Life insurance for over 70s
Explore the life insurance options open to you at 70 and beyond.
Being in your 70s can be satisfying. From having more time to spend with family and friends, to immersing yourself in new hobbies or projects, the slower pace of life can be fulfilling.
Retiring from work and settling into a more relaxed routine could prompt thoughts about what’s truly important to you now. You may have some health concerns and be considering your wishes for loved ones in the future, for a time when you may no longer be around. If you don’t have life insurance, it could be worth exploring the cover options available to you.
Can I get life insurance over 70?
Yes. In addition to standard life insurance, many insurers offer a type of whole of life cover for over 50s.
Life insurance runs for a specific length of time and pays out a sum of money if you pass away during the policy term. The payout can help your loved ones maintain their way of life and keep paying the bills. To apply for our Life Insurance Plan, you need to be aged between 18 and 77. In most cases there won’t be a medical exam, but we'll need to know about any pre-existing medical conditions that we ask about. There is no cash-in value at any time, and if you cancel the policy, the cover will end and you’ll get nothing back.
Over 50 insurance policies can generally be taken out from the age of 50 to 80, which makes it a viable option for people in their 70s. It lasts for as long as you live, rather than a set period of time and pays out a small lump sum when you pass away. The lump sum can be useful for loved ones – contributing towards costs or bills - and can also help towards funeral costs. There is generally no cash-in value at any time.
Our Over 50s Life Insurance is available to anyone aged between 50 and 80, provided they're a permanent UK resident. You're guaranteed to get full cover after one year.
Why might I need life insurance at 70?
Having life insurance could help ease the financial burden on your loved ones. Whether you're wanting to leave a financial gift or contribute to outstanding bills, it could give you some peace of mind about a time when you're no longer around.
If you already have money to pass on, you may want to give the people you care about a little extra help with funeral costs, or any debts or bills that might need covering after you've gone.
What are my options for life insurance after 70?
If you take out over 50 life insurance in your 70s, it'll last for the rest of your life. This means those you care about most are guaranteed a payout from your cover when you die.
If you take out a standard life insurance policy in your 70s, you'll be covered for your requested term, which means there may be no payout if you die beyond the insured term. It's important to check with your insurance provider when taking out a policy.
Find out about our Over 50s Life Insurance and our Life Insurance Plan to see if either policy is right for you.
Why choose our Over 50s Life Insurance?
If you're considering over 50 life insurance, our Over 50s Life Insurance guarantees to pay out every penny of the cover amount as a lump sum if you die for any reason after the first 12 months of having the policy, or if you die because of an accident within the first 12 months.
If you die before the first 12 months are up, and it isn’t an accidental death, we won’t pay out the cover amount, but we’ll pay a sum that’s equal to the premiums that have already been paid. Our Over 50s life insurance policy has no cash-in value at any time. This means, if you decide in future that you no longer want the cover and cancel it, or stop paying premiums when they're due, your cover will end, but you won't get back any of the money you've already paid in. As the cover amount is fixed, inflation will reduce its value over time. It's also worth noting that the total amount you pay for cover depends on how long you live for. You could end up paying in more than is paid out.
You can have one, or several plans, as long as your premiums total less than £100 each month. Also, with our Over 50s life insurance policy, there's no need for a medical. We just need to know whether or not you smoke. A payout can help with funeral costs, debts or other costs, so your family have less to worry about. With premiums starting from £5 a month, it's an affordable insurance option. Your premiums are fixed so they'll never go up or down and they'll stop after 30 years or on the policy anniversary after your 90th birthday.
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