Life insurance for seniors

Life insurance requirements changes as you get older, so it's important to compare quotes to get the right cover


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As we get older, it is natural to start thinking about what we leave behind for our loved ones. Life insurance is a great way of protecting your assets and making sure that your family and friends are covered in case of your death.

In this guide, we will look at what life insurance options are available for seniors, and the how to get the best value life insurance rates available to you.

In This Guide:

Why is life insurance for seniors more expensive?

In order to determine how much you pay in premiums for your life insurance policies, insurers have to work out how much risk would be associated with covering you.

Your risk is essentially the likelihood that your life insurance company will have to pay out during the term of your policy. This means finding out information about you, such as your occupation, lifestyle, and of course, your age. Being older means that you are statistically more likely to develop either a critical illness or terminal illness which would raise your chance of death.

As such, in order for it to be worth insuring you as a senior citizen, you will have to pay higher premiums on your policy to mitigate this risk.

Is there an age limit on senior life insurance?

This depends on the insurance company that you choose. While there is no universal age limit on getting life insurance, many companies refuse coverage to anyone over the age of 80.

However, if you are over 80 do not fear, as there are a few insurers who specialise in providing senior life insurance. Some of these companies do not have age limits, and provide age-specific cover.

Although you may be able to get cover if you are over 80, it is definitely worth noting that the younger you are, the better the chance you have of getting cheap life insurance. The longer you wait, the more expensive your premiums will most likely be, as your risk is greater.

What types of senior life insurance are available?

Depending on your needs and what you can afford, there are different policy options that you can choose from:

  • Level term life insurance policy – This is where you and your insurer agree on a set term for your insurance policy, for example, 15 years. Your family will receive a payout to cover their living expenses, either in a lump sum or instalments, if you pass away during this term. However, if you pass away after this, there will be no payout.
  • Over 50s insurance – These plans are available for those between the ages of 50 and 80 years old usually, and are universal. Anyone between these ages can get accepted regardless of your health status and history.
  • Whole of life insurance – This guarantees that your family will receive a payout when you die, no matter when it happens. For this reason, anyone can be accepted to a whole of life insurance plan, but it is by far and away the most expensive way to get covered, as there is a guaranteed payout.
  • Funeral plan – Funerals can be very expensive affairs. Purchasing a coffin alone can cost thousands, and then on top of that are costs of the ceremony and cemetery space. Taking out this kind of insurance can alleviate these funeral costs for your family.

Do I need to have a medical assessment to get senior life insurance?

Depending on the type of policy you choose, and the insurer that you go with, you may have to undertake a medical to be successfully accepted for your life insurance policy.

This helps to give insurers a better idea of your health status, and judge your risk.

Others may just ask you for your medical history. It is important when providing insurers with information that you do so as accurately as possible, because if you are found to have misled them, then the insurance companies can refuse to pay out.

 

Using your policy for inheritance

If you are looking to use your life insurance policy as a way of guaranteeing an inheritance for your loved ones, it would be a good idea to write it in trust. This means that your policy is paid directly to a predetermined beneficiary, such as a relative, and means that it will not be subject to inheritance tax.

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Last reviewed: 1 December 2022

Next review: 1 January 2023