One of the many questions we get from our website visitors is, am I too old to get life insurance? The easiest answer is no, unless you reach the age cap for purchasing life insurance. Which with many of the life insurance companies in the UK is 77-79, this varies between the insurance company.
Life insurance is designed to provide financial security for your loved ones in the event of your death. The UK average age is constantly increasing. Life insurance companies constantly review the maximum age of new policy holders. With any new customer there are a number of questions you’ll need to ask yourself. These include, how much you may need? What kind of premium you can afford? Who will the beneficiaries be? What length of time do you need the policy to cover?
How Long Should I Get Life Insurance For?
Generally speaking, the duration of a new life insurance will be dictated by what you want it to cover. At Life Insurance Cover we help our visitors to identify potential shortfalls that may need protection for the future. The most common reasons that most people look for life insurance protection are:
To help protect a mortgage: This is usually one of the largest investments people make, so it is a very good idea to protect such a large asset for your family.
Provide financial protection for family: As well as protecting the family home for your partner and children, it is important to provide a safety net for the family finances.
Both mortgage protection and future financial provision for your family are both long term protection goals.
Am I To Old To Get Cheaper Life Insurance?
One of the key factors in getting cost effective life insurance is age. Put simply, the younger you are when you take out a policy, the lower the life insurance premiums will be. This is because the level of risk you pose to an insurer is significantly less. You are also less likely to have any other problems that could cause an increase in insurance premiums. If you have an immediate need for life insurance, delaying your life insurance application may mean that premiums are more expensive in the future.
There are a few more restrictions on life insurance cover that could influence the minimum and maximum length of your policy. For many of the providers we work with at Life Insurance Cover, the minimum age you can take out a policy with us is 18 and the policy must not end before your 29th birthday. However we are able to get Life Insurance Cover for people as young as 16. But usually we see from the age of 18 as a standard.
There are other restrictions, both on the length of your policy, and the age by which your cover must end. Most term life insurance policies offer protection until the age of 90. Whole of life insurance remain in place until you pass away. Our specialist team will explain all of the details relating to age restrictions.
Table Of Age Restrictions (Term Policies)
|Product||Maximum Age For Buying a Policy||Minimum Length of Policy||Maximum Length Of Policy||Your Policy Must End Before Age|
|Level Term||77||1 Year||50 Years||90|
|Decreasing Term||74||5 Years||50 Years||90|
|Critical Illness||67||2 Years||40 Years||70|
Which Type Of Would Best Suit You?
Whilst choosing your life insurance protection, you also need to decide on the type of protection that you may need.
Whole of Life: This level of protection is one of the best to purchase at a younger age, although the premiums are higher. The policy only expires once you pass away.
Fixed Term Life Insurance: Your chosen cash sum could be paid out if you die during the length of the policy. It could be used to help protect the family’s lifestyle and everyday living expenses or help to pay the mortgage. As detailed above the age limit on this policy type is 90 years of age.
Decreasing Term Life Insurance: Designed to help protect a repayment mortgage so the amount of cover reduces roughly in line with the way a repayment mortgage decreases. Meaning your loved ones could continue to live in the family home without worrying about the mortgage. The age restriction is exactly the same as level term insurance.
Over 50s Life Insurance: This life insurance product is also a whole of life policy. There is no medical declaration or examination to obtain life insurance protection. However, the premium costs for this protection type can be expensive in comparison to other life insurance products.
Critical Illness Cover: Can be added for an extra cost when taking out your life insurance policy. Critical Illness Cover can help minimise the financial impact on you and your family if you become critically ill with one of our specified critical illnesses.
How Long Should You Protect Your Mortgage For?
If you are considering on taking out life insurance to specifically cover your mortgage, it makes sense to take out life insurance protection to mirror the same period of time. For example, if you intend to pay your mortgage off over 25 years, your life insurance should match this. But always remember to review your policy if you make any changes to your mortgage.
Providing Financial Support For Your Family
If you are taking out a life insurance policy to help make sure your family will be taken care of financially after your death. You should consider aligning the life insurance term with the point at which you believe your family will be able to manage the household budget without you. For example, you might want cover to last long enough to help your children complete full time education.
If you believe that your partner may need more financially dependency than this, you might also want to build that into your calculations.
Am I To Old To Protect My Family?
At Life Insurance Cover we work with all of the life insurance protection companies within the UK. Although some life insurance providers do have a maximum purchase age for certain policy types, we are confident that we can find the best solution for you.
Simply complete the online life insurance quote form and we will help you find the best life insurance available to you. Find out more about the many different life cover policies we are able offer to our visitors.