remarriage, new grandchildren, or planning that retirement villa in Spain all warrant policy updates, as do health changes that your insurer really ought to know about.
Annual reviews are essential, especially if you're taking up paragliding or relocating abroad. Check those beneficiary forms too—policies still naming ex-partners create unnecessary drama for grieving families. While switching providers might seem tempting for better rates, fresh underwriting in your sixties can be more rigorous than expected, so weigh potential savings against new exclusions carefully.
Copy

Kundan Bhaduri
Entrepreneur, Investor and Landlord at The Kushman Group
Life insurance in your 50s is not something you can take out once and forget about, like a gym membership or a bread maker. It is a live financial product that needs to move as your life does. If you have had a new grandchild or changed your address, or better still, you got married again or are planning to retire somewhere slightly sunnier than Slough, you must keep a keen eye on your policy. These are not trivial details. They are the kind of changes that can impact whether your policy pays out when it matters most. An annual review might sound tedious, but it is a lot less painful than your family discovering after the fact that the policy quietly expired or failed due to an undisclosed medical change. Switching providers may be tempting if you spot a cheaper deal, but be warned that fresh underwriting in your sixties can be like applying for a mortgage with a hangover. Cheaper premiums only count if the exclusions do not rule out half the things you might actually claim for.