I’m above 70 – can I get affordable life insurance?
Yes. Securing reasonable cover for those aged 70 is still possible and has multiple policy options. That depends entirely upon your needs and circumstances. Remember – life insurance becomes expensive as you age, which means that, if you buy the wrong policy, it could cost more in premiums than your plan pays out upon your death
What types of policies are available?
There are three major forms of policies available for people over 70.
- Term life insurance – cover lasts for a specific ‘term’ i.e., 25-75 years. If you die within the term of the policy, your family receives a benefit. Many term policies have an upper limit – i.e. coverage ends at age 85. So, if you purchased a policy when you were 70, it would only last 15 years. As such, it’s often more popular amongst people at the lower end of the 70s-and-over age bracket.
- The whole of life insurance – cover lasts, without a fixed end date, until you live. In many schemes, you stop needing to pay premiums at a certain point, i.e., after 90years. But some policies require you to continue paying premiums until you die. The whole of life cover is more costly than term life insurance because the policy guarantees a payout when you die. For this reason, it’s more popular amongst older people in the 70s+ age.
- Funeral life insurance – The best funeral life insurance plans are ones that are regulated by the Funeral Planning Authority (FPA). This is a type of policy that pays out only to cover the costs of a funeral. As such, these plans usually incur the smallest premiums and payout the least.
You can also consider ‘Over 50 plan’ as it provides cover for a specified sum assured and acceptance is guaranteed with no medical information required for UK applicants aged 50-85. It lasts until you die, assuming you pay your premiums, making it a form of lifeassurance – meaning that a payout is guaranteed when you pass away, rather than if you pass away. Your premiums are based on just your age and smoking status and once you reach 90 or 30 years after the policy start date, premiums cease but cover remains in place.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00