RBS life insurance for policyholders over 50
RBS offers several life insurance products that remain available to adults past the age of 50, but the range narrows as age increases and health considerations become more significant. The primary options are term life, whole life, and universal life policies, each with distinct premium structures, coverage lengths, and underwriting requirements. Applicants over 50 can qualify for coverage, though premiums will be higher than for younger buyers, and some policies may impose maximum age limits for new business.
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Key policy types
Term life insurance
Term policies provide coverage for a set period—typically 10, 15, 20, or 30 years. RBS allows new term applications up to age 70, with the final premium paid at the end of the term. Because the benefit is pure protection without cash value, term premiums are the most affordable of the three options, but they cease when the term expires.
Whole life insurance
Whole life offers lifetime protection and builds cash value that grows tax‑deferred. RBS issues whole life policies to applicants up to age 65 for new business; after that, only renewals are possible. Premiums are level for the life of the policy and are substantially higher than term premiums, reflecting the cash‑value component.
Universal life insurance
Universal life combines flexible premiums with a cash‑value account that earns interest. RBS's universal products are generally available to new customers up to age 60, after which the insurer may require a medical underwriting review. Flexibility in premium payments can help older buyers manage cash flow, but the policy's cost can vary with interest rates and the policy's performance.
Factors that affect eligibility and cost
- Age: Premiums rise each year after age 50; some products stop accepting new applicants after a certain age.
- Health status: Recent diagnoses, chronic conditions, or a high BMI can lead to higher rates or exclusions.
- Smoking status: Current smokers pay significantly more than non‑smokers.
- Coverage amount: Larger death benefits increase premium size proportionally.
- Policy duration: Longer terms or whole‑life coverage cost more than short‑term policies.
Typical premium ranges (illustrative)
| Policy type | Age 55 | Age 60 | Age 65 |
|---|---|---|---|
| 10‑year term ($250,000) | $30–$45/month | $45–$65/month | $70–$100/month |
| 20‑year term ($250,000) | $45–$70/month | $70–$110/month | $110–$160/month |
| Whole life ($250,000) | $150–$200/month | $200–$260/month | $260–$340/month |
These figures are averages and will vary based on health, gender, and underwriting class.
Application process for those over 50
RBS requires a standard application that includes personal details, health questionnaire, and often a medical exam or lab work. For applicants in good health, a simplified issue or accelerated underwriting route may be available, reducing the need for an in‑person exam. After submission, the underwriting team evaluates risk and returns a quote within 7‑14 days. Once approved, the policy can be bound immediately, with the first premium due at issuance.
Tips for securing affordable coverage
- Shop multiple quotes: Even within RBS, different riders or policy structures can change cost.
- Consider a shorter term: A 10‑ or 15‑year term may meet needs while keeping premiums manageable.
- Maintain good health: Improving cholesterol, blood pressure, and quitting smoking before applying can lower rates.
- Bundle with other RBS products: Some banks offer discounts for customers who hold multiple policies.