January 12, 2018


old man

I’m over 70 – can I get life insurance cover?

Life insurance for the over 70’s – The good news is you can get it! The cost of the cover will mainly depend upon your health, your age and the amount of cover you’d like.

If, once you’ve read this case study, you’d like to talk through your situation, please call 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Here’s a great case study: The background.

We were approached by Mr B, a 75 year old non-smoker and his wife, Mrs B who is 69 years. Their existing life insurance had reached the end of its term and had expired. They told me that they didn’t have any savings available. They wanted to ensure that funds would be able to cover funeral costs and additional fees.

Both Mr & Mrs B are in overall good health, although Mr B takes daily medication to control his blood pressure and cholesterol and has had surgery to reduce his prostate.

Our advice:

Taking to account their budget, we advised that they arrange a Whole of Life insurance policy each. This type of cover is a fully underwritten (we help you complete the application form which asks about your health). Once the cover starts you are fully covered – immediately. The premiums must be maintained until the policyholder passes away, whenever that should be, and is therefore guaranteed to pay out.

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What is Whole of Life insurance?

There are many reasons why people arrange Whole of Life insurance policies:

  • To cover their funeral costs or to leave a lump sum for their nearest and dearest.
  • A Whole of Life policy could also be used to help cover a potential IHT Liability.

The outcome

The cost of a Whole of Life policy with a sum assured of £10,000 was quoted as £48.23 a month for Mr B and £34.99 a month for Mrs B. Sensibly, Mr and Mrs B decided to index link their whole of life policies, as this will help to ensure the benefits don’t get eroded by inflation over the next few years.

Mr B made the common but incorrect assumption that the disparity in costs was due to differences in male and female pricing. ‘Gender Pricing’ for insurance became illegal in 2012. Mr B was surprised to find that his premium is over 30% higher than his wife’s premium simply because he is 5 years older than her.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote on-line but we would recommend you talk to one of our advisers.

Your adviser will take into account your medical history. Any quote which they provide to you will take into account to your situation, your medical history, as well as your budget!

An on-line quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

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Please feel free to read our Independent client reviews, or read about the team at Future Proof.

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Interested in other case studies?