How old is too old for life insurance?

How old is too old for life insurance? main image

How old is too old for life insurance?

Now there’s a question! Truth is, you’re never too old - or too young - to think about your life insurance needs. That is why different types of policies exist, from mortgage life insurance to over 50 life insurance, to protect you and your family through your different life stages.

As you’re asking if you’re too old for life insurance, we’ll start at the upper end of the age spectrum and work back from there.

Life insurance over 50   

Maybe your children have fled the nest, maybe the mortgage is paid off or maybe you’re now living on your pension. Maybe all three! Wherever you find yourself, and however far north of 50 you are, you’re never too old to consider life insurance if you haven’t done so already.

Over 50s life insurance – no medical questions   

Over 50 life insurance is simple and affordable whole of life insurance open to anyone aged 50 – 80 years old: with the UK’s leading provider SunLife, going right up to 85. You don’t have to answer any medical questions when you apply, and it guarantees to pay out a cash sum when you die. Very simply, you’re guaranteed to be accepted whatever your health or lifestyle choices, even if you’ve been refused life insurance before, perhaps due to a pre-existing medical condition.

So, if for any reason you don’t want to answer questions about your health or you can only comfortably afford a few pounds a month, over 50 life cover could be a simple way for you to leave a cash sum behind for your loved ones. Money they can use however they wish, for example, putting it towards funeral costs, settling unpaid debts or just treating themselves.

Whole of life insurance with medical questions

If you’re in good health and happy to undergo a medical, regular whole of life insurance could also be an option. If you’re accepted, it also guarantees to pay out a cash sum when you die, no matter when that is, however the payout is considerably higher and the monthly premiums more expensive than over 50s life insurance.

Life insurance in your 20s, 30s and 40s 

Term life insurance - when raising a family

Over the years your children are financially dependent on you. You therefore may want to consider making financial provision for them should one or both parents die.

Term life insurance pays out a cash sum if you die within a specified number of years, for example, until your children reach the age of 18.

You could also opt for whole of life insurance which will pay out whenever you die, rather than only within a specific time frame. As a result, the premiums are typically more expensive than those for a term life insurance.

Critical illness cover – an extra layer of protection

As additional protection, you may want to consider critical illness insurance. This cover pays out a lump sum if you are diagnosed with a serious illness specified in the policy – meaning that you can concentrate on getting better and not worry about the financial implications of being unable to work.   

Mortgage decreasing term life insurance – when starting out

It’s also true that you’re never too young to start thinking about life insurance. When first setting up a home, keeping the roof over your partner’s head if you die may be a key concern. For many young people, balancing outgoings and a mortgage alongside life insurance can seem like an expensive option, but it doesn’t have to be.

Mortgage decreasing term life insurance pays out a cash sum if you die within a specified number of years, but the cash sum decreases over time in line with your outstanding mortgage balance. This feature can make it more affordable than level term insurance.

Life insurance for old age

The good news is that there are many affordable life insurance options to protect you and your loved ones no matter your age and what life throws at you.

Although insurance is typically cheaper the younger you are, it is rare to not be eligible for insurance. Over 50 life insurance, which guarantees to accept you, can even be taken out well into your 60s, 70s and even your 80s.

Compare over 50 life insurance quotes

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