Over 80
life insurance

Yes, it's possible to secure over 80s life insurance in the UK.

It's not too late to help 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.

Make the most of our award-winning broker service to compare multiple quotes for life insurance.

We’ll do our best to help you find a suitable policy, at the best price we can offer you. Get your free, no-obligation quotes today.

Read on to learn all about your over 80 life insurance policy options...

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 help you decide which policy may best suit your needs.

An over 50s plan offers guaranteed acceptance to all UK residents aged 50 - 85 and requires no medical exam.

As a result, this cover could be ideal for anyone within this age range who has experienced poor health.

With this type of policy your family will be assured a pay out after you're gone, (as long as you pay your premiums).

The exact pay out amount you can get will depend on various factors such as your age, budget and your smoking status.

Your family could use the money from this policy to help cover your funeral costs, clear outstanding debts or as an inheritance.

Premiums can stop at the age of 90 with some insurers, however, your cover would continue until you pass away.

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.

The most common form of life insurance, term life insurance, provides cover for a specified period of time (the term).

Once the term of the cover has expired, the policy finishes and if you didn’t pass away, no pay out is issued.

Some insurers offer term-based cover to applicants aged 80 – 86. The maximum term you could be offered will depend on your age, as the policy must expire once you turn 90.

For example, if you took out cover at the age of 80 then the maximum term offered would be 10 years, whereas if you took out cover at age 86 the maximum term offered would be 4 years.

When applying for term life insurance, your health and smoking status could impact the success of your application.

If you need more help determining if this type of policy is right for you and to compare quotes, contact our award-winning team.

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.

Cover arranged through Reassured has an upper age limit of 86.

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.

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 towards paying for medical treatment, to get your financial affairs in order or spend on your family.

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. However, if medical questions are required then the policyholder will have to complete these with one of our consultants.

Simply get in touch with Reassured today to determine the options available to you.

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.

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