Life insurance usually refers to term life insurance, where you take out a policy which covers you for a specific length of time, such as 10, 20, or 25 years. Typically, this covers the length of a mortgage, or the length of time you expect your family to be financially dependent on you. In contrast, over 50s life insurance is designed for UK residents aged between 50 and 80 who need a cash sum after they die, which can be used towards funeral costs or left as a gift. It's important to note that these plans are not savings or investment products and have no cash value unless a valid claim is made.