With more and more of people having longer and more rewarding retirements, reaching 70 isn’t seen as being of a certain *ahem* vintage any more. Instead, what it can mean is enjoying a more relaxing pace of life with more free time to spend with friends and family, as well as taking on enjoyable hobbies and projects around the home, garden or further afield.
Preparing for the future
That being said, we can’t still expect to be as fit as we were in our 20s or 30s. You may start to notice that previously annoying aches and pains have now become more limiting. And any number of health issues could prompt you to think about a time in the – hopefully still distant – future when you’ll no longer be around.
Luckily, being in your 70s doesn’t mean it’s too late to get life insurance. We’ll explain the ins and outs of your cover options so you can decide what could work best for your needs.
Can I get over 70 life insurance?
It’s not as tricky as you might think, both standard fixed term and specialised whole of life cover options are available to you well into your 70s.
Many insurers offer over 50 life insurance rather than cover specifically aimed at people over 70. Ours can be taken out at any age between 50 and 80. What’s more, your application is guaranteed to be accepted if you’re a permanent UK resident. And your health won’t be an issue because we don’t ask for any medical information.
With our Over 50 Life Insurance policy, we guarantee 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. However, if you die before the first 12 months are up, and it wasn’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.
At some point in your 70s you’ll probably no longer be able to get standard life insurance. With Aviva, the cut-off age is 77. But as long as you act before you’re 80, over 50 life insurance can be a good alternative cover option as you get older.
Why do I need life insurance at 70?
By the time you reach your 70s, you may already have savings squirreled away that you want to pass on as inheritance. But if you don’t, taking out insurance in later life could reassure you that those you leave behind will end up with some extra cash.
Even if you already have money to pass on, you may want to give the people you care about some extra help with funeral costs, or any debts or bills that might need covering when you die.
What are my options for life insurance after 70?
You can still get standard or term life cover in your 70s, which may offer a larger payout than over 50 life insurance if you die during your insured term. But it’s worth bearing in mind that even if you’re in good health, your premiums could be expensive because of your age. And if you have medical issues, you may not be able to get fixed term cover at all. Our term life insurance covers you for a set time and we'll only provide you with cover until you turn 90. At this point your policy will end and we won't pay out if you die.
Over 50 life insurance can be a more affordable option as you set a monthly premium that won’t ever go up or down. You're also covered for the rest of your life and won't pay in anything at all from the policy anniversary following your 90th birthday. So you can carry on enjoying your retirement knowing that the people you leave behind are guaranteed a lump sum.
It's worth knowing at this point that an over 50 life insurance policy has no cash-in value. This means, if you no longer want the cover and cancel it, your cover will end and you won't get back any of the money you've paid in.
How to get a quote for over 50 life insurance with Aviva
If you’re in your 70s, you’re eligible for our over 50 life insurance. You can find more information and get a quote by heading to our dedicated page.
If you decide to take out cover, you’ll benefit from:
- Cover for the rest of your life, without having to answer questions about your health
- A guaranteed lump sum on your death
- Fixed premiums starting from £5 a month, with nothing to pay from the first cover anniversary after you reach 90
- Access to health and wellbeing services through the Aviva DigiCare+ app
Don’t forget, you may still be able to take out fixed term life insurance with us until you’re 77, you can apply for a quote and find out more on our life insurance page.