The good news is, it's possible to get life insurance over…
Yes, it's possible to secure over 80s life insurance in the UK.
It's not too late to protect your loved ones from major expenses, such as funeral costs, after you're gone.
Even in the later stages of life, you may still have a number of options available to you.
Over 80 life insurance policy options include:
An over 50s plan may be the most suitable life insurance policy for over 80s, as this policy type guarantees acceptance to people aged 50 – 85.
You may consider whole of life insurance if you’re in your early 80s and in good health.
The cost of cover will depend on what it is you're looking to protect and your individual circumstances.
A funeral plan allows you to pay for your funeral in advance. Acceptance is guaranteed for people over 80 and you can spread the cost in monthly instalments.
Prepaid funeral plans arranged through Reassured cost from just £3,020*.
Make the most of our award-winning broker service to compare multiple quotes for either life insurance or funeral plans.
We can help you find the most suitable cover, at the best price. Get your free quotes today.
Read on to learn all about your over 80 policy options...
As you enter your 80s you may ask whether you still need life insurance.
The answer is, it depends on your financial situation and whether you have sufficient savings.
Fortunately, people are living longer than ever before, however, this means our financial protection needs to evolve too.
Generally speaking, if you have dependants such as grandchildren, children or a partner, you’ll benefit from some form of cover.
Whilst it’s likely you won’t require life insurance to cover a mortgage there are other costs to consider:
The best life insurance will vary depending on what it is you're looking to cover.
Each policy type is better suited to protecting different aspects of your life.
And the cost is heavily influenced by the type of cover you require, as well as your personal circumstances.
At Reassured, we can provide you with all the information you need to determine the best over 80 cover to meet your unique needs.
The cost of life insurance is calculated based on a number of factors.
Each of these aspects are taken into account, the level of risk would be assessed, and your premiums priced accordingly.
As a result, due to your older age, it's likely your premiums will be more expensive than your younger counterpart.
However, it's still possible to secure affordable life cover from just 20p-a-day*.
Contact our award-winning team who'll compare quotes to help secure the best deal.
A whole of life insurance policy is guaranteed to pay out a cash lump sum to your loved ones after you pass away, (as long as you pay your premiums).
This policy type tends to provide a higher sum assured than an over 50s plan and is commonly used to cover funeral costs, provide an inheritance or clear debts.
Whole of life can also be used to cover any loss from inheritance tax, (if your estate is worth over £325,000).
To secure this type of cover and obtain affordable premiums as a senior citizen, you would need to be in relatively good health and without any long-standing illnesses.
Life insurance providers that offer whole of life cover for over 80s are few and far between.
However, at Reassured, we're able to help arrange cover up to the age of 84 years old.
Get in touch and we can compare quotes to help you determine if whole of life is right for you.
As with all policies, monthly premiums can vary significantly from insurer to insurer. So, it's best to compare quotes.
Key benefit: Guarantees a pay out when you pass away and you could secure a far larger pay out sum, compared with an over 50s plan, (if in good health).
As a result, this cover is ideal for anyone within this age range who has experienced poor health.
With this type of policy your family would be assured a pay out after you're gone, (as long as you pay your premiums).
The pay out is usually between £3,000 - £25,000, but this varies depending on the insurer and is likely to be towards the lower end of the scale the closer you are to the upper age bracket.
At Reassured, we can arrange you up to £25,000 worth of cover.
A pay out is commonly used to cover a funeral, clear outstanding debts or provide an inheritance.
Premiums can stop at the age of 90 with some insurers, however, your cover would continue until you pass away.
A benefit offered through Reassured with many of our over 50s plans.
The waiting period, (before a claim can be made)
Whilst acceptance is guaranteed on an over 50s plan, insurers mitigate their risk by implementing a waiting period.
The waiting period starts at the beginning of the policy and lasts 12 or 24 months depending on the insurer.
It means if you were to pass away due to natural causes before this period has elapsed, no pay out would be made. (However, all premiums paid would be refunded).
To determine whether an over 50s plan is the best solution for you, simply get in touch.
Our team will provide you with all the information you need to make an informed decision.
Key benefit: Guaranteed acceptance for all UK residents aged 50-85 and no medical questions or exam on application.
The most common form of life insurance, term life insurance, provides cover for a specified period of time.
Once the term of the cover has expired, the policy finishes and if you didn’t pass away, no pay out is issued.
Whilst most insurers will accept term based cover up to the age of 84, the maximum term length offered would be 5 years and premiums will be extremely high.
As a result, other forms of cover are likely to be more suitable/cost-effective.
To determine whether or not term life insurance is the most suitable option to suit your needs, get in touch with our team.
A funeral plan allows you to pre-pay the cost of your funeral at today's rate, avoiding future price rises.
As acceptance is guaranteed, you’ll have no trouble securing a funeral plan in your 80s.
Plans arranged by Reassured can be paid for in full or by monthly instalments up to 12 months, and once the plan is fully paid it remains in place for life. Some alternative providers may offer longer instalment periods for people aged 80 and over.
A funeral plan also gives you the option to arrange the services for your funeral in advance and record your final wishes.
This means your loved ones won’t have to worry about all these details when the time comes.
The rising cost of funerals
The average cost of a funeral has risen 128% since 2004 and shows no sign of slowing down.
With an average basic funeral estimated to cost £5,044 in 5 years, the benefits of securing today’s rates speak for themselves.
When arranging a funeral plan, it’s important to account for third-party costs, such as cremation or burial fees.
Whilst many funeral plans will cover funeral director costs, third-party costs attached to your ceremony may not be fully covered.
Silver and Gold Co-op funeral plans arranged through Reassured are fully guaranteed and will cover essential funeral director costs as well as all third-party fees for cremation or burial (excluding the cost of a burial plot).
Key benefit: You can lock in the cost of a funeral at today's rate, avoiding future price rises.
The key difference between life insurance vs funeral plan is the long term cost.
The monthly or upfront cost of a funeral plan is likely to be more expensive on a short-term basis.
However, the price you pay is fixed and once the plan has been paid in full, your cover remains in place until it’s needed.
Monthly premiums for life insurance may be less expensive, but premiums must be paid until you pass away or until a certain birthday, such as your 90th (depending on the insurer), meaning you can pay more into your policy than what it pays out.
Also, as someone in their 80s, the amount of life cover you can secure may not be sufficient to cover all your funeral costs.
One other key difference is that a funeral plan allows you to lock-in your funeral costs and protects your loved ones from higher funeral prices in the future.
Whereas the value of your life insurance policy won’t increase in line with inflation or rising funeral costs (unless you have an increasing life insurance policy).
You may like to read our in-depth article on the pros and cons of a funeral plan.
To help determine whether life insurance or a funeral plan is the best option for you, contact Reassured.
|Over 50 plans||Whole of life||Funeral plans|
|No medical questions|
|Quick & easy application|
|Protected against inflation|
|High value payout|
|Terminal illness cover|
|Financial Conduct Authority (FCA) regulated|
|Funeral Planning Authority (FPA) regulated|
If you already have life insurance in place, you could choose to also take out a funeral plan simultaneously.
You can secure the best price for your funeral now, whilst freeing up some of your life insurance proceeds to be used elsewhere.
Contrary to popular belief and unlike other types of insurance, you can take out more than one life insurance policy.
Although, this is subject to your available budget as would require you to pay two premiums.
Once your life insurance has been arranged, it won't be affected by your age.
Typically, the cover agreed at application will remain valid and unchanged until a pay out is made, even after you pass 80.
However, there are two exceptions.
Firstly, most life insurance providers will only provide term life insurance until an upper age limit.
At Reassured, this is 84, although some insurers may have a lower threshold.
If you have a term life insurance policy, it's important to be aware of how long your cover lasts and to understand at what age the cover will cease.
Secondly, some over 50s plans only require you to make premium payments for a specified number of years.
At this point in time, premium payments will cease but cover will remain in place for the rest of your life.
Typically, this is on your 90th birthday or 30 years into the policy.
This will vary between providers and it's important to review your individual policy.
Critical illness cover allows you to make a claim on your policy if you were diagnosed with a critical, yet not terminal, illness.
However, due to the high-risk to the insurer, it's highly unlikely you'll be able to arrange critical illness cover in your 80s.
At Reassured, all term-based policies come with terminal illness cover as standard.
This means that if you're diagnosed with a terminal illness and given less than 12 months to live, you can make an early claim.
An early pay out could be used for medical treatment, to get your financial affairs in order or simply to enjoy with your family.
Joint life insurance covers two lives simultaneously and pays out only once normally upon the first death.
Unfortunately, an over 50s plan cannot be taken out as a joint policy.
However, it may be possible for two people in their senior years to take out whole of life insurance as a joint policy.
This means there would be a guaranteed pay out when the first partner passes away.
As joint life insurance expires after the first death, the surviving partner would be left unprotected. And, at an older age (perhaps beyond their mid 80s), they may struggle to secure a new policy.
Two single policies would provide two pay outs to cover both funerals and perhaps to provide a financial gift for children and/or grandchildren.
As your parents enter the later stages of life, it's not uncommon to look at arranging life insurance on their behalf.
It's possible to do this, however, the rights to the policy will remain in the policyholder’s name.
This means that initiation of the policy, changes to the policy, trust agreements and cancellation will require their permission.
The various policy types discussed previously are all available to arrange on behalf of your elderly parents.
Simply get in touch with Reassured today to determine the options available to you.
Writing your life insurance in trust enables you to ensure that your loved ones benefit fully from your policy.
The person you place in trust (the trustee) would manage the pay out and ensure it's distributed according to your wishes.
At Reassured we're able to offer a free trust service on the majority of the policies we sell, where our dedicated team can help you through the application and answer any questions.
There could be a number of reasons why you've decided now is the time to make financial provisions.
A major life event or the loss of a loved one may have been the prompt to research your options.
Or it may simply be that you've reflected on how your loved ones would cope financially if you were to pass away.
Particularly if you were to leave behind an elderly or vulnerable dependant.
In any case, preparing for the future financial security of your loved one's will provide peace of mind for your remaining years.
Looking for life insurance or a funeral plan when you're over 80 can be tricky.
However, finding the right cover at the best price is still achievable by comparing quotes, (as prices can vary).
You can use an award-winning life insurance broker such as Reassured, to compare quotes from insurers, saving time and money.
We can also help you with the application process, explain any jargon and ensure that you have all the information required.
All of the funeral plans we provide are fully regulated by the Funeral Planning Authority (FPA) to give you peace of mind that you're fully protected.
Lastly, our broker service is completely fee-free - so why not seize the day?
 SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021
*£3,020 is for a Co-operative Simple Funeral Plan paid in full, which includes a £75 discount only available to Co-operative members. Prices correct as of 1st March 2021
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At Reassured, we will provide you with quotes from Co-op Funeral Care.
All of the funeral plans we provide are fully regulated by the Funeral Planning Authority (FPA) ensuring you and your money are protected.
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