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Your options do change as you get older.
Someone aged 52 could potentially choose between term life insurance, medically underwritten whole of life insurance and guaranteed acceptance over 50 life insurance.
Someone aged 78 may have fewer standard life insurance options, but could still qualify for certain medically underwritten policies or guaranteed acceptance over 50 cover.
MoneyHelper says over 50 life insurance is usually available to people aged between 50 and 85, depending on the individual policy.
The important distinction is between your age when you apply and the age until which the insurer will keep you covered.
Can you get life insurance at 50?
Yes.
At 50, you may still have a wide choice of life insurance.
You could potentially apply for standard term life insurance, decreasing life insurance, medically underwritten whole of life insurance or an over 50 guaranteed acceptance plan.
Do not assume that turning 50 means you need an over 50 policy.
If you are reasonably healthy and want a substantial amount of cover, standard life insurance may provide considerably more cover for your premium.
Guaranteed acceptance over 50 cover is generally designed for smaller payouts and does not normally require detailed medical underwriting.
Life insurance in your 50s
Your 50s can be a particularly useful time to compare different types of cover because standard life insurance may still be widely available.
- You might still have a mortgage.
- You may still be working.
- Your partner could depend on your income.
- You may have children who still need some financial support.
These circumstances can require much more insurance than a traditional over 50 policy is designed to provide.
For example, someone aged 55 needing £150,000 of mortgage protection may want to investigate term insurance rather than trying to obtain several small over 50 policies.
Medical questions will normally be required for standard life insurance.
Related guideTerm life insurance for over 50s: how does it compare?Life insurance in your 60s
Life insurance remains available in your 60s.
The main change is price.
Life insurance generally becomes more expensive as you get older because there is a greater likelihood that the insurer will need to pay a claim.
You may also find that the maximum term available becomes shorter.
Someone aged 62 might still be able to arrange term insurance for a significant period, depending on the insurer.
Guaranteed acceptance over 50 insurance is also commonly available throughout your 60s.
If your reason for wanting insurance has changed from protecting a mortgage to simply leaving money behind, the type of policy worth considering may change as well.
Life insurance in your 70s
Getting life insurance in your 70s is still possible.
The number of options can become smaller, and premiums for medically underwritten cover can become considerably higher.
Insurers also impose maximum ages.
For example, Legal and General currently allows applications for its standard Life Insurance policy up to age 77, while its Over 50s Fixed Life Insurance can be taken out up to age 80.
Aviva currently also allows applications for its standard Life Insurance Plan up to age 77 and its Over 50s Life Insurance between ages 50 and 80.
These are examples rather than universal market limits.
Every insurer sets its own rules.
Can you get life insurance at 80?
Yes, some policies allow applications at age 80.
Both Aviva and Legal and General currently state that their guaranteed acceptance over 50 policies are available to eligible UK residents aged between 50 and 80.
The important detail is whether age 80 is included in the insurer's application range.
If the maximum application age is 80, you may be able to apply while you are still 80 but not once you have passed the insurer's age limit.
Check this before delaying an application.
What about life insurance after 80?
Options become more restricted, but age 80 is not a universal cut off across the whole UK market.
MoneyHelper describes over 50 plans as usually being available between ages 50 and 85, depending on the policy.
This means some providers may accept applicants beyond age 80.
However, you should expect fewer choices.
The amount of cover available may also be relatively small.
If you are approaching the upper age limit of a particular product, check exactly how the insurer defines eligibility.
Examples only. Every insurer sets its own rules.
Application age and cover age are different
This distinction is easy to miss.
An insurer might stop accepting new applications at age 77 but allow an existing policy to continue much later.
Legal and General, for example, currently says people can apply for its standard Life Insurance policy up to and including age 77, and the policy term must end before their 90th birthday.
The maximum age for applying is therefore not necessarily the age when your insurance ends.
Always check both.
Does over 50 life insurance expire at age 80?
No.
Age 80 may be the maximum age for starting certain policies, but that does not mean the insurance ends at 80.
Traditional over 50 insurance is normally whole of life cover.
It is designed to continue for the rest of your life, provided the policy remains active and its conditions are met.
For example, Legal and General currently stops collecting premiums on its over 50 plan at age 90 but states that the cover continues for life.
Aviva currently stops premiums after 30 years or from the policy anniversary after age 90, whichever happens first, while the cover continues.
The application age and the duration of cover are therefore completely different questions.
Why does age affect the price so much?
Life insurance is based on risk.
As you get older, the statistical likelihood of dying during the period covered by the policy increases.
The insurer therefore expects to pay a claim sooner.
That affects pricing.
Imagine two people want exactly the same amount of cover.
Same amount of cover
Same amount of cover
Generally expected to pay more for medically underwritten insurance
Everything else about them is identical.
The 72 year old would generally be expected to pay more for medically underwritten insurance.
With many guaranteed acceptance over 50 policies, age can instead affect how much cover you receive for the same monthly premium.
Does your health matter more as you get older?
Health matters if you are applying for medically underwritten life insurance.
An insurer may ask about conditions such as diabetes, heart disease, high blood pressure, cancer history and other medical issues.
You may also be asked about medication, smoking, height and weight.
Having a medical condition does not automatically prevent you from being insured.
The insurer may accept you normally, increase the premium, request further medical information or decide it cannot provide cover.
Guaranteed acceptance over 50 insurance works differently.
Detailed medical questions are normally not required.
This can become particularly useful for older applicants who have developed several health conditions.
Should someone aged 55 choose the same insurance as someone aged 78?
Probably not simply because they are both over 50.
The 55 year old might need £200,000 of protection for a mortgage and family.
A term life insurance policy could be relevant.
The 78 year old may have no mortgage, no financial dependants and simply want £5,000 or £10,000 left to family.
Guaranteed acceptance whole of life insurance may be more relevant to that objective.
Age matters, but the purpose of the insurance matters just as much.
Does the amount of cover reduce as you get older?
It can.
With guaranteed acceptance over 50 insurance, an older applicant will generally receive less cover for the same monthly premium than a younger applicant.
Imagine two people both pay £25 a month.
£25 a month
Generally the larger insured amount
£25 a month
Generally a smaller insured amount
The younger person would generally receive the larger insured amount.
The insurer expects to collect premiums from the younger applicant for longer before a claim occurs.
Can you still get £100,000 of life insurance in your 60s or 70s?
Potentially.
A large amount such as £100,000 would usually require medically underwritten life insurance rather than a standard guaranteed acceptance over 50 plan.
Your age, health and the length of cover required will determine what insurers are prepared to offer.
Someone aged 61 wanting £100,000 for ten years may have considerably more options than someone aged 79 wanting the same amount for life.
This is why the amount and duration of cover should be considered together.
Related guideCan you get £100,000 of life insurance over 50?Do not wait simply because you are still eligible
Being below an insurer's maximum age does not mean the price will remain the same.
Applying at 65 and applying at 75 are very different insurance risks.
- Higher premiums
- Less cover for the same premium
- Shorter term options
- Fewer insurers willing to offer cover
- Changes in your health affecting underwriting
That does not mean you should rush into buying insurance you do not need.
It means age should be considered once you have established that there is a genuine need for cover.
Which life insurance can you get between 50 and 80?
There are three broad types worth understanding.
Term life insurance
This provides cover for a fixed number of years.
It normally requires medical underwriting and can provide substantial amounts of cover.
Maximum application ages and maximum ages at the end of the policy vary between insurers.
Guaranteed acceptance over 50 life insurance
This is normally whole of life cover.
Detailed medical questions are usually not required.
The payouts tend to be smaller than standard life insurance.
Many policies are available throughout your 50s, 60s and 70s, with some accepting applications at age 80 and others potentially later.
Medically underwritten whole of life insurance
This is designed to continue for life but involves an assessment of your health.
It may provide substantially more cover than guaranteed acceptance insurance.
Cost and availability become increasingly important as you get older.
Which age matters most?
Your age today matters because it affects what you can apply for and what it costs.
How long do you actually need the insurance?
Someone aged 58 may only need cover until a mortgage finishes at 70.
Someone aged 70 may want a smaller policy that remains in place whenever they die.
Those are different needs and may require completely different products.
Speaking to a life insurance adviser
The older you get, the more useful it can be to compare different types of cover rather than assuming one type of over 50s policy is your only option.
A qualified life insurance adviser can look at your age, health, budget, required payout and how long you need the cover.
They can then help you compare guaranteed acceptance insurance with medically underwritten alternatives where appropriate.
Speak to a qualified UK life insurance adviser who can compare options available through their panel. 50Life.co.uk can introduce you to an adviser who can discuss your circumstances. 50Life does not itself give personalised advice.
There is no single age at which life insurance suddenly becomes unavailable.
The choice gradually becomes narrower as you get older, which makes choosing the right type of cover increasingly important.
