For many of us the need for life insurance is pretty consistent throughout our lives, it’s just the reason we require the insurance that changes. So its little wonder the market for over 50, 60 and over 70 life insurance is big business.
It’s true that when looking for life insurance over 70 year olds should expect to pay more and there won’t be as many options available but this shouldn’t put you off. You just need to take time to compare the market to ensure you get the right type of life insurance that suits your needs.
Why buy over 70s life insurance?
Life insurance is all about protecting those we love. Younger families frequently buy term life insurance to cover a mortgage or loss of income for a specific period. Perhaps whilst children are going through education, to ensure that should the worst happen, family life continues in a similar manner.
As we get older, whilst the focus is still on protecting the family, the requirements for life insurance change. Needs are generally centred around planning for the inevitable and tying up any lose ends, for example:
- Paying off outstanding loans or bills
- Paying for or towards a funeral
- Leaving a gift for family
Why is life insurance for over 70 year olds more expensive?
Unfortunately as we get older, the cost of our insurance becomes more expensive too; which is true of over seventy life insurance.
At the end of the day, a 70 year old is more likely to have experienced health issues, or certainly more prone to developing them in the future. And of course the older we get, the shorter our life expectancy is but this doesn’t mean the cost of a plan will be prohibitive; it just means you need to choose wisely based on your personal situation.
What is the best Life Insurance for over 70 year olds?
The best over 70s life insurance will depend on the following:
- How much cover you want
- What you want the cover for
- How long you want it for
- The state of your health
- How much you can afford to pay a month
This will then help you decide which type of life insurance you require; term life insurance, regular whole of life insurance or guaranteed over 60s life insurance (which regardless of the name, provides life insurance for over 70 year olds too).
Term Life Insurance
A term life insurance plan will cover you for a period of time, paying out a cash lump sum if should you die within that specified timeframe. You can choose between level term life insurance that pays out the same amount throughout the duration of your agreed term, or a decreasing term policy.
With a decreasing term, the amount paid out will reduce throughout the term of the plan.
Term Life insurance may not be cheap for the over 70s, so compare options available. Also be aware that you will more than likely have to complete a medical and lifestyle questionnaire which could either make the plan even more expensive or result in your application is declined.
Regular Whole of Life Insurance
A whole of life insurance plan pays out a cash sum when you die, regardless of when that is. You will need to answer health and lifestyle questions, so again run the risk of being declined however if you are accepted, the cash sum that is paid out is bigger than with a guaranteed over 50 plan.
Guaranteed Over 50 Life insurance
The guaranteed over 50s life cover plan is also available for those over 60 and over 70 years olds that are looking for life insurance.
What attracts many over 70 year olds to this type of plan is that acceptance is guaranteed regardless of any health issues you may have. A ‘no questions asked life insurance plan’ that doesn’t take the state of your health into account.
So if you are looking for life insurance for a period of time, it may be worth looking at term insurance in the first instance.
If however you are wanting an over 70 life insurance plan that will cover you for the whole of your life, leaving a cash sum for your family to use, you can either look at regular life insurance if you are fit and healthy, or an over 50 plan if you want a quick and easy application process that will cover you regardless.
Don’t forget, if you are unsure you can always apply for the regular plan and if your application is turned down, opt for the guaranteed no medical life insurance.
Over 70 life insurance
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