As long as you live in the UK and are between the ages of 50 and 80, you are guaranteed to be accepted with no medical or health questionnaires to complete; so you will be covered regardless of any health issues.
Premiums are affordable from £4 to £50 a month and are payable either until you die or until your 90th birthday, so it is important to choose a level of cover you are comfortable paying. Depending on how long you live there is a chance that you could pay more in premiums than the cash sum paid out.
You will be covered for the full cash sum after the first 1 or 2 years; if you were to die within this initial waiting period, most Over 50 life insurance companies will pay back all of the premiums paid and in some cases more.
The cash sum paid out is guaranteed as long as you continue to pay your monthly premiums when they are due. If you cancel your Over 50s Life Insurance plan or stop paying the monthly premiums, your life cover would cease and no money would be paid out.
Both the amount you pay each month and the cash lump sum are fixed (unless you choose an Over 50 plan that offers the option to increase on an annual basis) so you always know where you stand, however inflation will reduce the value of the cover over time so do take this into account when thinking about how much life cover you need.