The best way to leave something for your family after you’re gone.
Even if you’re in your 70s, it’s never too late to protect your family. Senior life insurance policies allow you to provide for your loved ones after you’ve passed, and they’re designed for people like you who want to start a plan later in life.
Generally, life insurance policies for over 70s are designed to pay out a cash lump sum after you pass away, in return for monthly payments into the policy. Some insurers also protect your pets after your death, so all of your loved ones can be provided for.
Taking out this form of life insurance means you can live your golden years in the knowledge that your family and loved ones will be left with financial security after you pass away. The payout can be used to assist your family with financial matters, gifted to give somebody a tax-free windfall, or to just ensure that your pet, after being your faithful friend through life, is provided for after you’re gone.
It is not hard at all. In fact, over seventy life insurance is meant for people like you, and plenty of life insurance providers have plans that guarantee coverage for anyone over 50 and under 80 years old.
Life insurance policies for people who are seventy and older are lifelong policies. This means that they do not have an expiration date. Regardless of when you die, your life insurance over 70 policy will pay out as long as you pay your monthly premiums.
When you take out life insurance for over 70, you’re taking out guaranteed lifelong protection. This means that your policy will always pay out, and it doesn’t matter how or when you pass away. The amount of the payout may vary according to the timing and nature of your death.
On the other hand, term life insurance is very hard to get if you’re over the age of seventy. It is only valid during the term that is specified in the policy. After that term is over, you are no longer covered, and the policy will no longer pay out in the event of your death.
Guaranteed lifelong protection, or senior life insurance, and whole life insurance are both lifelong policies. Both offer a payout to the family of the insured regardless of when he or she died.
However, guaranteed lifelong protection is specifically geared toward older folks, whereas it’s ideal to purchase whole life insurance at a young age. Guaranteed lifelong protection does lose value over time due to inflation, and if you stop making your monthly payments, the policy is cancelled and loses all of its value. Whole life insurance can increase in value over time due to investment riders, and it retains value even if you terminate the policy. However, early termination of a whole life insurance policy will result in a greatly reduced payout due to taxes and penalties.
In order to qualify for Senior life insurance, you must:
Yes. it is guaranteed, so you are not required to submit a medical exam in order to apply.
Yes. Because it is guaranteed, you are not barred from life insurance over 70 if you have a pre-existing condition.
If you are over seventy, you can take it out with a payout in a fixed amount of your choice, as long as it’s below the provider’s maximum. There are some restrictions. If you die within one to two years of taking out the policy, your beneficiary will likely receive a reduced payout.
Premiums will vary depending on your needs, but life insurance for Over 70 is surprisingly affordable. Most policies start at £7 per month and go up from there.
Most providers stop requiring payments once you are 90 years old or have been making payments for 30 years, depending on what comes first. It’s important to note that if you live for a long time, it is possible to pay into your policy more than it is worth.