Published by Joe Davine on
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Getting life insurance when you're over 70

Over 70s life insurance is designed for those who want to take out an insurance policy later in life. Providing you go to the right place, these policies can be a great way to help you cover funeral costs or allow you to leave a financial gift to your loved one when you pass away. Right here we’ll take you through everything you need to know to figure out if an over 70s policy is right for you.

What is over 70s life insurance?

Life insurance for over 70s is a lifelong policy that pays out a cash lump sum to your loved ones when you die. These plans are paid for in monthly premiums and often include some form of coverage for your pet, to ensure they are looked after when you’re gone.

As life insurance for over 70s pays out whenever you die rather than if you die within a set term, they’re technically a form of life assurance rather than life cover (which typically is only taken out for a set term after which the policy expires).

Who is eligible for an over 70s policy?

Depending on the company, any UK resident between the ages of 70 and 80/89 is eligible for over 70s life insurance.

Regardless of whether you have a pre-existing condition, with over 70s life insurance it’s guaranteed you won’t have to undergo a medical exam when you apply. However, you will be asked to provide details of your health and lifestyle which will affect the size of your premiums.

Can I get life insurance quotes for seniors over 75?

Yes, there are plenty of policies that will cover you if you’re over 75. Life insurance for over 70s policies can be taken out between the ages of 70 and 80, or 85 depending on the company you choose.

Can I take out life cover for my parents over 70, or elderly parents over 80?

Yes, there are many policies which can be taken out on behalf of an elderly parent. As long as your parent or elderly relative fits the criteria to be eligible for a policy, it’s a straightforward process for you to take it out on their behalf.

The pros and cons of life insurance for over 70s

As with any form of insurance, it’s good to weigh up the positives and negatives associated with an over 70s policy before deciding if one is right for you. Here’s a quick list of the main points you want to consider:

Pros

  • It’s a lifelong policy which is guaranteed to pay when you die.
  • Life insurance for over 70s often provides coverage for your pet.
  • You'll be accepted despite pre-existing conditions.
  • You won’t have to undergo a medical exam to apply.
  • Over 70s life cover pays out in a cash lump sum.
  • Cons

  • You’ll usually have to pay into your life cover policy for 30 years, or until a set age (usually 90) - depending on which comes first.
  • If you live for a long time, you may end up paying more into your policy than it’s worth.
  • If you die within 1 - 2 years of taking out the policy, your loved ones will probably receive a reduced payout. Often this takes the form of a refund of your premiums paid rather than the cash benefit amount.

  • How is over 70s life insurance different to other policies?

    Over 70s vs term life insurance

    The primary difference between over 70s life insurance and term cover is that an over 70s life cover is technically life assurance, meaning it lasts your entire life. With a term life cover policy you’ll be insured for a set period which will pay out should you die during this time, whereas life insurance for over 70s is a lifelong policy that will pay out whenever you die, so long as you pay your premiums.

    Over 70s vs life assurance

    Over 70s life cover is actually a type of life assurance policy, but one specifically designed to give cover to people towards the end of their lives. These are policies which provide you with cover until you die, and then pay out to your loved ones in a lump sum payment.

    With over 70s life insurance, you’ll have a lower level of coverage than with a regular life assurance policy. However, you are guaranteed to be accepted: you won’t have to undergo a medical exam, and you’ll be accepted in spite of any pre-existing conditions which have prevented you from being insured before.

    You may also find that when you’re over 70, you may be too old to take out a regular life assurance policy. Therefore, an over 70s life insurance policy may be a more realistic way of securing some financial payout when you pass away.

    How much does an over 70s life cover policy usually cost?

    Life insurance for over 70s policies start from around £7 per month. However, it’s impossible to give you an accurate estimation of how much each individual policy will cost without knowing your circumstances, and it’s likely to end up being at least £15 a month for decent coverage.

    Like all insurance policies your coverage and monthly premiums will vary depending on your circumstances and needs, and the provider you choose.

    How much coverage does life insurance for over 70s offer?

    In an over 70s life insurance policy, you can select the fixed sum you’d like your loved ones to receive when you die. While this figure is impossible to estimate accurately, as it will vary depending on your personal circumstances and the provider, it is likely to be in the thousands, rather than tens or hundreds of thousands of pounds.

    While you may find some providers online stating that you can get coverage into the millions, this would be frankly unnecessary and massively expensive, so this information is misleading. Over 70s life cover is designed as a low cost, low payout form of life assurance which offers you money towards your funeral, paying off any outstanding debts, or a modest cash payout for your loved ones.

    You should also note, if you die within one to two years of taking out the policy, it’s likely that your loved ones will receive a reduced payout, and often just get a refund of your premiums until that point.

    When can I stop paying into my over 70s policy?

    You can usually stop paying into your over 70s life insurance policy once you’re 90 years old, or you’ve been making payments for 30 years - depending on which comes first. This means that if you live for a long time, it is possible that you’ll end up paying more into your policy than it will pay out.

    Is life insurance for over 70s right for me?

    Over 70s life insurance policies are beneficial if you want to leave a little extra behind, or ensure there's some money to help your family pay for your funeral (although if this is your primary concern, you may want to consider looking into prepaid funeral plans).

    By choosing life insurance for over 70s, on top of covering any funeral costs, you can also leave a financial gift to a loved one when you die, or even provide some protection for any pets you may have. And you won’t have to undergo any medical exams when you apply: and you’re guaranteed to be accepted as long as you meet the age restrictions on the policy.

    You may benefit from life insurance for over 70s if:

    • You want to leave money behind to help cover the costs of your funeral.
    • You want to leave your loved ones a financial gift after you die.
    • You want to provide some coverage for a beloved pet when you pass away.
    • You have any small debts or outstanding loans you want to cover.

    How can I get a quote for over 70s life insurance?

    We can help guide you through all the details and get you a great quote. At Pure Cover, we’ve meticulously reviewed best life insurance policies and providers, to help you find the right one to suit your needs. Have a read through our reviews, so you know all the details of each policy to make sure you find the one that’s right for you.

    If you’re ready now and want to get a quote as quickly as possible, click the button below and we’ll help you find what you’re looking for right away.