Life insurance age limit
Published 23rd August 2019
Are There Any Age Restrictions for Life Insurance?
Life cover is an essential financial product for those interested in protecting their loved ones, repaying the mortgage, or for protecting their businesses - so pretty much everyone! With people working longer, living longer, and often times taking finance well into their 60's and 70's, securing adequate protection into later life is now more important than ever.
In a nut shell, anyone aged 18+ can apply for cover, but the age limit for life insurance varies provider to provider - some providers limit age at application, some limit age at expiry, some have no limits and allow anyone to apply whatever their age.
If you're looking for information on taking out a family life policy to pay out to or protect children under 18, we have written a separate article on that. Life and critical illness insurance policies can cover children in the event of them falling ill, but typically this is a benefit inherent of parental life cover as those under 18 are not usually eligible for their own life insurance policy. If you'd like to find out more about life insurance for children then please visit our minimum age for life insurance article.
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Maximum Age Limit for Life Insurance
Below we cover age limits for the following:
- Mortgage protection age limit
- Family protection age limit
- Life & Critical illness age limit
- Specialist life cover for over 50’s, over 60’s, over 70’s
- Funeral expenses cover
- Age limit for business protection (key man/ shareholder/ death in service)
Length of cover
The number of years you are looking to take the cover over can impact which providers will consider an application. Some limit the term to 30 years, some to 40, and others don’t have a limit. If you are looking for cover longer than 40 years then you’ll usually need to consider more specialist providers.
Type / purpose of cover
The type of cover applied for has an impact on age limit and eligibility, where critical illness protection is often restricted to applicants under 65, life only cover restricted to 75/80, and some whole of life protection policies that don’t have any limit on age or restrictions on health.
It’s not possible to give exact advice as every individual applicant is different, and the age limit will depend on the type and level of cover applied for, as well as health history for some applicants. What we have done however, is drawn up the table below to give a rough guide. This does not constitute financial advice – for an experienced financial advisor to quote based on your situation whatever it is you are looking to protect, please make an enquiry.
Specialist life insurance for over 50’s, 60's and 70's
It’s a common opinion that obtaining life insurance if you’re over 50 can be difficult, when this simply isn’t true. Generally anyone under the age of 70 can get some form of life cover, whether that is to protect a mortgage, an investment, or to leave money behind for loved ones should anything happen. Those aged over 50 can usually apply for mainstream life insurance, or more specialist policies. Deciding which is the most appropriate can be difficult, so seeking independent advice is important.
The main difference between standard term assurance (life cover for a specified number of years) and specialist over 50’s plans are that standard policies are not limited to the sum you can insure yourself for, and acceptance is subject to full medical underwriting – whereas specialist plans are usually limited to a relatively low maximum pay-out, and offer guaranteed acceptance with no medical.
To help you decide which may be most appropriate, the other core typical differences are outlined below…
|Feature/Benefit||Level term assurance||Over 50s Fixed Plan|
|Benefit type||Lump sum payout||Lump sum payout|
|Maximum sum assured||No maximum||Limited to a lower pay-out (typically under £25,000)|
|Benefits payable||Full benefit paid from the start of the plan (valid claim required)||Full benefit paid after one year.If death occurs in first year, premiums are returned without interest if death is not covered under accidental death criteria.|
|Basis of cover||Single or joint life cover||Single cover only|
|Medical underwriting||Policy is underwritten. Doctor reports and medicals possible||No medical underwriting required – guaranteed acceptance|
|Age limits at application stage||Maximum: 78 next birthday||Minimum: 50
|Term limit||30 years – No limit||No limit|
|Age limits at end of cover||Minimum: 29.5 next birthday
|Premiums stop at age 90 although cover continues until death|
|Premiums (per month)||Minimum: £5
Maximum: no maximum
|Minimum: £6 (depending on your age)
It takes understanding and know-how to make sure you're getting the best type of cover for you and your family. The advisors we work with have access to the whole market of life insurance providers in the UK, and will find you the best cover at no cost to yourself, as typically they take commission from the providers for arranging the policy. The life insurance advice is no pressure, no obligation, and is usually a no fee service.
With mortgages as one of the biggest financial commitments you'll ever make, it's vital you get it right - so get in touch today on the form below and an advisor will be in touch ASAP. You can also email directly on enquiries (@) onlinemortgageadvisor.co.uk or call the office on 0808 189 2301.