Best Over 70s Life Insurance Policies UK

Entering your seventies is a time for reflection, enjoying family, and making the most of your retirement. It's also a time when many people consider their financial legacy. A common question we hear is, "Is it too late to get life insurance?" The answer is a resounding no.

Life insurance for over 70s is not only available but can be a powerful tool for providing financial peace of mind for you and your loved ones. Whether you want to cover funeral expenses, leave a cash gift for your grandchildren, or help your family manage a potential Inheritance Tax bill, there is a policy designed to meet your needs.

The market can seem complex, with different products, providers, and jargon. This comprehensive guide is designed to demystify over 70s life insurance in the UK. We'll explore the best providers, break down the policy types, and provide the insights you need to make an informed decision for your future.

Top UK providers for seniors in their seventies

When you're looking for life insurance in your seventies, you'll find that the market is dominated by two main types of products: guaranteed acceptance 'Over 50s' plans and medically underwritten 'Whole of Life' insurance. The best provider for you will depend on your health, your budget, and what you want the policy to achieve.

Below is a comparison of some of the leading UK providers offering life insurance suitable for those in their 70s.

It's clear there's a lot of choice. Let's briefly look at what makes some of these providers stand out:

• Royal London: Their standout feature is a 12-month waiting period, whereas most competitors impose a 24-month period. This means your policy pays out the full lump sum for death by natural causes after just one year.

• OneFamily: A mutual provider with a long heritage in later-life cover, known for straightforward plans aimed at final expenses.

• National Friendly: A long-standing mutual with a member-first approach and simple over-50s protection.

• Legal & General: A household name, they offer competitive premiums and a trusted Funeral Benefit Option. The fact that premiums stop at age 90, but cover continues for life, can be an attractive feature.

• Aviva (formerly AIG Life) / Scottish Widows / Zurich (illustrative): These providers are specialists in underwritten Whole of Life policies. If you are in good health and want to secure a larger payout (often £25,000+) to cover an Inheritance Tax liability or leave a significant legacy, these are the providers an expert broker would approach on your behalf.

The key takeaway is that the "best" provider is entirely personal. Comparing quotes and features is crucial, which is where working with an independent broker like WeCovr can be invaluable. We have access to most of the market and can help you weigh the pros and cons of each provider based on your specific circumstances.

Understanding Life Insurance Options for Over 70s

When you start your search, you'll encounter a few different policy types. Understanding the distinction between them is the first step to choosing the right cover.

1. Over 50s Life Insurance

Despite the name, these plans are widely available to UK residents up to the age of 80 or even 85. They are the most common and straightforward option for this age group.

• Guaranteed Acceptance: You will not be asked any health questions or be required to have a medical examination. As long as you meet the age and residency criteria, you are guaranteed to be accepted.
• Fixed Premiums: Your monthly payments are fixed for life and will never increase.
• The Waiting Period: These policies have an initial "waiting period," typically 12 or 24 months. If you were to pass away from natural causes during this period, the insurer would not pay the full cash sum. Instead, they would refund all the premiums you have paid, often with an additional 50% on top. Death due to an accident is usually covered in full from day one.
• Purpose: The payout is typically smaller (e.g., £5,000 - £20,000) and is most often used to cover funeral costs or leave a small, fixed cash gift.

The main appeal is simplicity and the guarantee of acceptance, making it a great option for those with pre-existing health conditions who might struggle to get other types of cover.

2. Whole of Life Insurance

This is a more traditional form of life insurance that provides a guaranteed payout whenever you pass away, as long as you have kept up with your monthly premiums.

• Medically Underwritten: Unlike Over 50s plans, you must answer questions about your health, lifestyle, and family medical history. The insurer may also request a report from your GP.
• Larger Payouts: Because the insurer assesses your individual risk, they can offer much larger sums assured, often running into hundreds of thousands of pounds.
• Purpose: This type of policy is ideal for two main purposes: leaving a substantial financial legacy for your family or covering a future Inheritance Tax (IHT) bill.
• Premiums: Premiums are based on your health at the time of application. A healthy 70-year-old non-smoker will pay significantly less than someone of the same age with health issues.

While it requires more effort to set up, an underwritten Whole of Life policy can offer far greater value for money if you are in reasonably good health.

3. Term Life Insurance

Term insurance covers you for a fixed period (the "term"), such as 10 or 20 years. If you die within the term, the policy pays out. If you outlive the term, the cover ceases, and you get nothing back.

For those over 70, term insurance is less common and often not the most suitable choice. Insurers are reluctant to offer long terms to older applicants, and the maximum age at which a policy can end is usually around 85 or 90. This means a 75-year-old might only be able to get a 10-year policy, which may not meet their goal of leaving a guaranteed legacy. It is also often more expensive than a Whole of Life policy for the same level of cover over a shorter period.

Comparing Your Options at a Glance

Key Factors to Consider When Choosing Your Policy

With a clearer understanding of the products available, how do you decide which path is right for you? It comes down to a few personal questions.

1. What is Your Primary Goal?

Think carefully about why you want the insurance.

• Covering Funeral Costs (illustrative): Funerals are a significant expense. The SunLife Cost of Dying Report 2024 revealed the average UK funeral now costs £4,141. An Over 50s plan is perfectly designed to meet this specific need, ensuring your family isn't left with the bill.
• Leaving a Financial Gift: Perhaps you want to leave a lump sum for your children or grandchildren to use as a house deposit, for their education, or simply as a final gift. Both Over 50s and Whole of Life policies can achieve this.
• Clearing Outstanding Debts: You may have a small mortgage, a car loan, or credit card balances that you don't want to pass on.
• Inheritance Tax (IHT) Planning (illustrative): If your estate is likely to be over the IHT threshold (£325,000 per person in 2025/26), a Whole of Life policy can provide the funds for your beneficiaries to pay the tax bill without having to sell family assets.

2. Your Health and Lifestyle

This is the biggest dividing line.

• If you have significant pre-existing health conditions (e.g., recent cancer, heart attack, stroke, or severe diabetes), a guaranteed acceptance Over 50s plan is likely your best and only option. The peace of mind of guaranteed acceptance is invaluable.
• If you are in good or reasonable health for your age, you should always explore a medically underwritten Whole of Life policy first. Even with manageable conditions like high blood pressure or cholesterol, you may be surprised at the affordable premiums you can secure for a much larger level of cover. Honesty is crucial during the application; withholding information can invalidate your policy.

3. Affordability and Long-Term Commitment

Life insurance is a long-term commitment. You must be confident you can afford the monthly premiums for the rest of your life (or until the payment term ends).

• The Overpayment Risk: With Over 50s and Whole of Life plans, there is a possibility that you could live long enough to pay more in premiums than the final cash payout. For example, a £20 per month premium for a £4,000 policy would mean you've paid more than the payout if you maintain the policy for over 17 years. This is the trade-off for a guaranteed payout.
• Stopping Payments: If you stop paying your premiums, your cover will lapse, and you will not get any money back. Some providers, like OneFamily, offer a "Protected Benefit" where if you stop paying after a certain age, you may get a partial payout on death, but this is the exception rather than the rule.

4. The Impact of Inflation

A £10,000 payout today is worth more than a £10,000 payout in 20 years' time. Inflation erodes the purchasing power of money. (illustrative estimate)

• Most Over 50s plans offer a fixed lump sum that does not increase over time.
• Some underwritten Whole of Life policies offer an "index-linked" or "inflation-protected" option. This means your cover amount and your premiums will increase each year, typically in line with the Retail Prices Index (RPI), ensuring the future value of your payout is protected. This is a vital consideration for policies intended for IHT planning.

5. Funeral Benefit Options

Many providers of Over 50s plans have partnerships with funeral directors (e.g., Dignity or Co-op Funeralcare). If you opt for this, the payout is made directly to the funeral director. In return, they often add a contribution (e.g., £250-£300) towards the cost of your funeral, effectively boosting the value of your policy, but only if you use their services. (illustrative estimate)

The Cost of Over 70s Life Insurance: What to Expect

Premiums for over 70s life insurance are determined by a simple principle: risk. The higher the perceived risk to the insurer, the higher the premium.

Key factors influencing your premium:

• Age: The single biggest factor. A 78-year-old will pay more than a 71-year-old for the same level of cover.
• Cover Amount: The larger the payout you want, the higher the monthly cost.
• Policy Type: Guaranteed acceptance plans have a different pricing structure to underwritten policies.
• Smoker Status: Smokers or recent ex-smokers (usually within the last 12 months) will always pay significantly more for underwritten cover.
• Health: For underwritten policies, your current health, weight (BMI), and medical history are paramount.

To give you an idea, here are some illustrative examples. These are not quotes, and the actual premium you pay will depend on the specific insurer and your individual details.

Table: Illustrative Monthly Premiums for a £5,000 Over 50s Plan

Table: Illustrative Monthly Premiums for a £50,000 Whole of Life Policy (Non-Smoker, Good Health)

As you can see, age has a dramatic impact on cost, especially for larger, underwritten policies. This is why it's wise to consider life insurance sooner rather than later. However, even at 75, securing a policy to cover a significant IHT liability can be a very sound financial decision for your estate.

Navigating the Application Process

The process of applying for cover differs significantly between the two main policy types.

For a Guaranteed Acceptance Over 50s Plan: The process is incredibly simple and can often be completed online or over the phone in minutes. You will typically only need to provide:

1. Your full name and address.
2. Your date of birth.
3. Your bank details for the direct debit. That's it. There are no intrusive questions and no waiting for a decision.

For a Medically Underwritten Whole of Life Plan: The process is more involved, but a good broker will guide you through every step.

1. Initial Fact-Find: An adviser will discuss your needs, budget, and health.
2. Application Form: You will need to complete a detailed application form, which includes comprehensive questions about your health, lifestyle (including alcohol consumption and smoking), occupation, and family medical history.
3. Insurer Review: The insurer's underwriters will review your application.
4. Further Information (If Needed): They may write to your GP for more specific medical information (with your permission). In rare cases for very large sums assured, they might request a medical check-up with a nurse, often at your own home for convenience.
5. Decision: The insurer will then offer terms, which could be the standard price, an increased premium (a 'loading') due to health factors, or, in some cases, a decline.

This is where the expertise of a broker like WeCovr is crucial. We know the underwriting appetites of different insurers. For example, some insurers are more lenient on applicants with well-managed diabetes, while others may offer better terms for those with a higher BMI. We take your profile to the most suitable insurer first, saving you time and increasing your chances of getting the best possible terms.

Special Considerations for Over 70s

Life insurance in your seventies often intersects with wider estate planning.

Inheritance Tax (IHT)

Inheritance Tax is a tax on the estate (the property, money, and possessions) of someone who has passed away. In the 2025/26 tax year:

• Every individual has a Nil-Rate Band (NRB) of £325,000.
• There is also a Residence Nil-Rate Band (RNRB) of £175,000 if you pass on your main residence to direct descendants (children or grandchildren).
• Illustrative estimate: This means a married couple or those in a civil partnership can potentially pass on up to £1 million tax-free.

Any part of the estate valued above these thresholds is typically taxed at 40%. A £1.2 million estate, for example, could face an IHT bill of £80,000.

A Whole of Life policy written 'in trust' is the single most effective way to provide for this liability. By placing the policy in trust, the payout is made to your chosen beneficiaries outside of your estate, so it doesn't increase the IHT bill. The funds can then be used by your beneficiaries to pay the tax man, leaving the rest of your estate intact.

Gift Inter Vivos Insurance

If you make a large financial gift to someone (e.g., £50,000 to a child for a house deposit), that gift may still be considered part of your estate for IHT purposes if you pass away within seven years. This is known as a Potentially Exempt Transfer (PET). A specialised insurance policy, often called Gift Inter Vivos cover, can be taken out to cover the potential tax liability on that gift. It's a type of term assurance designed to decrease in value in line with the tapering tax rules.

Wellness and Health Tips for a Longer, Healthier Life

While insurance provides a financial safety net, living a healthy lifestyle is the best investment you can make in your seventies and beyond. Not only does it improve your quality of life, but for underwritten insurance, it can directly lead to lower premiums.

• Stay Active: The NHS recommends older adults aim for at least 150 minutes of moderate-intensity activity a week. This doesn't have to mean the gym. Brisk walking, gardening, swimming, dancing, and bowls are all fantastic ways to stay active. Regular activity is proven to reduce the risk of heart disease, stroke, type 2 diabetes, and some cancers.

• Eat a Balanced Diet: Focus on a diet rich in fruits, vegetables, and fibre. Oily fish is excellent for heart and brain health. Staying hydrated is also crucial, as the sensation of thirst can diminish with age. A balanced diet helps maintain a healthy weight and provides the energy to stay active.

• Prioritise Sleep: Good quality sleep is vital for cognitive function, mood, and immune response. Establish a regular sleep routine, make sure your bedroom is dark and quiet, and avoid caffeine and heavy meals late at night.

• Stay Socially Connected: Loneliness and social isolation are significant health risks for older adults. Make an effort to connect with family, friends, and community groups. Joining clubs or volunteering are excellent ways to meet new people and stay mentally engaged.

At WeCovr, we believe in supporting our customers' overall wellbeing. That's why, in addition to finding you the best protection policy, we provide our customers with complimentary access to CalorieHero, our AI-powered calorie and nutrition tracking app. It's a simple, effective tool to help you make mindful choices about your diet, supporting your health goals long after your policy is in place.

Why Use an Expert Broker like WeCovr?

You could go directly to an insurer like Aviva, but you would only be getting one price and one product. The protection market is vast, and a 'one-size-fits-all' approach rarely yields the best result. Using an independent, whole-of-market broker offers several distinct advantages, especially for applicants over 70.

1. Unbiased Expert Advice: We are not tied to any single insurer. Our loyalty is to you, the client. We start by understanding your needs and then search the entire market to find the policy that best fits your requirements and budget.

2. Access to the Whole Market: We work with most of the major UK insurers, including specialist providers that don't sell directly to the public. This gives you a wide choice.

3. Help with the Difficult Cases: If you have health conditions, applying for insurance can be daunting. We know which insurers are most likely to offer favourable terms for specific conditions, saving you the stress of multiple applications and potential rejections.

4. Trusts and Estate Planning: Writing a policy in trust is one of the most important parts of life insurance, yet it's often overlooked. It's a free service that ensures the right people get the money quickly and without it being liable for Inheritance Tax. We handle all the trust paperwork for you as part of our service.

5. No Extra Cost to You: Our service is free. We receive a commission from the insurance provider you choose to proceed with. This means you get expert, impartial advice and support without it costing you a penny extra.

Conclusion: Securing Your Peace of Mind

Life insurance in your seventies is a tangible way to express care for your family, providing a financial cushion when they need it most. It’s a solution for covering final expenses, leaving a meaningful gift, or ensuring the wealth you’ve built is passed on efficiently.

The choice between a simple, guaranteed acceptance Over 50s plan and a more comprehensive, medically underwritten Whole of Life policy depends entirely on your health, finances, and goals.

Navigating this landscape alone can be overwhelming. The most valuable step you can take is to seek professional, independent advice. An expert adviser can lay out all your options, explain the small print, and tailor a solution that provides not just a policy, but true and lasting peace of mind.

Sources

• Office for National Statistics (ONS): Mortality, earnings, and household statistics.
• Financial Conduct Authority (FCA): Insurance and consumer protection guidance.
• Association of British Insurers (ABI): Life insurance and protection market publications.
• HMRC: Tax treatment guidance for relevant protection and benefits products.