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Last updated: 2 May 2022
Over 70s life insurance is a policy that pays out a lump sum to your family when you die. Taking out life insurance is helpful if you want to make sure your family – and any debts or bills you’re currently responsible for – are looked after when you’re gone.
Even if you’re over 70, it’s not too late to pick up a life insurance policy. Just bear in mind that your choice is more limited and likely to be more expensive than it would be for someone younger.
Life insurance for anyone over 70 can be quite expensive. Think about your circumstances and how important life insurance is to you. If you want to make sure your loved ones receive a payment when you pass away, it may be worth it.
Funerals are expensive, so insurance could help your family with the cost. Alternatively, over-70s life insurance could pay off your outstanding debts or simply be a gift to those you love.
The earlier you take out life insurance the better. The older you are the more insurers will charge.
As you get older you also approach insurers’ age limits, so get the most affordable premiums while you’re still eligible.
This depends on what the money would be used for. For example, if you intend the lump sum to pay off your mortgage, make sure you have enough cover for that.
Life insurance for over-70s usually comes with a maximum term based on either a set period (such as 50 years) or an age limit (such as 80 years old). When either limit is reached, the policy is no longer valid. That means if you’re 70 and you pick a policy with an age limit of 84 years old, it will only last 14 years even if the maximum term was 50 years.
The limits you’re offered depend on the insurer and on what kind of cover you choose. You’ll find, for example, that the maximum age may be lower if you pick a decreasing-term policy rather than a level-term policy.
You can read about which life insurance cover is right for you here.
Over-70 life insurance premiums are based on:
how much cover you want
how long you need cover for
your medical history
Life insurance for over-70s costs more because you are more likely to have – or develop – health conditions during the term of your policy. Your life expectancy also shortens as you get older.
Even later on in life there are ways to cut the cost of your life insurance, so read our tips.
You can compare life insurance here.
The simplest strategy is to compare providers and policies to pinpoint the policy that best suits your needs. Before you compare, be sure you know:
how much cover you need
the type of over-70s life insurance policy you want
the premium you can afford
There are two main types of life insurance to consider:
Term life insurance covers a set period. You choose how much cover you want and, if you die before the policy expires, your family receives a payment. After the term ends, there’s no payout. You can decide whether the end payment to your loved ones stays level (the same) throughout the term, or gradually decreases as you approach the end date
Whole-life insurance lasts until you die as long as you keep paying your premiums. This can give you peace of mind that your family will be taken care of, and it’s the cover that’s most likely to suit over-70s
These are rarely available as part of over-70s policies because most providers include upper age limits.
If you need your income to be replaced when you die, then a family income benefit policy may prove a better bet. This pays your beneficiaries an amount of money (of your choosing) as income for the remainder of your policy’s term if you die before it ends.
A family income benefit policy is a risky option if you are looking for a policy that pays out as much money as possible. If there’s a short time left on your policy it will only pay out your chosen amount for the remaining period, meaning the lump sum death payment from a standard life insurance policy could be larger.
This type of policy is not always available directly from life insurance providers. You may need to go through an independent financial adviser or broker to get cover that comes with an income payout.
Some providers ask you to have a medical examination before they’ll give you cover.
When you buy any kind of life insurance, it’s important to declare any medical conditions you have. Failing to declare these means your provider will refuse to pay out.
Sometimes, but not often. Some insurers ask you to have a medical if you are over 70, and you must declare any medical conditions before you are accepted.
Yes, but you may find it more difficult and expensive to get cover.
By comparing life insurance, you could save money on the policy. The best value life insurance will offer the cover to you and your family. Choose a life cover plan from one of the best UK life insurance companies and see the online discounts they offer.
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