Most over 50 plans now come with a free gift. But which…
Yes, the good news is that you can get life insurance over 70.
It’s a welcomed fact that people in the UK are now living longer than ever before.
According to ONS data, between 1980-82 and 2018-20, the average life expectancy has risen from 71 to 79 years for men and 77 to 83 years for women.
As a result, many people are arranging life insurance later in life, or need to renew cover due to outliving their policy.
You may be eligible for the following policies in your 70s:
The type of policy that’s right for you will depend on your personal circumstances and your budget.
Contact Reassured to find out which life cover options are available to you and to compare free quotes.
In 2022, we helped more than 4,000 people in their 70s secure life insurance to suit their needs and budget.
Learn more about over 70 life insurance policies and how we can help you secure the right cover in this guide...
Whether you need life insurance over 70 will depend on your personal and financial circumstances.
Life insurance is a practical and affordable way to set money aside for your loved ones for the future.
Although, it’s best not to delay taking out cover, as premiums get more expensive as you get older.
Contact Reassured today to find your ideal policy and lock-in the best possible rate we can offer you.
Are you approaching your 80s? Read our comprehensive article on over 80 life insurance options »
The best life insurance for you will depend on your personal circumstances and budget.
One of the most popular types of life insurance is term-based life insurance (level or decreasing cover), as its usually the cheapest.
You may consider a term-based policy if you’re looking to help cover certain financial commitments such as a mortgage or other debts.
Alternatively, if you’re over 70 with a pre-existing medical condition then you may find that an over 50s plan could be more suitable.
An over 50s plan guarantees acceptance to people aged 50 - 85, and the application doesn’t include any medical questions.
You can apply for an over 50s plan in your 70s and it’s guaranteed that you’ll be offered a policy. Although, your specific age and smoking status will determine the maximum pay out you can secure.
An over 50s plan lasts for the rest of your life, which means your loved ones are assured a pay out when you pass away, (not if you pass away). This makes it a type of life assurance.
The pay out can be used by your loved ones to help cover your funeral costs and other expenses after you’re gone.
Your monthly premium will be determined by your age, the sum assured (pay out amount) and your smoking status.
The cost of your monthly premium is fixed which means it will never go up.
An over 50s plan is a good alternative to standard life insurance for many people over 70, however there are a couple of important aspects to bear in mind:
1. Monthly premiums are ongoing until you pass away or until you reach a certain age (such as 90), depending on the plan you choose
Therefore, it’s important to consider your budget and choose a level of cover you can afford both now as well as in the future.
2. A waiting period applies with all over 50 plans
Over 50 plans employ a waiting period (or qualifying period) at the beginning of the policy, which lasts 12 or 24 months.
This means, if you pass away due to natural causes during this initial period, a pay out won't be made. Any premiums you’ve paid will be refunded to your beneficiaries.
However, death caused as a result of an accident during the waiting period is still eligible for a claim.
Get in touch with Reassured to arrange life insurance for seniors over 70 no medical exam.
Whole of life insurance could be a suitable option for applicants in their 70s who are in good health.
This type of policy is also known as life assurance as it lasts for the rest of your life and assures that your loved ones receive a pay out when you pass away.
The money can be used to help them cover funeral costs, pay off outstanding debts and/or to spend as an inheritance.
The application for whole of life insurance 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.
Or, depending on your personal circumstances, you may be able to secure a greater sum assured.
The cost of your life insurance premium is determined by your age, health, smoking status and the level of cover.
As the policy remains in place for the rest of your life, you’ll need to continue paying your monthly premium until you pass away.
This means that, depending on how long you live, it's possible to pay more into the policy than what’s paid out to your loved ones.
Reassured can help you determine if whole of life insurance is the right option for you. Get in touch today for your free quotes.
A funeral plan gives you the option to cover the cost of your funeral ahead of time.
It helps to protect your loved ones from unexpected costs when you pass away.
With a funeral plan you can also make the arrangements for your final send-off, so there’s less worry for your loved ones during an already difficult time.
You can choose a funeral plan based on the services you’d like it to include and your budget.
Please note, Reassured are unable to sell funeral plans. If you are looking for a funeral plan we suggest you check the FCA register to find a regulated provider.
Term-based life insurance will cover you for a set period of time (the term). If you pass away during the term, then a cash lump sum is paid out to your loved ones.
As mentioned, this type of cover is designed for people who want to help cover their mortgage and other essential costs in the event that they pass away before these are paid off.
There are two term-based life insurance options:
Term life insurance requires your medical information, so if you’re over 70 with a pre-existing medical condition then this will affect your premiums as well as the amount and length of cover you can secure.
One of the drawbacks of this type of cover is that it’ll expire after the set term (1 - 20 years) and there’s a chance you could outlive your policy.
If you’re looking for a guaranteed pay out when you pass away, then you may opt for an over 50s plan or whole of life policy.
Contact Reassured to find out if term life insurance over 70 is the right option for you.
The cost of life insurance for over 70s depends on your personal circumstances and the type of policy you choose.
Insurers take into account a variety of factors to assess the level of risk you pose and calculate your monthly premium accordingly.
The key cost factors include:
With the exception of an over 50 plan which only takes into account your age, the sum assured and your smoking status.
As mentioned, an over 50 plan guarantees acceptance and doesn’t require you to disclose your medical history.
The table below shows examples of the amount of cover you could get for each policy type as a non-smoker in good health paying a monthly premium of £35:
|Age||Level term (10 year term)||Decreasing term (10 year term)||Whole of life insurance||Over 50s plan|
Contact Reassured to compare your free, no-obligation, personalised quotes.
It's no secret that the cost of life insurance increases as you age, (as the risk of a claim is higher).
This is due to the following reasons:
This makes it even more important to seize the day if you're deliberating taking out life insurance.
Find out how you could save money on your over 70 life insurance by reading our top tips below…
It might be possible to take out critical illness cover if you’re under the age of 75. This is currently offered by Reassured’s partner AIG.
However, securing the cover might entail additional medical reports or exams and your premiums may be expensive.
Critical illness cover offers a pay out if you're diagnosed with a serious, yet non-life-threatening illness, including stroke, heart attack, blindness or some cancers.
If you meet the eligibility criteria, it could be added to a term life insurance policy for an additional cost.
Critical illness cover may be worthwhile if you’re under 75 and in good health. However, you’ll still pay significantly more due to your age.
Get in touch with Reassured to see if you could secure critical illness cover.
Some of the life insurance policies arranged through Reassured come with free terminal illness cover as standard.
Terminal illness cover means that you can make an early claim on your policy if you're diagnosed with a life-threatening illness and given less than 12 months to live.
An early pay out could be used to help settle your finances prior to your passing or contribute towards the cost of a private carer.
Once your life insurance has paid out for terminal illness, your loved ones won’t be able to claim again after your death.
To find out which policies offer this free additional cover then simply ask a member of our friendly team.
Joint life insurance is available with whole of life and term-based policies, but not over 50 plans.
A joint policy covers two lives simultaneously and there’s only one monthly premium to pay between both parties.
It can provide a cost-effective alternative to taking out two single policies, (saving up to 25%).
For a couple in their 70s, there are some key points to consider before opting for joint life insurance:
For these reasons, if it's financially viable, taking out two single policies would provide a greater level of cover for both parties.
The table below shows example premium prices for two single policies vs a joint policy.
Quotes are based on non-smokers, aged 70 who’re in good health, for a pay out amount of £20,000:
|Policy type||Two single policies||Joint policy||% Saving|
|Whole of life insurance||£145.88 p/m||£118.87 p/m||-20.40%|
|Level term (10 years term)||£44.04 p/m||£41.16 p/m||-6.76%|
|Decreasing term (10 years term)||£35.22 p/m||£32.94 p/m||-6.69%|
Regardless of your age, when taking out life insurance, it could be very beneficial to write your policy in trust (if offered by your provider).
Writing your life insurance in trust passes ownership of your life insurance policy over to someone you trust (a trustee), similar to an executor of a Will.
Writing your life insurance in trust brings three key benefits:
Helps avoid/minimise inheritance tax (IHT) liability for your loved ones (40% over £325,000)
Life insurance that’s not written in trust is subject to 40% inheritance tax over the £325,000 threshold.
However, writing your policy in trust can detach your policy from your estate, which means it won’t be subject to inheritance tax - allowing your family to receive the full pay out sum.
If you’re estate is worth over £325,000, including the value of your life insurance policy, then you may choose to write your life insurance into trust.
Avoids probate, for a faster pay out
If your life insurance policy is considered as part of your estate, then it will also need to go through the probate process.
Probate can take 6 - 9 months in the UK, which means your family won’t be able to make a claim until after this period.
A policy that’s written in trust will pay out much quicker, generally in just a few weeks.
Allows you more control over your policy and the proceeds
With your life insurance written in trust, you can have peace of mind that the funds will be spent as you intended.
You can decide who receives the pay out, as well as when and how you want it to be distributed.
Reassured provide a free trust writing service with most of our policies, so get in touch and make the most of this valuable service today.
While it’s possible to get life insurance in your 70s, the cost of your chosen policy will vary between insurers.
Using a broker, such as Reassured, will allow you to easily compare multiple quotes from the biggest insurers in the UK.
Our award-winning team can also help you with process of applying for life insurance as well as answer any questions you may have.
Reassured also offer a free trust writing service to help you write your policy in trust, with the majority of policies we sell, which can ensure that your family receive a quicker and fuller pay out when the time comes.
And the best part; our FCA-regulated life insurance broker service is fee-free and without obligation.
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry