What is life insurance for?
A life insurance policy can help to protect your family and loved ones who depend on your income after you die.
Their payouts can be used to pay off outstanding loans and mortgages, provide a cash lump sum or pay for your funeral costs.
Insurers see those over 65 as riskier to insure, but as people work longer and have become more reliant on credit later in life, the choice of policies has got better to match this.
Choosing the right type of life policy
It's important to work out which British seniors' insurance type you need before you try to find your policy.
A life insurance policy will have a limited term and only pays out if you die while it's still running.
It can be used to cover a mortgage, a loan or a credit card balance, paying the amount owed off if you die before it's repaid.
Level term life insurance will pay out a set amount if you die while the policy is active. This means that your family could receive more than the amount needed to pay off the loan, but premiums for this type of policy tend to cost more.
Decreasing term life insurance offers a payout amount that will reduce over the course of the policy in line with the amount left to pay on your loan or mortgage.
A life assurance policy is a more expensive option as it continues until your death; at this point it pays out a sum to your beneficiaries.
It works like an investment product in that your premiums are used to buy shares, bonds and cash investments. This means that how well it performs will affect how much will be paid out for most policies; others will instead be for a set amount or will specify a minimum payout.
What's included - and what isn't?
Some policies impose restrictions on when a policy will be able to pay out, such as if you die within 12 months of taking the policy out.
Others won't insure you if you suffer from conditions like heart disease or cancer, so make sure you check their terms and conditions carefully.
Some might need you to take a medical or ask questions about your lifestyle too. If you have any dangerous pastimes or live abroad, you may find some companies won't insure and others may charge more.
If you want your policy to include critical illness cover, don't assume that this will be provided; check that each one offers it before you get a quote.
How to compare life insurance for seniors
You can use our life insurance comparison to only show the policies available to those over 65. Some of these will give guaranteed acceptance to anyone over 65, but others will make a decision based on your health.
Look out for the maximum age you can start a new policy as well as the age limit that each policy will cover you up to, although there are plenty that are unlimited.
Check if each one has guaranteed premiums - these set how much you pay each month at a certain price for the whole life of the policy. Picking a cheaper policy where the premiums may go up further down the line might prove more expensive in the long run.
Once you've found a few policies that cover everything you need, ask for a quote from each provider and pick the one with the cheapest premiums.