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What is over-50s life insurance?

As a result, more people in their 50s and above do have a wider choice of products.

Yet despite the low cost, multiplicity and relative ease of purchasing such plans, and the drive from the insurance industry across various media to get more households thinking about the future and protecting themselves and their loved ones, penetration is still low.

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While sales of over-50s and funeral plans may have doubled over 10 years, there are still too few people in the UK with any form of cover in later life.

According to research conducted recently by insurance agency British Seniors, only 21 per cent of adults aged 50 and over have some form of life cover or funeral cover in place.

Dave Sutherland, UK managing director of Nielson Financial Services, for its British Seniors Insurance Agency brand, says this is a matter for concern.

He comments: “This figure is worrying and highlights an urgent need for people to ensure they have cover in place.”