Article on: best life insurance for over 55’s

“Over 55 Life Insurance”

best life insurance for over 55s

3 Reasons for ‘Over 55 Life Insurance’ 2024?

  1. You still – need to provide for your Family
  2. You still – have the Mortgage & Bills to pay
  3. You still – intend to carry on working for a while yet

3 Main Types – ‘Life Insurance for over 55’

  • Whole of Life ‘Over 55 insurance’ (YES > Medical & lifestyle evidence)
  • Term life insurance for Over 55 (YES > Medical & lifestyle evidence)
  • Over 55 life insurance cover (NO > medical or lifestyle evidence)

CONCLUSION: Please read about your 3 main options before making any decisions

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* source thesaurus plus

* ‘Over 55 Life Insurance’ – No Medical

No Medical Over 55 Insurance Cover | General Key Features

  • 1 or 2 years exclusion period before any natural causes death claims
  • Over 55 life insurance no medical plans sold as Over 50’s plans
  • There are usually no in depth medical & lifestyle questions to qualify
  • Smoker or vaper status is asked and affects pricing
  • Accidental death claims only during this initial exclusion period
  • Refund of premiums only if you die of natural causes during this exclusion period
  • Insurers may stop taking premiums from age 90/95 but maintain your lifecover
  • No medical is rest of life or whole of life ie; indefinate cover
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Best Life Insurance for over 55 with a Free Gift | Is that a Good Deal ?

No Medical ‘Over 55 Insurance’ Cover | General Key Features

  • Age at entry usually up to age 85 dependant on Insurers
  • Many available on a single life basis only
  • Providers may limit premiums per plan or a total amount of Lifecover per person
  • Fixed premiums usually with no investment cash in values
  • Lower life insurance levels generally offered versus other lifecover plans
  • Compared and bought sometimes just for their free gifts
  • Can often pay in more to the policy than the life cover amount paid out
  • Many use these Over 55’s plans toward funeral funding than family life cover or prepay funeral plan
  • Funeral benefit option may top up £250 | £300 for Funeral directors eg; Dignity or COOP

CONCLUSION: Best Life Insurance for Over 55s | If generally in Poor Health

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* Whole Life Insurance Over 55 – Medical evidence

General Key Features

  • Policy is underwritten insurance so Insurers do ask medical & lifestyle questions before offering cover
  • Whole life assurance means you covered even if life expectancy is until age 155
  • Terminal Illness is often included for free on whole life assurance plans
  • It means you sadly have less than 12 months to live, so pays out earlier ‘death claim’ in advance
  • Could involve GP reports and medical tests before agreeing underwriting terms
  • Deals usually available for those who have no real serious health or lifestyle issues
  • Age at entry available for this over 55 life cover is dependant on Insurers
  • Even if you do have some medical issues Insurers may still try to offer a policy
  • Immediate cover with no initial exclusion period before a whole of life insurance claim
  • Suicide exclusion clauses may initially apply
  • Own life, dual life or joint life over 55 insurance policies upon death or terminal illness
  • Plan options for fixed or reviewable premiums and must be paid for rest of life ie; until a claim

CONCLUSION: Best Life Insurance for Over 55s | If fit & healthy

* Term ‘Life Insurance Over 55’ – Medical evidence

General Key Features

  • Term Life Insurance over 55 is ‘underwritten’ cover but only for a fixed period ie; max available upto age 90
  • Unlike whole life insurance you may live out that term period leaving no lifecover after
  • Terminal Illness is also included for free on 55 years old life insurance term plans
  • May have much more affordable costs than whole life assurance as plan runs a defined term
  • Age at entry available for life insurance for over 60 uk is dependant on Insurers
  • Once underwritten, this Over 60s Life Cover has no initial exclusion period before claim
  • Suicide exclusion clauses apply on life insurance for 55 and older
  • Premiums usually fixed and have to be paid for life insurance policy term with no cash value
  • Plans can be level, decreasing, increasing
  • Lump Sums or Family Income Benefits options re death insurance or terminal illness
  • Options of own life or joint life on life insurance for over 55 uk policies
  • Life Insurance upto age 90 as a ‘bills back up plan’ instead

CONCLUSION: Best Life Insurance for Over 55′ | No cover need after age 90

life insurance for over 55

‘Over 55 Life Insurance’ & Covid 19

  • You are covered is the answer re Coronavirus / Covid 19 for most Insurers
  • ‘No medical’ Over 55 Life Insurance UK usually have initial 1 or 2 years exclusion period anyway before death claims
  • Some Insurers have waived their waiting periods on plans taken out before Covid 19 was known
  • Underwritten plans will ask specific Covid related questions to proceed
  • Valid as long as you honestly answered the Insurers questions at the time of application
  • The life insurance for over 55 uk policy must not have lapsed & the premiums must be up to date

CONCLUSION: Insurers still accepting Life Insurance for Seniors over 55 UK in 2020’s

FAQ Broker Questions

Should I put my Life Insurance policy into Trust?

When anyc policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will, this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.

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Importance of Disclosure & Claims?

All Insurers are in business to protect, insure & payout. All the best life cover is therefore based on your full disclosure at the time you took the original insurance for over 55 policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying if medical questions are asked. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Don’t advise a familial history of high blood pressure or cholesterol 

Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your over 55 insurance claim is valid and cross check if you originally disclosed all the correct details.

Note: If you apply for a no medical life insurance policy, they often will still ask your smoking status. If you look at most Insurers recent claims payout, you will see that it maybe good but often not 100%.

What if my health or lifestyle changes after taking the policy out?

Any health or lifestyle changes since, usually does not void your existing ‘Over 55 Life Insurance’ uk policy, if it wasn’t relevant at that time of initial application. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.

Take care to doubly re-check on your life insurance over 55’s application what you initially disclosed to the Insurers, as this information then stands now and in the future. For example, you quit smoking for a year before the policy but started again afterwards. Please check your original T&C’s.

‘Best over 55 Life Insurance’ UK summary

  • Medically underwritten life cover may usually offer much better value
  • Whole lifecover if it has to payout whenever & Term Lifecover upto 90 if not
  • No medical lifecover plans are often useful if you have serious health issues
  • Like all Insurance, if you start to miss any premiums your cover may lapse
  • Rising Funeral costs inflation may effect level life cover plan payouts
  • Check if the life policy can be put into trust to help avoid probate delays & Inheritance Tax IHT
  • Gender Neutral rates on plans for life insurance 55 male or female
  • Often similar Over 50’s lifecover seen advertised on TV and endorsed by personalities
  • Don’t be persuaded to buy a over 55’s life insurance just because you get a free pen or gift voucher
  • Martin Lewis is not a big fan of Over 50’s no medical style schemes.

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Average Life Expectancy in UK | Calculator

Article on: Best ‘Life Insurance for Over 55’ by Martyn Spencer Financial Adviser (2024)

For reassurance re health for men & women – we review many of the best Life Insurers selling Life Insurance in UK (inc NI)