Life insurance for senior applicants

The purpose of life insurance for seniors is often different to life insurance for young adults, as your responsibilities and priorities are likely to change as you get older.

In early adulthood, life insurance is often required to help cover a mortgage, childcare fees and family living costs should the unexpected happen.

However, as we enter our senior years, there’s often a growing need to meet funeral costs or to leave an inheritance for loved ones when that time comes.

For this reason, life insurance for older applicants is widely available and can be affordable, even for those with health conditions.

This includes specialist over 50s life insurance providers and policies specifically designed for those in later life who want to leave a financial legacy.

At Reassured, we can help compare free quotes for senior applicants up to the age of 86. Get in touch to secure our best available deal.

To help guide those aged 50 and over, our in-house life insurance experts have created a library of in-depth and informative articles.

Senior life insurance articles:


Funeral related articles:


Over 50 life insurance reviews:


Senior research articles:

Should senior citizens get life insurance?

You may wish to take out senior life insurance for the following reasons:

  • Leave a financial legacy. Taking out life insurance in later life can be an important part of planning for your future, building a legacy and ensuring your loved ones have the support they need after you’re gone
  • Help cover funeral costs. The average cost of a UK funeral is £4,141 and the total cost of dying is £9,658[1]. A contribution towards your funeral costs can help to ease the financial burden on loved ones
  • Help cover living costs for a partner. Life insurance could help to supplement your partner’s pension during retirement, helping them to manage bills and other day to day living expenses when you’re no longer around
  • Help pay inheritance tax. If your policy is written in trust (details below), it could help to pay any inheritance tax bills upon your death (if you’re estate is liable). The current tax charge is 40% on any part of an estate valued over the £325,000 threshold (£600,000 for couples)
  • Help clear outstanding debts. If you have any outstanding debt in your name, such as credit cards or loans, these will need to be repaid from your estate when you pass away. A life insurance pay out can help to cover your outstanding debt and ensure a larger inheritance for your family
  • For peace of mind. Senior life insurance can offer peace of mind in your retirement years, knowing that your family will receive a cash lump sum when you pass away to help them manage financially

Senior life insurance calculator

Work out your ideal cover amount by filling in the costs you’d like your senior life insurance to cover.

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According to Uswitch, it’s estimated that 23,000 people in the UK will still be paying off their mortgage by age 75.

Although an over 50s plan can’t cover the full cost of a mortgage (as cover is capped at £20,000), it could help to contribute some funds towards keeping your family in their home.

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Research by Saga shows that nearly 6 million over 50s owe money on credit cards and loans, with average debt amongst this age group totalling £12,000.

Depending on your personal circumstances, an over 50s plan may not be able to cover all debts (as cover is capped at £20,000) but it could allow you to cover some debts in your name.

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SunLife’s Cost of Dying 2023 report found that the average cost of a basic funeral is £3,953, with the overall cost of dying totalling £9,200.

A pay out from life insurance can help to cover all or some of these costs.

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Age UK have found that many over 50s and 60s will be reliant on their pension to get by.

Life insurance can provide your partner with a helping hand on top of their pension.

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An inheritance can provide your loved ones with a cash gift to spend as they wish.

Alternatively, you could leave a portion of your pay out to a charity that’s close to your heart.

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If you already have a life insurance (or other financial protection) policy in place, and/or you have your own savings, factoring these into your sum assured could reduce the level of cover you require - helping you to save money.

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Your total cover estimate

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Which are the best life insurance policies for seniors?

The best life insurance policy for you will depend on your specific needs and circumstances.

Senior applicants can choose from the following policy options:

Guaranteed life insurance for seniors [over 50s plan]

Guaranteed life insurance (also known as an over 50s plan) is a type of policy that’s specifically designed for seniors.

The application doesn’t require any medical information and acceptance is guaranteed (for UK residents aged 50 - 85).

An over 50s plan provides whole of life cover, paying out a lump sum when you pass away. With some insurers, premiums are only required until you reach age 90.

Key features:

  • Guarantees acceptance to UK residents aged 50 - 85
  • No medical questions or exam
  • Sum assured (pay out amount) up to £20,000 (depending on your age, smoking status and budget)
  • Immediate accidental death cover
  • Full cover after waiting period (12 or 24 months depending on the insurer)
  • Fixed monthly premiums (from just £5 a month through Reassured)

Term life insurance for seniors

Term-based cover provides a pay out if you pass away during a specified period and the pay out potential is often higher than other types of cover.

Therefore, it may be best for seniors who are still repaying a mortgage or supporting a family.

Key features:

  • Provides cover for a set term (up the maximum age of 90)
  • Choose between level or decreasing pay out sum
  • Will only pay out if you pass away during the set term
  • Medical information required during the application process
  • Comes with free terminal illness cover
  • Available to UK residents aged 18 to 86
  • Fixed monthly premiums from £5 a month through Reassured

Whole of life insurance for seniors

Whole of life insurance provides lifelong cover from day one, guaranteeing a pay out to your loved ones when you pass away.

Naturally, this type of policy can be more expensive than term-based cover.

However, it’s worth exploring whole of life insurance in your later years, particularly if you’re in good health (as the application includes medical questions).

Key features:

  • Guarantees to pay out when you pass away
  • Medical information required during the application process
  • Available to UK residents aged 18 to 84
  • Fixed monthly premiums from £8 a month through Reassured ±

How much is senior life insurance?

Senior life insurance starts from just £5 a month through Reassured.

However, the exact price you’ll pay will depend on your personal circumstances and the policy you choose.

Excluding an over 50s plan, the cost of life insurance premiums are calculated using your:

  • Age
  • Health & wellbeing
  • Family medical history
  • Smoking status
  • Weight (Body Mass Index)
  • Occupation
  • Policy type
  • Pay out amount
  • Length of cover

In the table below, we’ve provided some examples of how much cover you could secure for just £30 a month with each policy type. Based on a non-smoker in good health:

AgeLevel term life insurance (over 10 years)Whole of life insuranceOver 50s plan
50£259,454£21,106£8,912
55£155,841£17,605£8,870
60£78,955£14,515£7,590
65£40,956£10,946£6,286
70£21,939£8,319£4,514
75£13,210£6,022£3,082
79£4,293£4,443£2,335

Typically, life insurance is more expensive for older applicants, but it’s still possible to secure a substantial cash sum for an affordable monthly premium.

Compare free, personalised senior life insurance quotes through Reassured to find your ideal policy.

How to get cheaper life insurance for seniors [top tips]

  • Take out a policy sooner rather than later. The cost of life insurance increases as you age, so taking out a policy as soon as possible will help you to secure a lower monthly premium
  • Consider an over 50s plan. If you’re living with a pre-existing condition and/or have found it difficult to secure other types of cover due to your age or health, it’s still possible to get affordable cover with an over 50s plan
  • Choose a cover amount & term length to suit your budget. The larger your pay out amount and the longer you’re covered for, the higher your monthly premium will be
  • Maintain a healthy lifestyle. Making healthy choices, for example quitting smoking and drinking alcohol in moderation, could help reduce the cost of your life insurance
  • Compare quotes. No matter your circumstances, it’s always important to compare multiple quotes from different insurers. This will allow you to find the best deals available
  • Use a fee-free broker. An FCA-regulated broker, such as Reassured, is dedicated to helping you secure the right policy at the right price (without charging you a fee)

Should I write my senior life insurance in trust?

You may want to write your senior life insurance in trust to help protect your pay out from inheritance tax (currently 40% above the £325,000 threshold).

Placing your policy in trust is a process that transfers ownership of your policy to a chosen trustee (or trustees).

This detaches the value of your policy from the value of your estate when you pass away, lowering the amount of inheritance tax you may have to pay.

Writing your life insurance in trust has other benefits too, including:

  • Avoid the probate process for a faster pay out. If your policy is written in trust, then it won’t need to go through a lengthy probate process after you’re gone. This means your loved ones would receive the money much quicker
  • More control over who receives the pay out and when. Writing your policy in trust allows you to specify who’ll benefit from the pay out and when the funds can be distributed. This could be particularly beneficial if you want to leave some money behind for your grandchildren when they reach a certain age, such as 18

Reassured provide a free and simple trust-writing service with most of the policies we arrange.

Compare life insurance for elderly and senior citizens [FREE quotes through Reassured]

Reasons to use us:

  • Quick & simple comparison service to help you identify your available options and find the right policy to suit your needs
  • Get free, personalised quotes from a panel of top UK insurers, including specialist senior life insurance providers, within just minutes
  • Dedicated UK-based experts on hand to answer any questions you may have and support with the application process
  • Award-winning service rated ‘Excellent’ on Trustpilot from over 77,000 customer reviews
  • Senior life insurance policy options to suit varying needs and budgets, including term, whole of life and over 50s cover
  • Specialist impaired risk service which has an excellent track record of finding some form of cover for applicants who’ve been declined previously
  • Free trust-writing service with most of the policies we offer (avoid or minimise 40% inheritance tax for loved ones)
  • Reassured is an award-winning & FCA-regulated life insurance broker with more than 15 years industry experience

Sources:

[1] https://www.sunlife.co.uk/funeral-costs/


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