Guides and Info

Senior Life Insurance

senior life insurance

For many of the UK senior retirees the thought of Life Insurance is often met with a common misconception that it’s either not needed. Or potentially too late to be able to obtain a policy because of potential medical problems, monthly cost of a Life Insurance premiums or other difficulties being accepted by an insurer.

At Life Insurance Cover we can assure you that these common misconceptions are incorrect and that Senior Life Insurance can still be obtained. Each individual Life Insurance provider has their own acceptance criteria. This also includes different age limits for the policies they offer to you when taking out Life Insurance.

In today’s post we take a closer look at how cost effective Senior Life Insurance can be for you. We also look at why it is just as important for older UK residents to have some Life Insurance cover in place similar to the younger generations.

Today’s Guide

Do I Still Need Life Insurance After I Retire?

What Happens To My Life Insurance Policy When I Retire?

What Insurance Policies Are Best For Seniors?

How Can I Find The Best Life Insurance For Over 65’s?

Compare Policies With Life Insurance Cover

Frequently Asked Questions

senior life insurance cover

Do I Still Need Life Insurance After I Retire?

After the party and deciding on a new hobby or pastime to enjoy during your retirement. There is a very common misconception made by many people. Many retirees think that once you have retired from work, the need for Life Insurance is no longer a necessity. This decision is usually rationalised by the belief that Life Insurance is needed by young families with mortgages and large outgoings rather than for senior citizens or old-age pensioners.

Although Life Insurance protection is important for young families and those with financial responsibilities. The requirement for Life Insurance as a senior is extremely relevant. The need for a protection policy evolves as we get older throughout the different stages of our lives. The requirements of a Life Insurance policy for a young family. Will be very different to a senior’s Life Insurance policy. But in both scenarios a protection policy has its benefits for each individual’s circumstances.

Many older people may not need a policy to protect a mortgage or a young family as their children grow up. Typically most seniors will have paid of their mortgages and many children will have young families of their own.

However a Senior Life Insurance policy could be needed for:

  • The cost of a funeral
  • Creation of a financial legacy for family and loved ones
  • Helping with potential inheritance tax costs

Irrespective of age, many people still choose to obtain Life Cover for the future because the benefits far outweigh the negatives. A key point to remember when looking for a Senior Life Insurance policy is deciding what it needs to do for the future.

What Happens To My Life Insurance Policy When I Retire?

A previously purchased Life Insurance policy should not change in any way when you begin your new adventures in retirement. The only time a policy will change is if you have specifically arranged for your protection cover to expire on when you retire.

For example, if you had previously chosen to buy a term based Life Insurance policy when you were 40 years old, with a fixed term of 25 years. This policy will expire on the day before your 65th birthday, if the date coincides with your retirement then there will be no protection cover in place.

A further example, if you had previously chosen to buy a term based Life Insurance policy when you were 40 years old, with a fixed term of 30 years. This policy will not expire on your retirement and you will remain protected until your 70th birthday. 

As detailed above, if you have recently retired from work, it could be an excellent opportunity to review your life cover policies. A review of your protection policies could mean lower monthly premiums as well as adapting a policy to best suit your current circumstances.

At Life Insurance Cover our team of specialist advisors search and compare Life Insurance policies to find the best protection for you and your family.

What Insurance Policies Are Best For Seniors?

The best Senior Life Insurance will depend upon your own individual circumstances for wanting the protective cover.

The most common types of policies to consider are:

Fixed-term Life Insurance: This policy type will offer protection for a fixed period of time, after the policy term it will expire and not offer further protection. You are able to pick the length of the term for the policy, it is worth noting each insurer has their own age limit and they will vary. Of the two policy types a fixed term policy is usually more cost effective.

Whole Life Insurance: This policy type does not have any age limit and can remain in place until you pass away. A Whole Life Insurance policy is usually used to assist with funeral costs and family legacies. This policy type is usually more expensive than a term based policy and you will need to pay monthly premiums throughout your lifetime.

The most effective way to find the best Senior Life Insurance policy to suit your individual circumstances is to use an FCA regulated Insurance Broker. Our specialist advisors at Life Insurance Cover have extensive experience in searching all of the Life Insurance companies in the UK.

If you would like to take advantage of our free no obligation quote service, simply complete our online quote form and our team can help you and your family.

senior life insurance protection

How Can I Find The Best Life Cover For Over 65’s?

A key point to remember is that age of a new policyholder will affect the cost of Life Insurance. The older you become, the chances of you becoming ill and, therefore, making a claim increases. This will increase the potential risk to a provider which results in higher monthly premiums.

Irrespective of this, there are large a number of Senior Life Insurance provider who offer protection policies to provide cover for seniors over the age of 65. Some policy types from providers can include protection without the need for any medical information.

Some Life Insurance providers also offer guaranteed Life Cover protection for UK residents between the ages of 50-80. These policy types also offer protection with no requirement for any medical or health questions. However, a key point to remember is with most guaranteed policies, a claim cannot be made in the first two policy years unless death is caused by an accident.

The best way to find a Senior Life Insurance company who can provide cover for anyone over 65 is to compare them all. Finding a low cost and potential policy with no medical or health questions can be quite hard to find. By using an FCA regulated broker to search, will save time and make sure you compare Life Insurance policies for your individual circumstances.

Compare Policies With Life Insurance Cover

Life Insurance is important to many different people at different stages in their life. Including young families, single parents and people in retirement. By using an FCA regulated broker, like Life Insurance Cover who can access all of the Insurance providers. You can search them all for free, giving you more time to enjoy your retirement while we do the research for you. Our specialist advisors can help you identify the best protection that suits your requirements, regardless of your age.

Frequently Asked Questions

Do you have any further questions about Senior Life Insurance relating to the age limits? At Life Insurance Cover we have compiled a list of some of the most frequently asked questions. If you have any further questions simply apply online or use our contact us form.

Is there a maximum age limit for buying Life Insurance?

Most Life Insurance providers will offer a policy to many senior citizens aged between 85-89 years old. This will depend on the type of Life Cover policy that you wish to purchase and the level of protection you ask for.

Do term based policies have a fixed expiry date?

All term based Life Insurance, which includes decreasing, level and increasing term can be pretty flexible relating to monthly cost and length of coverage. Most providers offer protection policies that extend to the day before your 90th birthday. However, this varies by provider and some will offer less, whilst others will offer a longer fixed term.

Do Whole Life policies have a fixed expiry date?

Unlike a term based policy, a whole of life based product will remain in place until the insured person passes away. It is also worth noting that this policy type will require a monthly premium payment throughout your life, including during retirement.

What is the best age to get Life Insurance?

As detailed within many of our posts in the guide section, the younger you are, the more beneficial levels of cover and premium cost are available. This is because as we all get a little older we become more susceptible to long term illnesses and chronic conditions.  

Many Life Insurance providers offer policies to people who are aged 18, there are a handful of providers who do offer protection to 16 years old. However, you should start to consider your Life Cover requirements once you become financially independent.

By contacting Life Insurance Cover we can help you narrow the search. Finding the best type of protection for your individual needs.