If your life insurance is coming to an end or mortgage nearly paid off, you need to read this

From the sense of achievement that comes with finally owning your home outright, to the freedom of having more disposable income, it’s a reminder that money is about more than numbers. Reaching the end of a life insurance policy may feel like less of a landmark. But deciding what to do next can be just as significant, prompting you to think about your loved ones and how you’d like to care for them in the future. SunLife helps you feel more confident about life over 50 by making it easy to take small, practical steps to plan for later life and secure peace of mind. As you enter midlife, here are some of the things worth thinking about. Reassessing your life insurance Life insurance needs change over time (Photo: Getty) By the time you reach your 50s, your insurance needs may look very different from when you first took out cover. You may have a decreasing term policy linked to your mortgage that will reduce to zero at the end of its term. Alternatively, you may have a level term policy that’s approaching its expiry date. Over-50s life insurance is a specific type of whole-of-life cover that guarantees a cash payout when you die, no matter how long you live. The payout goes to your loved ones and they can use it however they wish, from contributing towards funeral costs and helping to settle unpaid bills, to leaving a donation to charity. Shorts You can take out over-50s life cover without answering any medical questions, and acceptance is guaranteed if you’re a UK resident and aged 49 to 85. Full cover starts after one year, although if you die due to an accident in the first year, your loved ones will still receive the full cash payout.* With SunLife’s Guaranteed Over 50 Plan, you choose a monthly premium that fits your budget. This amount and the payout stay fixed, and is payable for life or until the plan anniversary after your 95th birthday. When you die, the policy is guaranteed to pay out, usually within just three days*2 of SunLife receiving the required paperwork. Setting out your wishes By writing a will, you ensure your wishes are carried out (Photo: Getty) A will is an official record of what you’d like to happen to your money, property and assets when you die. By writing one, you ensure your wishes are carried out, so if you haven’t got yours in place, make it a priority. There are a few ways to make it easy and affordable. Some charities will help you make a will for free, often in the hope you’ll consider leaving them a gift, although you are not legally obliged to do so. Every November some solicitors offer to write or update your will for free in return for a donation to the charity Will Aid. While you’re organising your estate, don’t forget your digital legacy. Few of us leave instructions about what to do with our online presence, including social media accounts and subscription services. So be clear about what you want to happen with these accounts, as well as writing your will – making things much easier for your loved ones. SunLife’s free digital wishes pack can help. The happiest over-50s spend more time on hobbies than the average adult (Photo: Getty) The key to happiness in later life? Hobbies! Making time for hobbies and personal interests could be one of the keys to staying happy in later life, new research suggests. The happiest over-50s spend an average of 6 hours and 53 minutes a week enjoying their hobbies – 41 minutes more than the average adult.1 Other habits of happy people include spending time in nature, watching sport and exercising, according to SunLife’s Life Well Spent Report. Check you’re on track for retirement Retirement has a habit of creeping up on you. By taking a moment to review your financial situation, you can check whether you’re on track to achieve the kind of lifestyle you want. A good place to start is checking your state pension entitlement. The Government’s state pension forecast tool provides a quick estimate based on your national insurance record. Next, dig out any statements for your pensions, cash savings and other investments and add up their value. Don’t forget to rummage through your records for any paperwork from former employers to see if there are any pensions you’ve forgotten about. If you’re not sure, the Government’s free Pensions Tracing Service could help. Once you’ve done this, consider what it will mean in practice. Will your pension savings, investments and state pension provide enough income to support the retirement you want? If you’re unsure, consider taking financial advice. Could you claim grandparent credits? A little-known government scheme can help grandparents (Photo: Getty) Grandparents are the unsung heroes of many families, spending hours helping with childcare. If you’ve spent time caring for a child under 12 before you reach state pension age, there’s a little-known credit that could boost your state pension. Just 14 per cent of grandparents know about specified adult childcare credits, often known as grandparent credits.2 These work by transferring the weekly national insurance credit received by a parent or guardian to an eligible family member. Claiming them can help you top up missing national insurance credits and ensure you receive the full state pension when you retire. Go to gov.uk for more information. Beware of scammers Scammers often target people approaching retirement. So, if you get a call out of the blue from someone offering to help you move your pension or put it into something that will get you a better return, put the phone down straight away. It’s illegal for companies to cold-call you about your pension savings. If you’re offered a free pension review or an investment opportunity, say no and make a report to Report Fraud. For more advice on avoiding being caught out by scammers, read SunLife’s handy guide. You can choose a monthly payment or payout that suits you Look ahead with confidence SunLife’s Guaranteed Over 50 Plan is a simple, affordable whole-of-life insurance policy that’s guaranteed to pay out when you die – usually within just three days*2 of SunLife receiving the required paperwork. The payout can be used towards funeral costs or spent however your loved ones choose. There’s no medical questionnaire, and you can choose a monthly payment or payout that suits you. Cover can start from as little as £4 a month depending on age and smoker status. As long as you’re a UK resident and aged between 49 and 85, you’re guaranteed to be accepted, and you’ll be fully covered after just one year. While Over 50s life insurance does not guarantee to cover the full cost of a funeral, it can help towards it. Find out more at sunlife.co.uk * If you stop paying premiums earlier, your cover will end and you won’t get anything back, and depending on how long you live and how much you’ve paid in premiums, you may pay in more than you get out. Because the payout amount doesn’t increase, inflation will reduce its buying power over time. *2 We pay 98 per cent of claims within three working days of receiving paperwork from claimant. (Data source: Aug 25 – Jul 26.) 1 Source: SunLife’s Life Well Spent Report 2 Source: SunLife Grandparents Survey 2026