Yes, you can get life insurance for seniors over 70. But, with life insurance for older people, your choice might be limited. Your cover’s likely to be more expensive than it would be for someone younger. There’s some good advice on how to get life insurance for older people here. You can find out more about life insurance generally here.
How long can I get cover for with my life insurance over 70?
Life insurance over 70 usually comes with a maximum term.. It’s normally based on either a set period (such as 50 years) or an age limit you can have it until (such as 80 years old).
This means that if you’re 70 and you pick a policy with an age limit of 84 years old, your policy would only last 14 years. It wouldn’t matter how long the maximum term was – even if it was 50 years, you’d still only get 14 years of cover.
Different insurers offer different limits for life insurance over 70, depending on what kind of cover you choose. You’ll find, for example, that the maximum age might be lower if you pick a decreasing term policy, compared to a level term policy.
You can read about which life insurance cover is right for you here.
When should I get senior life insurance?
The earlier you get your senior life insurance, the better. The older you get, the greater your risk of illness, and the more expensive your policy will be.
Once you’re over 70, you’ll need to act quickly because many senior life insurance providers have a cut off point of 80 years old. So it’s a good idea to try to get the most affordable premiums while you’re still eligible.
Why is life insurance for older people more expensive?
Life insurance for seniors over 70 costs more because the older you get, the more likely you are to have health conditions. There’s also more chance of you developing health conditions during the term of your policy. Plus, your life expectancy becomes shorter as you get older.
That’s why it’s more expensive. But there are ways to cut the cost of your life insurance, so read our tips.
You can compare life insurance here.
Should I get senior life insurance?
The decision on whether to get senior life insurance can be a tricky one. It’s best to think about your circumstances and how important it is for you to have it.
Senior life insurance can be quite expensive, but if you want to make sure your loved ones get a payout when you pass away, you might think it’s worth it. Funeral costs can be high, so it could contribute towards the cost. Alternatively, it could pay for outstanding debts or be a gift for your family.
How much cover do I need?
When you look into life insurance for elderly people, think carefully about how much cover you need.
The amount of cover you need from your senior life insurance will depend on what the money would be used for. For example, if it would be to pay your mortgage off, make sure you have enough cover for that.
What kind of life insurance for older people should I get?
There are two types of life insurance for older people to consider:
Term life insurance covers a set period of time. You choose how much cover you want and, if you die within that time period, your family gets a payout. But if you die after the term ends, you won’t. You can decide whether the payout stays level throughout the term, or gradually decreases.
Whole life insurance is the most likely cover for over 70s. The policy 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.
How much does over 70 life insurance cost?
The price of over 70 life insurance is different for everyone. It’s based on your age, how much cover you want, how long you want cover for, and your medical history.
How can I find the best-priced life insurance for older people?
The easiest way to find cheap insurance is to do a comparison to find the best life insurance policy that suits your needs. Before you run a life insurance comparison, be sure you know a few things:
How much cover you need
The type of life insurance policy you need
The premium you can afford
Is a medical assessment needed to get life insurance for elderly people?
Some providers of life insurance for elderly people will ask you to have a medical examination before they’ll give you cover.
When you buy senior life insurance, or any kind of life insurance, it’s important to declare any medical conditions you have. Failing to declare any condition will result in your provider refusing to pay out.