Life insurance over 70 - what are your options?

Life insurance over 70 - what are your options? main image

Wanting life insurance in later life is usually motivated by different concerns to the ones you had when you and your family were younger. The good news is, life insurance for the over 70s not only exists, there are plans that have been designed with the needs of older people in mind.

It’s true that in your seventies, you should expect to pay more and your options may be limited, but don’t let this put you off. You just need to invest some time to compare quotes and insurers to ensure you get the right over 70s life insurance for you.

Why buy life insurance over 70?

Life cover is all about protecting the people we love. When your family was young, it was there to provide for them should the worst happen to you. A time when lost income would have been felt most keenly. As you get older, you still want to protect your family but in different ways. Now your focus may be on planning for the inevitable, tying up loose ends and making things that bit easier for those you leave behind.

life insurance over 70For example:

  • Paying off outstanding loans or bills
  • Paying for a funeral or contributing towards funeral costs
  • Leaving a cash gift for family or friends

What is the best life insurance for over 70 years olds?

There are three types of life insurance policy available to you:

1. No-medical over 70s life insurance

  • Known as a guaranteed over 50 plan, it actually takes in over 60 and over 70 life insurance, even over 80 in some cases.
  • Covers you for the rest of your life regardless of how long you live.
  • A popular choice because acceptance is guaranteed. The state of your health is not taken into account.
  • Applying is quick and easy because there are no medical or lifestyle questions to answer.
  • Premiums start from a few pounds a month
  • The cash sum paid out will be lower than insurance based on health and lifestyle criteria.

2. Whole of life insurance with health / lifestyle checks

  • Covers you for the rest of your life, regardless of how long that is, and pays out a cash sum when you die.
  • You will have to answer health and lifestyle question.
  • The cost of your cover will depend on your answers, so it could be expensive. Your application could even be declined.
  • If you are accepted, the cash sum that is paid out is bigger than with a guaranteed over 50 plan.

3. Term life insurance

  • Covers you for a set period of time and pays out if you die during that time.
  • You can choose either ‘level term’, which pays out the same amount throughout or ‘decreasing term’ where the payout amount reduces over the cover period.
  • You usually have to complete a medical and lifestyle questionnaire.
  • The cost of your cover will depend on your answers, so it could be expensive. Your application could even be declined.

Why is life insurance over 70 more expensive?

The simple reason is, the older you are the more likely you are to have experienced health issues. Even if you’re still fighting fit, you are more likely to develop health issues than when you were younger. And of course the older we get, the shorter our life expectancy.

But that doesn’t mean the cost of getting life insurance over 70 is prohibitive. If you’re looking for a simple policy with no medical questions and a guaranteed payout when the time comes, an over 50 plan could be more affordable than you think.

For example, a 70 year old paying £10 a month could receive £1,439 of life cover.

If you’re in great health, whole of life insurance or term insurance is worth considering so why not compare quotes to get an idea of what the cost may be? Don’t forget, if your application is turned down, you can still opt for guaranteed no medical life insurance.

What should I do now?

If you’re interested in life insurance with guaranteed acceptance, compare over 70s life insurance quotes now using our simple and free service. Or find out more about no-medical life insurance over 70

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