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Last updated: 24 November 2020
Yes, you can get life insurance for over 70s. But when you buy life insurance over 70, 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.
Life insurance for over 70s 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 your over 70 life insurance policy until (such as 80 years old).
This means that if you’re 70 and you pick a life insurance for over 70s 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 over 70 life insurance providers 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 when you buy your over 70 life insurance.
You can read about which life insurance cover is right for you here.
The earlier you get your over 70 life insurance, the better. The older you get, the greater your risk of illness, and the more expensive life insurance for over 70s will be.
Once you’re over 70, you’ll need to act quickly because many over 70 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.
Life insurance for over 70s 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 life insurance for over 70s is more expensive. But there are ways to cut the cost of your life insurance, so read our tips.
You can compare life insurance here.
The decision on whether to get over 70 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.
Life insurance for over 70s 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, over 70s life insurance could pay for outstanding debts or be a gift for your family.
When you look into life insurance for over 70s, think carefully about how much cover you need.
The amount of cover you need from your over 70 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.
There are two main types of life insurance for over 70s 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.
Income payouts are rarely available as part of over 70 life insurance because most providers include upper age limits.
But if you need to have your over 70 life insurance payouts paid as income for a certain period of time, you could search for a family income benefit policy.
You would choose an amount of money that your over 70 life insurance providers will pay out as an income to your loved ones. It will be paid for the length of time remaining on your policy's term, if you die before it ends. This type of policy is not always available from over 70 life insurance providers and you may need to go through an independent financial adviser or broker in order to get cover that comes with an income payout.
If you took out a 30-year policy and died in the 28th year, your over 70 life insurance provider would only pay an income for the remaining 2 years.
With a standard life insurance policy, the lump sum payment when you die could be a larger amount in total than what would be paid through an income payout policy. However, if you need your income to be replaced when you die, a family income benefit policy is more likely to meet your needs.
But remember, it will only pay out until the end of the policy's term.
A family income benefit policy is a risky option if you are looking for the policy that pays out as much money as possible. The over 70 life insurance provider will only pay out for the remaining term of the policy. So if that is one year, the amount your loved ones get will be a year of income.
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.
The easiest way to find cheap over 70 life insurance is to do a comparison to find the best policy that suits your needs. Before you run an over 70 life insurance comparison, be sure you know a few things:
How much cover you need
The type of over 70 life insurance policy you need
The premium you can afford
Some providers of over 70 life insurance will ask you to have a medical examination before they’ll give you cover.
When you buy over 70 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.
Some insurers will ask you to have a medical if you are over 70, and you will need to declare any medical conditions you have before you are accepted.
You may find it harder to get cover if you have any health issues. Get as many quotes as you can until you get accepted for the cover you want.