Article on: Life insurance over 70
“Life Insurance Over 70”
Should you have Life Insurance after 70?
Some people ask should you still have Life Insurance after 70? Well, it all depends 💯 100% on your circumstances. For example…
Are you married or single? Is there a age gap between you & your partner? Still have financial dependants? Would they get your pension? Insufficient savings & investments?
Once you have reached that notable age, then according to the government life expectancy tables in the UK, then average age of death is now around into mid 80’s or maybe longer….Pandemic’s or not.
As such, you could live for another 15 years or more. Although possibly now fully or semi retired, your life requirements will have changed.
If you are married and maybe your partner is alot younger? Then the need for some life insurance cover is still maybe there
From perhaps leaving your partner still provided for, a legacy to the grandchildren and rather than just looking at just funeral costs alone.
5 Reasons for ‘Over 70 Life Insurance’?
- Want to help cover funeral costs, leave a legacy or IHT concerns
- Or would now like a back up plan say upto age 90
- Seen those continual adverts for those over 50 lifecover plans
- No longer have any life insurance as it all ended several years ago
- Best options of either ‘no medical’ or ‘medical questions’ policies
3 Main Types – ‘Life Insurance for over 70’
There are the 3 main types of life insurance policy over 70…
- Over 70’s Life Cover (No > medical or lifestyle evidence)
- Over 70 Whole of Life Assurance (Yes > Medical & lifestyle evidence)
- Term Life Insurance Over 70s (Yes > Medical & lifestyle evidence)
These above choices will all depend on your health at time of application.
What is Best ‘Life Insurance over 70’?
* ‘Life Insurance over 70 No Medical’
NO MEDICAL | Life Insurance for the over 70’s | General Key Features
- 1 or 2 years exclusion period before any natural causes death claims
- There are usually no in depth medical & lifestyle questions to qualify
- Smoking or vaper status asked & affects life insurance for over 70 smokers
- Accidental death claims only during this initial exclusion period
- Usually marketed as an Over 50’s lifecover (with free gifts)
- 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
- This life insurance over 70 no medical plan is whole of life meaning indefinate cover
NO MEDICAL | Life Insurance for the over 70s | General Key Features
- Age at entry usually upto 85 dependant on Uk Life Insurers
- Most ‘life insurance for over 70 uk’ plans are available on a single life basis only
- Providers may limit premiums per plan or a total amount of Lifecover per person
- Fixed premiums life insurance over 70 no medical usually has no cash in values
- Lower life insurance levels generally offered versus medical evidence plans
- Can often pay in more to the life insurance for over 70s uk policy than the cover amount paid
- Many use these 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 Over 70 | If generally in Poor Health & Lifestyle
* Over 70 Life Cover | Whole Life – Medical Evidence
General Key Features
- Policy is fully underwritten insurance so Insurers do ask medical & lifestyle questions before offering cover
- Whole life assurance means you covered even if you live until 250
- 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 usually up to 89 dependant on Insurers
- If you have some medical issues eg; raised blood pressure or cholesterol Insurers may still try to offer cover
- Immediate cover with no initial exclusion period before a whole of life insurance claim
- Suicide exclusion clauses may initially apply on whole life insurance for over 70’s
- Own life, dual life or joint life 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 the Over 70s | If fit & healthy
* Term | Over 70’s Life Insurance – Medical evidence
General Key Features
- Term Life Insurance over 70s is ‘underwritten’ cover but only for a fixed period
- Typically UK Insurers life cover term period is 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 over 70 life insurance term plans
- May have much more affordable costs than whole life assurance as plan runs a defined term
- Age at entry available usually up to 85 dependant on Insurers
- Once underwritten, this lifecover has no initial exclusion period before claim
- Suicide exclusion clauses apply on term life insurance for over 70 years old plans
- Premiums usually fixed and have to be paid for life of the policy term with no cash value
- Over 70 life insurance calculator shows plans can be level, decreasing, increasing
- Lump Sums or Family Income Benefits options re death insurance or terminal illness
- Options of life insurance over 70 years old via own life or joint life policies
- Life Insurance upto age 90 as a ‘Bills Back Up Plan’ instead
CONCLUSION: Best ‘Life Insurance for the Over 70’s’ | IF No cover need after age 90
Looking for Life Insurance Over 75?
Any Life insurance over 75 usually offers the same senior life insurance policies and terms as those typical over 70 life insurance UK schemes (as detailed above).
However, given the increased age risk, Insurers may underwrite a life insurance for over 75 application a little stricter & request more medical evidence usually at lower limit levels.
For example, if you wanted over 70 life insurance comparison (but are under age 75) = £50,000 maximum life cover [before more medical evidence is required]. However, now aged over 75 life insurance = £25,000 maximum life cover [before more medical evidence is required].
Some Insurers may even not offer terms, as they decide for them those over 75 life insurance risks are too high. Call us for broker advice here.
Life Cover & Covid 19
- You are covered is the answer re Covid 19 for most Insurers best over 70s life insurance
- ‘No medical’ plans 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 Coronavirus related questions to proceed
- Valid as long as you honestly answered the Insurers questions at the time of application
- Your over 70s life insurance policy must not have lapsed & the premiums must be up to date
CONCLUSION: Should you have life insurance after 70? YES and Insurers still accept Life Insurance For those Over 70 Post Pandemic 2020’s
What does putting a Life Policy Into Trust mean?
- It is important you consider putting your over 70’s life insurance policy into a suitable ‘trust’
- This ensures it should go direct to you nominated beneficiaries via the trustees
- It may also help to avoid probate delays & inheritance tax – by falling outside your estate
- This applies even if you have made a valid up to date uk will
- Without a suitable protection trust, the life policy could fall back into your estate
- Inheritance tax is currently 40%. So it could be for larger estates, the life insurance payout is then reduced by this amount
- Most Insurers do supply free a good range of generic life insurance trusts, ideal for many client situations
Importance of Disclosure & Claims?
All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.
The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. If so, it may not payout ! eg; If you vape, then you must tell them you are still smoking (even if it may cost the same as having quit smoking cigarettes).
Given your age, it is more than likely that either a GP report or nurse medical screening could apply for any larger sums of life insurance whether single life or joint life cover.
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 life insurance over 70 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 is Good (but like most Insurers cover even the best life insurance for over 70 is not 100%).
Health & Lifestyle Changes on ‘Life Insurance Policy Over 70‘?
Any future health or lifestyle changes since, usually does not void your existing over 70 life cover insurance ie; if it wasn’t relevant at that time of initial underwritten insurance application.
It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not have.
So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original T&C’s.
Best Life Insurance Over 70 ‘s Summary
- Medically underwritten life insurance may usually offer much better value if healthy
- Whole lifecover if it has too payout whenever & Term Lifecover upto age 90 if not
- ‘Life insurance over 70 no medical’ plans are often useful if you have serious health issues
- Like all Insurance, if you start to miss any premiums your life insurance for over 70s may lapse
- Rising Funeral costs inflation may effect level cover even on best life insurance for over 70 plans
- Check if the life policy can be put into trust to help avoid probate delays & Inheritance Tax IHT
- Gender Neutral rates on life insurance for male or female over seventy
- Often Over 50’s lifecover is seen advertised on TV and endorsed by personalities
- Don’t be persuaded to buy a plan by this or because you get a free gift or voucher
- Martin Lewis is not a big fan of Life Insurance for those Over 50 no medical style plans.
Looking for Best Life Insurance Policy Over 70 Deals? Having read this review and still unsure: Please Contact Us for Broker help.