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Life insurance for seniors

Life insurance for seniors

Find out why getting life cover in your later years can be an affordable way to take care of the ones you love most.

Kamran Altaf
From the Life team
minute read
posted 22 JANUARY 2020

Is there an age limit for buying life insurance?

There isn’t a maximum age for taking out life insurance. However, insurance providers will set their own age limit – this typically tends to range from 75 to 80. You could still get a policy if you’re older, but it’s rare to find a policy if you’re over 85.

How does age affect the cost of life insurance?

As you get older, life insurance typically gets more expensive. That’s because as people age, they’re more likely to get ill and therefore more likely to claim on a policy – and a provider passes on this added risk to a customer in the form of a higher premium.

There are many factors other than age that affect the cost of life insurance. Your health, weight and lifestyle – including if you smoke or not – all impact the cost of cover. So there are steps you can take, such as improving your fitness, to reduce the cost of your premium.

What options are there for life insurance as I get older?

Your options for life insurance as you get older include:

  • Over 50s life cover – this type of cover, which is usually taken out between the ages of 50 and 80, pays out a lump sum to your dependants when you die. One advantage of an Over 50s plan is that acceptance is guaranteed – you won’t need to pass a medical or answer any health questions.
  • Funeral cover – many providers offer pre-paid funeral plans. Some of these only cover the funeral director’s bill, while others could include the cost of a wake or a cemetery plot.
  • Level term insurance – pays out a fixed lump sum, which is agreed when you take out the cover, if you die during the term of a policy. If you don’t die within the policy term, your family won’t receive a pay-out.

As well as life insurance, you might want to consider critical illness cover, which typically pays out if you’re diagnosed with an illness listed in the policy. A critical illness can include a stroke, heart attack and non-terminal cancer. A pay-out is made by a provider in the form of a lump sum, which can be tax-free. Read more about what is and isn’t covered by critical illness insurance. The type of policy that works for you depends on your individual circumstances.

Can I get life insurance for my parents?

You can, if you can show that you’d suffer financial loss if they died. For example, if a mortgage (or other debts) would be passed to you or you’d have to pay the funeral costs. This is called having an ‘insurable interest’ and it’s needed if you buy life insurance for someone else. Unsurprisingly, this can be a sensitive topic and you’ll need the full consent of your parent or parents before getting a policy.

How much is life insurance for a 65-year-old?

The average life insurance policy for over 65s could cost £47.40 a month**. While the cost of life insurance varies among providers, getting life cover in your later years can be an affordable way to take care of your family.

**Based on the top 5 prices for life insurance quotes made by people over 65 on Compare the Market in the three months between 1 October 2019 to 1 January 2020.

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