Whole of life insurance could be a great option if in your 70s, especially if you're in good health. A pay out is guaranteed and can be used to fund whatever your beneficiaries deem fit.
Unlike an over 50s plan, a whole of life application involves health-related questions and possibly a medical exam.
Providing details of your medical history or undergoing a medical could allow you to secure the same level of cover as an over 50s plan but for a lower premium.
"A regular whole of life insurance plan could give you at least 40% more cover than its heavily advertised relation, the guaranteed over 50 plan."
However, the cost of your life insurance premiums is still calculated based on the level of risk you pose to the insurer.
On account of being over 70, this is likely to be deemed relatively high and therefore your monthly premiums could be costly.
Like an over 50s plan, whole of life is a type of life assurance, meaning that when you die, your beneficiaries are assured a pay out.
Whilst the cost of whole of life cover may be less than an over 50s plan, unlike over 50s premiums which can stop at the age of 90, whole of life premiums continue until the day you die.
Again, this means that it's possible to pay more into the policy than your loved ones will receive as a pay out.
This type of life insurance can be suitable for covering the cost of a funeral, clearing outstanding debt and/or providing an inheritance.
As with all policies, monthly premiums can vary significantly from insurer to insurer. So, it's best to compare quotes.
Key benefit: A pay out is guaranteed and you could secure a greater sum assured, with a lower premium, compared with an over 50s plan, (if in good health).