Can I Get Life Insurance After 65 in the UK
It’s a common belief that once you pass the milestone of 65, the door to new life insurance policies swings shut. Many assume it's either unavailable or prohibitively expensive. The truth, however, is far more nuanced and encouraging. While your options may differ from those available to a 30-year-old, securing valuable financial protection in your later years is not only possible but often a very sensible financial decision.
Life changes, and so do our financial priorities. You might be enjoying retirement, spending time with grandchildren, or even still running a successful business. Whatever your circumstances, the need to protect your loved ones financially doesn't simply vanish on your 65th birthday. From covering final expenses to leaving a tax-efficient inheritance, the right life insurance policy can provide peace of mind for you and a vital safety net for your family.
WeCovr explores late-life cover options
Navigating the UK life insurance market after 65 requires specialist knowledge. The landscape is dotted with different products, varying insurer criteria, and specific terminology that can be confusing. This comprehensive guide is designed to demystify the process. We will explore the types of cover available, the factors that influence cost, and the practical steps you can take to find a policy that fits your needs and budget.
Why Consider Life Insurance After 65?
The reasons for seeking life insurance evolve as we age. The focus often shifts from protecting a young family and a large mortgage to more specific, later-life financial goals. Here are the most common reasons people over 65 explore their life insurance options:
- Covering Funeral Costs: This is one of the most frequent motivations. The cost of dying in the UK has been steadily rising. According to the SunLife Cost of Dying Report 2024, the average cost of a basic funeral is now £4,141. A dedicated life insurance policy can ensure this significant expense doesn't fall on your family during an already difficult time.
- Paying Off Outstanding Debts: While many aim to be debt-free by retirement, it's not always the case. An outstanding mortgage, car loan, or credit card balances can be passed on. A life insurance payout can be used to settle these liabilities, preventing financial strain on a surviving partner or your estate.
- Leaving a Financial Legacy: You may wish to leave a lump sum to your children or grandchildren. This could be to help with a house deposit, university fees, or simply to give them a better start in life. A guaranteed life insurance payout is one of the most reliable ways to achieve this.
- Inheritance Tax (IHT) Planning: For those with estates valued above the current threshold (£325,000 per person in 2024/25), Inheritance Tax can claim a significant 40% of the excess. A Whole of Life insurance policy, when written in trust, can provide a lump sum to your beneficiaries specifically to cover the IHT bill. This ensures the assets you worked hard to build are passed on intact.
- Supporting a Surviving Partner: If your partner relies on your pension or other income to maintain their lifestyle, a life insurance payout can provide the necessary funds to ensure their financial security after you're gone.
The Main Types of Life Insurance for Over 65s
When you're over 65, there are three primary types of life insurance policies to consider. Each is designed for different needs and budgets.
1. Over 50s Life Insurance
Despite the name, these plans are widely available to applicants up to the age of 80 or even 85 with some insurers. They are a form of whole-of-life insurance but with some very distinct features.
Key Features:
- Guaranteed Acceptance: Acceptance is guaranteed for UK residents within the specified age bracket (usually 50-80). There are no medical questions and you won't need a medical examination. This makes it an excellent option for those with pre-existing health conditions who might be declined for other types of cover.
- Fixed Premiums: Your monthly premiums are fixed for the life of the policy and will never increase.
- Qualification Period: Most policies have a 'waiting' or 'qualification' period of 12 or 24 months. If you pass away from natural causes during this time, the policy won't pay the full lump sum. Instead, the insurer will typically refund all the premiums you have paid. Accidental death is usually covered from day one.
- Fixed Payout: The lump sum (sum assured) is agreed upon at the start and is guaranteed to be paid out upon your death, provided you've passed the qualification period.
Who is it for? Over 50s plans are primarily designed for those looking to cover funeral costs or leave a small, guaranteed cash gift to loved ones. The ease of application is their main selling point.
| Pros of Over 50s Life Insurance | Cons of Over 50s Life Insurance |
|---|---|
| Guaranteed acceptance | Payouts are generally smaller |
| No medical questions or exams | You might pay in more than the payout |
| Fixed premiums that never rise | Not designed for large debts or IHT |
| Simple and quick to set up | Payout value is eroded by inflation |
A crucial point to consider is the total cost versus the payout. If you take out a policy at 65 and live for another 25 years, you could end up paying more in premiums than the policy will pay out. It's a trade-off between the certainty of a payout and the overall cost.
2. Term Life Insurance
Term life insurance provides cover for a fixed period (the 'term'). If you pass away within this term, the policy pays out the agreed lump sum. If you survive the term, the policy ends, and you receive no money back.
For applicants over 65, the available term lengths are naturally shorter. While a 30-year-old might take a 35-year term, a 68-year-old might be offered a maximum term of 15 or 20 years, with the policy needing to end by age 85 or 90.
Key Features:
- Medically Underwritten: Unlike Over 50s plans, this cover is fully medically underwritten. You will need to answer detailed questions about your health, lifestyle, and family medical history. The insurer may also request a report from your GP.
- Larger Cover Amounts: Because the risk is assessed, you can secure much larger sums assured, making it suitable for covering remaining mortgage balances or providing a more substantial family legacy.
- Cost-Effective for a Set Period: For a specific, short-term need, it can be more cost-effective than Whole of Life cover.
Who is it for? Term insurance is ideal for covering liabilities that have a defined end date, such as an interest-only mortgage, a business loan, or ensuring financial support for a partner until their own pension matures.
| Types of Term Insurance | Best For... |
|---|---|
| Level Term | The payout remains the same throughout the term. Ideal for leaving a fixed legacy. |
| Decreasing Term | The payout reduces over time, usually in line with a repayment mortgage. Premiums are lower. |
| Family Income Benefit | Pays a regular, tax-free income to your family for the remainder of a set term, rather than a single lump sum. |
3. Whole of Life Insurance
As the name suggests, Whole of Life insurance covers you for your entire life. As long as you keep paying the premiums, a payout is guaranteed when you pass away.
Key Features:
- Guaranteed Payout: The policy is guaranteed to pay out, providing certainty for your beneficiaries.
- Medically Underwritten: Similar to term insurance, this requires a full application with health and lifestyle questions. The underwriting can be stricter due to the guaranteed payout.
- Ideal for IHT Planning: This is the go-to product for Inheritance Tax planning. By writing the policy in trust, the payout is made directly to your beneficiaries, outside of your estate, giving them the immediate funds to settle the tax bill without having to sell family assets.
- Premium Options: You may find policies with 'guaranteed' premiums that never change, or 'reviewable' premiums, which start lower but can be increased by the insurer at set intervals (e.g., every 5 or 10 years). Guaranteed premiums offer more certainty for long-term budgeting.
Who is it for? This is for individuals who want to leave a guaranteed legacy, have a significant Inheritance Tax liability to cover, or wish to provide for the lifelong care of a dependent. It is the most comprehensive, and therefore typically the most expensive, option.
What About Critical Illness and Income Protection Cover?
While life insurance remains accessible, other types of protection insurance become more challenging to secure after 65.
Critical Illness Cover: This pays out a lump sum if you are diagnosed with a specific serious illness, such as some types of cancer, heart attack, or stroke.
- Availability: It is very difficult and often expensive to get new Critical Illness Cover after 65. Most insurers have a maximum entry age of around 60-64.
- Why? The statistical risk of being diagnosed with a critical illness increases significantly with age. For insurers, this makes it a high-risk product to offer to new older applicants.
Income Protection Insurance: This policy pays a regular income if you are unable to work due to illness or injury.
- Availability: This is generally not available or relevant for those who are retired. The policy is designed to replace earned income, so if you are no longer working, you have no income to protect.
- Exceptions for Business Owners: For those still actively working past 65, particularly company directors or the self-employed, some specialist options like Executive Income Protection may be available, but again, age limits are a major barrier.
Protection Solutions for Business Owners and Directors Over 65
If you are still running a business in your late 60s or beyond, your value to the company hasn't diminished. Specialist business protection is crucial to ensure continuity.
- Key Person Insurance: This is a life insurance or critical illness policy taken out by the business on a key individual. The payout goes to the business to cover lost profits, recruit a replacement, or settle loans if that person were to pass away. Even if the key person is over 65, their expertise and client relationships can be irreplaceable, making this cover essential for stability.
- Relevant Life Cover: This is a tax-efficient, death-in-service benefit for company directors and employees. The premiums are paid by the business and are typically an allowable business expense. The benefit is paid tax-free to the individual's family, outside of their estate. While age limits apply, it's a highly valuable perk if available.
What Factors Will Affect My Premiums After 65?
Insurers are in the business of calculating risk. For later-life applicants, they look at several factors to determine the cost of your premiums.
- Age: This is the single biggest factor. The older you are when you apply, the higher your statistical risk, and therefore, the higher your premium will be.
- Health & Medical History: Insurers will ask about pre-existing conditions like high blood pressure, diabetes, high cholesterol, or any history of cancer or heart problems. Well-managed conditions are viewed more favourably than unmanaged ones. They will almost certainly want to write to your GP for a report (GPR) to verify the information.
- Lifestyle: Your habits play a huge role.
- Smoking: A smoker can expect to pay double, or even more, than a non-smoker for the same cover. You must have been nicotine-free (including vapes and patches) for at least 12 months to be considered a non-smoker.
- Alcohol Consumption: Your weekly unit consumption will be assessed.
- BMI: Your height and weight are used to calculate your Body Mass Index. A high BMI can lead to increased premiums.
- Sum Assured: The size of the payout you want directly impacts the cost. A £20,000 policy will be significantly cheaper than a £200,000 one.
- Policy Type: A Whole of Life policy will be more expensive than a 10-year Term policy for the same sum assured, as the payout is guaranteed.
Here's a simplified illustration of how factors can influence monthly premiums for a £50,000 Level Term policy over 15 years for a 66-year-old male:
| Profile | Health Status | Smoker Status | Indicative Monthly Premium |
|---|---|---|---|
| Applicant A | Excellent Health, no issues | Non-Smoker | £75 |
| Applicant B | Well-managed high blood pressure | Non-Smoker | £95 |
| Applicant C | Excellent Health, no issues | Smoker | £150 |
| Applicant D | History of heart issues | Smoker | £200+ or Decline |
Note: These are illustrative figures only. Your actual premium will depend on a full underwriting assessment.
The Application Process: Honesty is the Best Policy
Applying for underwritten life insurance after 65 is a more detailed process than getting an Over 50s plan.
- Assessment: First, work out exactly what you need the cover for and how much is required. This will determine the type of policy you need.
- Speak to a Broker: This is where we at WeCovr can provide immense value. An independent broker has access to the whole market and understands the different underwriting stances of each insurer. Some insurers are more lenient with certain medical conditions or have higher maximum entry ages. We can place your application with the insurer most likely to offer you the best terms.
- Application Form: You will complete a detailed application form. It is vital that you answer every question about your health and lifestyle completely and honestly. Non-disclosure of a material fact can lead to your policy being voided when your family comes to claim.
- Medical Evidence: For most applicants over 65 seeking underwritten cover, the insurer will request your medical records from your GP. In some cases, especially for very large sums assured, they may ask you to attend a medical screening with a nurse, which usually involves a blood test, blood pressure reading, and a urine sample. This is paid for by the insurer.
- Decision: The underwriter reviews all the information and provides one of three outcomes:
- Standard Rates: The premium quoted initially is confirmed.
- Rated or 'Loaded' Premium: The premium is increased due to a higher perceived risk.
- Decline: The insurer is unwilling to offer cover. If this happens, an Over 50s plan is often the best alternative.
The Crucial Role of Writing Your Policy in Trust
This is one of the most important yet overlooked aspects of life insurance. A trust is a simple legal arrangement that separates the life insurance policy from your legal estate.
When you place your policy in trust, you appoint 'trustees' (often family members) who are legally responsible for distributing the policy payout to your chosen 'beneficiaries' according to your wishes.
The benefits are immense:
- Avoids Probate: A policy in trust pays out directly to the beneficiaries, bypassing the often long and complex process of probate (which can take many months). This means your family gets the money much faster, when they need it most.
- Avoids Inheritance Tax (IHT): Because the payout does not form part of your estate, it is not subject to IHT. For a £200,000 policy, this is a potential tax saving of £80,000.
- Gives You Control: You specify exactly who you want to receive the money.
Setting up a trust is usually free when you take out the policy, and a good adviser will guide you through the straightforward paperwork.
Practical Wellness Tips for a Healthier, More Insurable Future
A healthier lifestyle not only enhances your quality of life but can also have a positive impact on your insurability and premiums. Insurers look favourably on applicants who take proactive steps to manage their health.
- Stay Active: Regular, moderate activity is key. According to the NHS, adults aged 65 and over should aim for at least 150 minutes of moderate-intensity activity a week. This could be brisk walking, swimming, or even gardening. It helps manage weight, blood pressure, and mental wellbeing.
- Focus on a Balanced Diet: A diet rich in fruits, vegetables, lean proteins, and whole grains can help manage common conditions like high cholesterol and Type 2 diabetes.
- Prioritise Sleep: Good quality sleep is vital for physical and cognitive health. Aim for 7-8 hours per night.
- Track Your Health: Understanding your calorie intake and activity levels is the first step to making positive changes. At WeCovr, we believe in supporting our customers' overall wellbeing, which is why we provide complimentary access to CalorieHero, our AI-powered calorie tracking app, to help you stay on top of your health goals.
How WeCovr Can Help You Find the Right Cover
Securing life insurance after 65 can feel daunting, but you don't have to do it alone. The market is complex, and the right advice is essential to avoid paying too much or getting the wrong product.
As expert independent brokers, we specialise in the UK protection market, including later-life cover.
- We search the entire market: We compare policies from all the UK's leading insurers to find the cover that meets your specific needs.
- We understand underwriting: We know which insurers are best for different health conditions and age profiles, increasing your chances of getting accepted on the best possible terms.
- We handle the paperwork: From the application to writing the policy in trust, we guide you every step of the way, making the process simple and stress-free.
Your later years should be about enjoying life, not worrying about finances. Let us help you put the right protection in place, giving you and your family lasting peace of mind.
What is the absolute maximum age to get life insurance in the UK?
This varies by insurer and policy type. For Over 50s guaranteed acceptance plans, the maximum entry age is typically 80, with some insurers going up to 85. For underwritten term or whole of life insurance, the maximum entry age is usually lower, often around 75-77. The policy must also typically end by a certain age, such as 90.
Do I definitely need a medical exam to get life insurance over 65?
Not necessarily. If you opt for an Over 50s plan, you will not need a medical exam as acceptance is guaranteed. If you apply for a medically underwritten policy (Term or Whole of Life), the insurer will always ask health questions. They will likely request a report from your GP, but a separate medical exam is usually only required for very high cover amounts or complex medical histories.
Is an Over 50s life insurance plan a good deal?
It can be a very good deal for the right person. Its main advantage is guaranteed acceptance, making it a vital option for those with health conditions who cannot get other cover. However, the downside is that if you live for a very long time, you could pay more in premiums than the final payout. It's a trade-off between accessibility and potential overall cost. It's best for covering smaller, fixed costs like a funeral.
Can I get a joint life insurance policy if my partner is younger than me?
Yes. When applying for a joint policy, insurers will underwrite both applicants. The premium will be based on your combined risk profile, considering both ages, health statuses, and lifestyles. A joint policy is often slightly cheaper than two single policies. However, remember that most joint policies only pay out once, on the first death, after which the cover ceases.
What happens if I have a pre-existing medical condition?
You must declare any pre-existing conditions on your application. For an Over 50s plan, it won't affect your acceptance. For an underwritten policy, the insurer will assess the condition's severity and how well it is managed. They may offer cover at standard rates, apply a 'loading' (increase the premium), or in some cases, decline cover. An experienced broker can help by approaching the insurers most likely to view your specific condition favourably.
Why life insurance and how does it work?
What is Life Insurance?
Life insurance is an insurance policy that can provide financial support for your loved ones when you or your joint policy holder passes away. It can help clear any outstanding debts, such as a mortgage, and cover your family's living and other expenses such costs of education, so your family can continue to pay bills and living expenses. In addition to life insurance, insurance providers offer related products such as income protection and critical illness, which we will touch upon below.How does it work?
Life insurance pays out if you die. The payout can be in the form of a lump sum payment or can be paid as a replacement for a regular income. It's your decision how much cover you'd like to take based on your financial resources and how much you'd like to leave to your family to help them deal with any outstanding debts and living expenses. Your premium depends on a number of factors, including your occupation, health and other criteria.The payout amount can change over time or can be fixed. A level term or whole of life policy offers a fixed payout. A decreasing term policy offers a payout that decreases over the term of the cover.
With critical illness policies, a payout is made if you’re diagnosed with a terminal illness with a remaining life expectancy of less than 12 months. While income protection policies ensure you can continue to meet your financial commitments if you are forced to take an extended break from work. If you can’t work because you’ve had an accident, fallen sick, or lost your job through no fault of your own, income protection insurance pays you an agreed portion of your salary each month.
Income protection is particularly helpful for people in dangerous occupations who want to be sure their mortgage will always be covered. Income protection only covers events beyond your control: you’re much less likely to be covered if you’re fired from your job or if you injure yourself deliberately.
Questions to ask yourself regarding life insurance
Just ask yourself:👉 Who would pay your mortgage or rent if you were to pass away or fall seriously ill?
👉 Who would pay for your family’s food, clothing, study fees or lifestyle?
👉 Who would provide for the costs of your funeral or clear your debts?
👉 Who would pay for your costs if you're unable to work due to serious illness or disability?
Many families don’t realise that life, income protection and critical illness insurance is one of the most effective ways to protect their finances. A great insurance policy can cover costs, protect a family from inheriting debts and even pay off a mortgage.
Many would think that the costs for all the benefits provided by life insurance, income protection insurance or critical illness insurance are too high, but the great news is in the current market policies are actually very inexpensive.
Benefits offered by income protection, life and critical illness insurance
Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.
If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.
Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.
In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.
Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.
And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?
Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:
- Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
- Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.
Types of life insurance policies
Common reasons for getting a life insurance policy are to:✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs
Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.
Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.
Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.
Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.
Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.
Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.
Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.
Important Fact!
There is no need to wait until the renewal of your current policy.
We can look at a more suitable option mid-term!
We can look at a more suitable option mid-term!
Why is it important to get life insurance early?
👉 Many people are very thankful that they had their life, income protection, and critical illness insurance cover in place before running into some serious issues. Critical illness and income protection insurance is as important as life insurance for protecting your family's finances.👉 We insure our cars, houses, bicycles and even bags! Yet our life and health are the most precious things we have.
Easily one of the most important insurance purchases an individual or family can make in their lifetime, the decision to buy life, income protection, critical illness and private medical health insurance can be made much simpler with the help of FCA-authorised advisers. They are the specialists who do the searching and analysis helping people choose between various types of life insurance policies available in the market, including income protection, critical illness and other types of policies most suitable to the client's individual circumstances.
It certainly won't do any harm if you speak with one of our experienced FCA-authorised insurance partner experts who are passionate about advising people on financial matters related to life insurance and are keen to provide you with a free consultation.
You can discuss with them in detail what affordable life, income protection, critical illness or private medical health insurance plan for the necessary peace of mind they would recommend! WeCovr works with some of the best advisers in the market.
By tapping the button below, you can book a free call with them in less than 30 seconds right now:
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WeCovr is an insurance specialist for people valuing their peace of mind and a great service.👍 WeCovr will help you get your private medical insurance, life insurance, critical illness insurance and others in no time thanks to our wonderful super-friendly experts ready to assist you every step of the way.
Just a quick and simple form and an easy conversation with one of our experts and your valuable insurance policy is in place for that needed peace of mind!