24 Aug 2022

Life insurance over 70

With life expectancy rising over the years, hitting the grand old age of 70 isn’t what it used to be. And while it’s great that many of us are living longer, how can you put some money towards your funeral or your family’s financial future if you live to 80, 90, or even 100? Read our guide to life insurance for over 70s.

Senior couples walking on the beach

Learn more about our life cover options

Yes, while ‘over 70s life insurance’ isn’t advertised as such, you can apply for our Life Insurance up to and (including) the age of 77, or our Decreasing Life Insurance up to and (including) the age of 74. If you were to take out a Legal & General life insurance policy, the term must end before your 90th birthday. Alternatively, Over 50s Fixed Life Insurance can continue for the rest of your life, even though you stop paying premiums at age 90.

We’ll explore these policies in greater detail later in this guide. 

On the face of it, retirement should be a time to put your feet up and not have to think about money. But there are still plenty of costs that can arise if you were to pass away in your 70s.

Everyone’s circumstances are different, and fortunately, there are various suitable life insurance policies for over 70s.

Our Over 50 Fixed Life Insurance is worth considering. It’s available for UK residents aged 50 to 80 and comes with guaranteed acceptance – with full cover payable after one year and fixed monthly premiums. Your payout could help pay some of your funeral costs, outstanding bills or provide a small gift for your loved ones. It’s worth noting that depending on how long you live, you could pay in more than the policy pays out.

Aside from that, our life cover policies can provide peace of mind for the over 70s. The following life insurance policies are underwritten, so while there is no guarantee of acceptance, they could potentially give you the higher level of cover you need. With Life Insurance, you can choose how much cover you need and if you die or you’re diagnosed with a terminal illness with a life expectancy of less than 12 months during the length of the policy, it could pay out a cash sum. You can take out the policy up to and (including) the age of 77, and it must end before you’re 90. The minimum length of the policy is 1 year, and the maximum length is 50 years. 

If you still have a repayment mortgage to pay, taking out Decreasing Life Insurance means your cover decreases roughly how a repayment mortgage decreases. Similarly, this policy must end before you turn 90, but in this case you can take out the policy up to and (including) the age of 74. The minimum length of the policy is 5 years, and the maximum length is 50 years.

Remember that these policies have no cash value unless a valid claim is made, and if you stop paying the premiums, the cover will end.

Yes, if you want ‘over 70s life insurance’ without undertaking a medical, our Over 50s Fixed Life Insurance is an option. You just need to be aged between 50 and 80, and a UK resident, meaning you reside in the UK for at least 183 days a year.

The best life insurance for over 70s ultimately depends on the needs of each individual. If you’re looking for life insurance with no medical – for example, because of long-term health complications – then the guaranteed acceptance of Over 50s Fixed Life Insurance could provide the peace of mind you need. This policy can also be suitable if you need cover over the long-term to leave something for your loved ones. Your premiums will be fixed – they’ll never go up – and range from £8 to £75 per month depending on your age, smoker status and the cash sum you need. Alternatively, if you’re in relatively good health and if you need a higher level of protection for a fixed term because others are still dependent on you financially, life insurance is one option to consider.

Even when you reach your 70s, life insurance could help ease the financial burden on your loved ones – from household bills to covering the mortgage – if you were no longer around. But remember, your life insurance will be cancelled if you stop making payments when due, and you won’t be able to recover your money paid.

Ready to get an over 70s life insurance quote?

Ultimately, having the right protection is better than no protection regardless of age. Explore our different life insurance policies, which include options for the over 70s.

Find out more about our life cover

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