Over-50 life insurance is increasingly popular, even supermarkets such as Asda and Tesco offer the policy.  But is it really such a good deal?

One benefit of the over-50 life insurance policy is that if you are aged between 50 and 75, you are guaranteed to be accepted, even without taking a medical.

However, research from fool.co.uk suggests that because it is so easy to get life cover for an over-50 policy, it costs so much more.

If a person is in very poor health, they face sky high prices for term insurance.  This is what makes the over-50 policy so attractive, even though the payout is proved to be so poor.  If you are healthy, you risk paying more to cover the unhealthy people who have the policy.

 For example, Tesco gives a 50-year-old man paying £10 a month life cover worth £3,171. At age 65, his £10 monthly premium would buy just £1,351.

However, Asda have a scheme whereby the customer never pays in more than they get out.

Gideon Ingham, Head of Insurance at Asda said: “We are asking Tesco to review its offering and introduce a cap.”

Fool.co.uk advises that those aged 50 or over should look at term insurance before they look into an over-50 policy.