Santander life insurance over 50 [2024]

Santander over 50 life insurance is provided by Aviva and has been rated 5 stars be Defaqto[1], but could it be the right policy for you?

In this review, we delve into the key features and benefits of this policy to help you decide.

At Reassured, we can’t provide over 50 life insurance quotes from Santander, but we can provide other quotes from top UK insurers to see if we can find you a better deal.

Over 50 plans through us start from just £5 a month + . Get in touch for our best deals - quotes are free!

In this Santander UK review:

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Santander over 50 life insurance main points

  • Cover is administered by Aviva Life & Pensions[2]
  • Rated 3 stars by Fairer Finance[3]
  • Rated 5 stars by Defaqto
  • £100 cashback offer for new customers
  • Premiums from £5 to £100 a month
  • Get quotes and apply for a policy online

About Santander

Santander is a major UK bank that provides access to a wide range of financial products and services, including life insurance (provided by Aviva).

Customers can choose from the following life protection options:

  1. Over 50 life insurance
  2. Term life insurance
  3. Critical illness cover

Santander over 50 life insurance can be purchased online via the Santander website. It’s not possible to buy term life insurance or critical illness cover online.

Aviva has been providing family insurance for more than 320 years and has 19.6 million customers. In 2023, they paid out 99.3% of all life insurance claims[4].

What is Santander over 50 life insurance?

Over 50 life insurance is a type of policy designed for people over 50 who want to leave a cash lump sum for their loved ones after they’re gone.

You pay a fixed monthly premium and a pay out is guaranteed when you pass away. Your loved ones could use the money to help towards:

  • Funeral costs (average UK funeral is £4,141[5])
  • Outstanding debts or bills
  • Living costs for a partner
  • An inheritance

You don’t need to answer any health or medical questions when applying for over 50 life insurance and acceptance is guaranteed.

Here are the key features and benefits of over 50 life insurance offered by Santander:

Feature/benefitDescription
Guaranteed acceptance ageUK residents aged 50 - 80 are guaranteed to be accepted (no medical questions or exam)
Sum assured
(cover amount)		Fixed pay out up to £30,000 depending on your personal circumstances and budget
Waiting periodThe waiting period is 12 months. After this period, a pay out is guaranteed when you pass away. Within the waiting period, if you pass away due to an accident, a full pay out will be made. However, if you pass away due to natural causes, a full pay out won’t be made but your premium payments will be refunded
Welcome gift incentive£100 cashback for new customers or £150 cashback for new and existing Santander mortgage, Edge and Edge Up customers


It’s important to note that with an over 50s plan, there’s a chance you could pay more for the policy than the cover amount, depending on how long you live for.

Learn more about over 50 life insurance and compare multiple options by checking out our complete over 50 life insurance guide »

Get Free Over 50 Life insurance Quotes »

Santander over 50 life insurance reviews

Based on Trustpilot reviews, Santander isn’t rated well for customer service quality. However, this doesn’t mean to say that their life insurance products aren’t any good.

Independent ratings for Santander over 50 life insurance are shown in the table below. Independent star ratings (determined by experts) can provide some insight as to the quality of a product.

The highest rating you can get is 5 stars.

Product Fairer Finance logo Defaqto logo
Over 50 life insurance Defaqto 3 stars Defaqto 5 stars
Life insuranceNo rating available Defaqto 5 stars
Life insurance + critical illness coverNo rating available Defaqto 5 stars


At Reassured, we can provide quotes from highly rated and trusted over 50 life insurance providers, including SunLife and One Family.

Our FCA-regulated broker service is rated ‘Excellent’ on Trustpilot, based on more than 80,000 customer reviews.

How much is Santander over 50 life insurance?

The cost of Santander over 50 life insurance will depend on:

When applying for a policy you can select a monthly premium between £5 and £100.

This will also determine how much cover you can secure.

As mentioned, your health and certain lifestyle factors won’t affect the cost of your premiums.

The table below shows an example of how much cover you could get through Santander as a non-smoker, paying a premium of £20 a month:

Age cover is taken outPay out (Santander)
50£6,681
60£4,718
70£2,650
80£1,277

*Taken directly from the Santander website and correct as of 26/11/24

It’s possible to take out more than one over 50 life insurance policy with Santander, but the maximum total premium you can pay across all policies is £100 a month.

At Reassured, we can’t provide Santander over 50 life insurance quotes, but we can compare quotes from alternative leading insurers.

The table below shows an example of how much over 50s life cover you could get through us as a non-smoker, paying a premium of £20 a month:

Age cover is taken outPay out (One Family)
50£7,417
60£5,217
70£2,925
80£1,492


As you can see, comparing quotes from different insurers can help you find the highest amount of cover for the most competitive price.

Contact Reassured for your free, personalised quotes. Over 50 life insurance starts from just £5 a month.

Over 50 life insurance comparison

How does Santander over 50 life insurance compare to other policies available on the market?

We have compared the main features and benefits in the table below:

Santander logo SunLife logo OneFamily logo Co-op logo
Premiums£5 - £100 a month£5 - £74 a month£10 - £75 a month£3.95 - £100 a month
Guaranteed acceptance age50 - 8050 - 8550 - 8050 - 80
Maximum sum assured£30,000£18,000£20,000£10,000
Waiting period12 months12 months24 months24 months
Age premium payments stopAge 90Payments stop when you pass away (or until you’re 88 with PayStop premium cap option)Age 90Age 95
Free funeral benefit option + contributionNot availableYes - £250 contributionYes - £300 contributionNot available
Free terminal illness coverNoNoYesNo
Fairer Finance rating (out of 5 stars)3 stars3 stars3 stars3 stars

What is the free funeral benefit option?

The funeral benefit option is an additional benefit included with policies arranged through Reassured but not available with Santander.

It allows you to specify that the proceeds from your policy are to be used to help cover the cost of your funeral when you pass away.

The insurer will pay out the funds to a nominated funeral provider, who will also contribute up to £300 towards your funeral expenses.

Get in touch to learn more about the funeral benefit option and the over 50s life insurance policies we can arrange.

Get Free Over 50 Life insurance Quotes »

Additional policy options - Santander term life insurance

Santander also offer life insurance policies designed for those who want to help protect a mortgage and/or family living costs during a specified term.

The term-based policy options are provided by Aviva and include:

Decreasing cover Santander

Decreasing cover

This is usually the most affordable type of life insurance. It’s typically taken out to help cover a repayment mortgage, as the sum assured could reduce each month in line with your mortgage balance.

Key features:

  • Pay out amount decreases over time
  • Fixed monthly premiums
  • Term length 1 - 50 years (will pay out if you pass away during the term)
  • Available to applicants aged 18 - 70
  • Terminal illness cover included
  • Joint policy option available
Increasing cover Santander

Increasing cover

With this type of cover, the sum assured increases each year to factor in the rising cost of living. It’s typically taken out to help cover a mortgage and future living costs for the family.

Key features:

  • Pay out amount increases over time in line with inflation
  • Monthly premiums increase
  • Term length 1 - 50 years (will pay out if you pass away during the term)
  • Available to applicants aged 18 - 70
  • Terminal illness cover included
  • Joint policy option available

The cost of term life insurance premiums through Santander depends on various factors such as:

  • Your age
  • Lifestyle
  • Health
  • Occupation
  • Smoking status
  • Where you live

At Reassured, we can’t provide quotes for term life insurance from Santander, however, we can help compare quotes for other term policies from top UK insurers (including Aviva).

Prices start from just £5 a month † through our award-winning, fee-free comparison service.

Santander life insurance free benefits

Santander term life insurance comes with some additional benefits as standard. These are as follows:

  • Separation benefit - Allows you to split a joint policy into two single policies if you separate from your partner or rearrange your mortgage into one name
  • Terminal illness cover - Allows you to make an early claim on your life policy if you’re diagnosed with a terminal illness and expected to live less than 12 months
  • House purchase cover - Provides you with free cover when you’re buying a house and will pay out if you pass away when the cover is in place

Santander critical illness cover

Critical illness cover, available through Santander, is a type of policy that provides a cash lump sum pay out if you’re diagnosed with a critical illness.

It covers a range of specified illnesses including:

  • Most types of cancer
  • Stroke
  • Multiple sclerosis
  • Heart attack
  • Kidney failure
  • Liver failure
  • Dementia
  • Blindness

Santander will pay out if you survive a critical condition for more than 10 days.

They also offer children’s critical illness cover, which will pay out either £25,000 or 50% of your cover amount (whichever is lower) if one of your children becomes ill.

Key features:

  • Take out as part of a life insurance policy or as a standalone policy
  • Choose between decreasing or increasing cover
  • Term length 5 - 50 years
  • Available to applicants aged 18 - 64
  • Free additional children’s critical illness cover
  • Children’s critical illness cover included
  • Joint policy option available

At Reassured, critical illness cover can be arranged as part of your life insurance policy (from other top UK providers). Premiums start from just £10 a month º .

Santander life insurance cashback

Santander currently offers a free welcome gift of up to £150 cashback for new customers who take out life insurance or over 50 life insurance with them (correct as of 26/11/24).

If you’re a Santander mortgage, Edge or Edge Up current account customer then you could receive the full £150 cash back after buying a new policy.

If you’re a new customer, you could receive £100 cashback.

Santander will pay the cashback after 280 days of the policy start date, as long as:

  • Your completed application was submitted after the 01/08/23
  • The policy has started
  • The policy hasn’t been cancelled and the payments are up to date

A free welcome gift can be tempting, but it shouldn’t be the deciding factor when choosing your ideal policy.

Comparing quotes and finding a good deal on your over 50 life insurance could help you save more than the gift is worth in the long term.

Contact our award-winning team for your free, no-obligation quotes today.

Cancelling Santander over 50 life insurance

It’s possible to cancel your policy within 30 days of taking it out and receive a full refund of all the premiums you’ve paid.

If you cancel your policy after the 30 days cooling off period, then you won’t receive a refund of any of the premiums you’ve paid.

Some insurers will allow you to reduce your monthly premium during the policy term if you’re struggling with payments, but this is not a feature available with Santander.

Before cancelling your life insurance it’s important to consider if that if you wish to take out a policy again at a later date, the cost will be higher due to your age.

Making a claim

Making a claim for over 50 life insurance with any insurer is quite straight-forward for your loved ones.

They just need to make sure that they have the following information to hand:

  • Death certificate
  • Proof of who legally owns the policy
  • Proof of the date of birth of the policy owner
  • Conversations with (and reports from) third parties such as coroners, medical practitioners and police

For policies taken out with Santander, your family will need to call Aviva on 0800 158 3467 (Monday to Friday, 08:00 - 18:00).

A valid claim is usually paid within a few days.

Compare over 50 plans through Reassured [FEE-FREE]

Having over 50 life insurance can give you peace of mind knowing that your loved ones will receive a pay out after you’re gone, to help them manage financially.

At Reassured, we can’t provide over 50 life insurance from Santander, but we can compare options from top UK insurers to help you make a fully informed choice.

Over 50 life insurance through Reassured

  • Guaranteed acceptance if you’re aged 50 - 85
  • No medical questions or exam
  • Guaranteed pay out up to £20,000 after waiting period (12 or 24 months depending on the insurer)
  • Quick & easy application
  • Premiums from just £5 a month

As discussed, it’s important to compare deals so you can secure your desired cover amount for a great price.

Contact Reassured to find out more about our policy options and to get your free, no-obligation quotes.

Compare over 50 Plan Quotes » Find Your Perfect Policy

Sources:

[1] https://www.defaqto.com/star-ratings/life-protection?search=santander

[2] https://www.santander.co.uk/personal/insurance/life-protection/over-50s-life-insurance

[3] https://www.fairerfinance.com/ratings/product-ratings/over-50s-life-insurance

[4] https://www.aviva.com/newsroom/news-releases/2024/03/1-18bn-paid-out-on-more-than-50600-aviva-individual-protection-claims-in-2023/

[5] https://www.sunlife.co.uk/funeral-costs/

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