Are you 70 or older and concerned about getting life insurance, especially if health conditions might make it harder? You’re not alone. It’s a common worry for many in the UK.
The reassuring news is that life insurance over 70 policies are available with guaranteed acceptance and no medical exams, even up to age 80.
Benefits Of Buying Cover At This Life Stage
- Chimat can offer you affordable life insurance for over 70. Premiums can start from around £36 per month and in some cases even less.
- Choosing policies in your early 70s locks in fixed rates. This can provide protection from rising prices as consumer costs increase.
We’ll help you arrange the best life insurance over 70 no medical exam policy so you can confidently protect the future of your family.
Over 70 And Looking For An Affordable Life Insurance Policy? Get A Quick Quote Below
Why Consider Life Insurance Over 70?
As life expectancy in the UK has risen significantly for both men and women, arranging life insurance in later life has become even more important.
Many people in their 70s want to ease financial worries for their family after they’re gone, with the cost of funerals, debt payments or future care fees.
Life insurance can also provide a meaningful legacy, giving peace of mind during retirement years.
Financial security for loved ones
Life insurance for seniors over 70 gives your family peace of mind about money. Around one in five new retirees in 2024 planned to rely just on the state pension (£185.15 per week).
That amount might not fully cover regular bills, mortgages, or credit card debts, and it certainly wouldn’t be enough if you passed away unexpectedly.
A life insurance policy helps protect your partner or children from financial hardship if something happens to you.
Click To Compare QuotesWith proper life assurance coverage, loved ones get extra support to pay off personal loans or mortgage balances comfortably.
They won’t need to dip into savings accounts or worry about costs like childcare fees and daily living expenses after you’re gone.
Life insurance policies can also reduce stress by providing a lump sum quickly, without worries about probate delays and paperwork during tough emotional times.
Covering funeral expenses
Securing your family’s finances helps ease their stress at a tough time. Funeral costs in the UK are high, averaging £4,141 for a basic service and around £9,658 in overall death-related expenses, according to SunLife research.
Choosing over 70 life insurance can help manage these hefty bills without burdening loved ones after you pass away.
You could also consider funeral plans—these policies pay directly towards funeral arrangements to cover immediate needs.
Many insurers offer over-50s life insurance or special no medical exam options that guarantee acceptance despite age or health issues such as cancer, stroke or Alzheimer’s disease.
Leaving a legacy
Life insurance for people aged 70 and over is a helpful way to leave money behind for loved ones or charities.
Writing life insurance in trust helps cut inheritance tax, which stands at 40% on estates worth more than £325,000.
- Placing your whole life or term life insurance policy in a trust also speeds up the payout process after death.
- Many people use their plans as an investment tool to create lasting support beyond funeral expenses and debts.
You can choose how much cover you want by using an over 70 life insurance calculator, looking at your needs and budget carefully.
This approach ensures a meaningful financial gift reaches those who matter most without heavy costs from inheritance taxes or delays with payouts.
Types of Life Insurance for Over 70s
Finding life insurance in your 70s can mean checking types like whole life cover or seniors’ term policies.
Some plans offer quick acceptance without medical checks, as well as benefits for serious illnesses—it’s worth reading up to learn more.
Whole of Life Cover
Whole of Life Cover gives you life insurance for as long as you live, with no age limit. For people in their 70s living in the UK, this policy usually covers individuals up to age 84 and offers a cash payout upon death.
The lump sum can help your family handle costs like funeral expenses or outstanding debts such as mortgage life insurance payments.
Click To Compare QuotesThis type of cover could be useful if you’re looking for guaranteed protection without needing future medical checks.
Whole life insurance premiums will stay fixed, providing peace of mind that your loved ones’ financial security is sorted after you’re gone.
Whole of Life Cover ensures your family has support exactly when they need it most.
Term Life Insurance
Term life insurance for seniors over 70 covers you for a set period, ranging from 1 to 20 years.
It is an option available until age 86 and can help provide financial security to your spouse, children, or grandchildren if you pass away within that term.
The premium price depends on factors like medical history, smoking habits, pre-existing conditions such as heart attacks or Alzheimer’s disease and the amount insured.
This can be one of the cheapest life insurance options for people aged 70 and over because it lasts only a fixed period rather than covering your whole lifetime.
There are two types of term life insurance:
- Level Term Life Insurance – Offers a fixed payout amount that remains the same throughout the policy term.
- Decreasing Term Life Insurance – Offers a payout amount that gradually reduces over the term of the policy, typically in line with a repayment mortgage or other declining financial commitment.
Some plans may offer free terminal illness cover too, so check with providers and compare quotes carefully before you choose a policy that suits your budget best.
Over 70 life insurance no medical exam (An over 50s plan)
Over 70 life insurance no medical exam, also known as an over 50s plan, gives guaranteed acceptance to UK residents aged between 50 and 85. This means you can get cover without health checks or detailed medical questions.
Premiums start at a low fixed rate of just £0.20 per day, making it one of the cheapest life insurance for over 70 in the UK.
Click To Compare QuotesThe plan helps ease worries about funeral costs, outstanding credit card bills or any debts you may have. It is simple and easy to apply for this type of life insurance policy online or by phone through major UK providers such as Chimat Life.
Now, let’s explore how free Terminal Illness Cover might benefit your situation as well.
Free Terminal Illness Cover
Free terminal illness cover comes with many term life insurance policies, as well as selected over 50s plans. With this feature, your policy pays out early if doctors find you have less than a year to live.
It helps ease financial worries at a tough time so that you can focus on family and care without stress about costs or debt, like overdrafts or credit cards.
Free terminal illness cover gives peace of mind in life’s difficult moments.
How Much Does Over 70s Life Insurance Cost?
The examples below illustrate the coverage amounts available for each policy type, based on a non-smoking individual in good health paying a £36 monthly premium.
Term Life Insurance Cover (£36/month premium)
| Your Age | Level Term (Over 10 Years) | Decreasing Term (Over 10 Years) |
|---|---|---|
| 70 | £34,013 | £65,636 |
| 71 | £29,880 | £54,351 |
| 72 | £26,202 | £47,440 |
| 73 | £22,946 | £41,490 |
| 74 | £20,079 | £38,201 |
| 75 | £17,117 | £32,796 |
| 76 | £14,580 | £28,002 |
| 77 | £13,160 | £27,987 |
| 78 | £10,571 | £24,013 |
| 79 | £8,893 | £20,689 |
Whole of Life and Over 50s Insurance Cover (£36/month premium)
| Your Age | Whole of Life Insurance | Over 50s Plan |
|---|---|---|
| 70 | £8,739 | £5,966 |
| 71 | £7,238 | £4,658 |
| 72 | £6,723 | £4,364 |
| 73 | £6,337 | £4,086 |
| 74 | £5,928 | £3,825 |
| 75 | £5,507 | £3,583 |
| 76 | £5,104 | £3,359 |
| 77 | £4,730 | £3,158 |
| 78 | £4,384 | £2,965 |
| 79 | £4,065 | £2,777 |
What is the best life insurance for over 70?
The best life insurance for over 70 depends on your needs, health and budget. Whole of Life Cover gives lifelong protection and guarantees a payout to your loved ones, helping you leave a legacy or cover high funeral costs.
Over 70 life insurance with no medical exam (an ‘over 50s plan’) offers easy application without health checks—great if you’re concerned about age or existing issues like Diabetes or past Covid-19 illness.
Term Life Insurance can also be helpful at this stage—it protects within a set time frame, often offering lower premiums that suit those on income drawdown pensions.
Click To Compare QuotesComparing quotes from leading providers is crucial—you want dependable insurers that their clients highly rate.
For non-smokers with good current health records who seek value through careful investments into stocks and shares ISAs or steady landlord equity returns for retirement planning—underwritten term insurance often provides favourable terms plus added security against inflation risks later in life.
Factors Affecting Life Insurance for Over 70s
Your age, health status, and lifestyle can impact your options when buying a life insurance policy, affecting both monthly premiums and available coverage.
To get the right plan, take time to understand these factors clearly.
Age and health considerations
Age is a big factor for life insurance over 70. In the UK, men live on average until 78.6 years, and women until around 82.6 years.
Health also matters a lot; issues like Alzheimer’s can affect the cost of your policy or prevent cover altogether.
Life insurance for people aged 70 and over often requires medical information or even an exam by a doctor.
Some policies offer no medical exams but might have higher premiums or lower payouts to relatives after death.
As mentioned above, Terminal illness cover may be included free with certain types of life insurance, providing extra support if you fall seriously ill in later life.
Always provide clear health details so insurers can offer the right financial advice tailored to your needs, whether it’s whole-life plans or term life options.
Tips for Choosing the Right Policy
Check insurance quotes online—UK providers such as Chimat Life offer helpful tools to compare policies and rates. We can help you with this process and provide a free, no-obligation quote service.
Consider your pension income, savings, and family needs to select suitable coverage that you can afford long-term.
Compare over 70 life insurance quotes from different providers
Comparing quotes from different UK providers helps you find the best life insurance for 70 and over.
Prices can vary widely between insurers, even for similar policies. For example, two single Whole of Life Cover policies offering a £20,000 payout to non-smokers aged 70 may cost around £145.88 per month together.
Yet a joint policy could cost just £118.87 each month—a saving of around 20%. Getting quick, free quotes from top UK insurers lets you clearly view differences in policy premiums and coverage limits at a glance.
Taking the time to compare can mean significant savings on your life insurance costs every month.
Assess your specific needs and budget
Think carefully about what you need life insurance to cover, such as funeral costs, debts, or funds for loved ones.
Cover amounts range from £10,000 up to £1,500,000, and premiums can vary greatly.
For example, Over 50s Fixed Life Insurance starts from just £8 per month but could cost up to £75 depending on your age and smoker status.
Be clear about how much you can comfortably afford to pay each month without cutting back on essentials, such as heating bills or car insurance payments.
Securing life insurance after 70 can ease your loved ones’ financial worries
Many options are available, including Whole of Life cover, fixed-term policies, and guaranteed over-50s plans, to suit your needs and budget.
Act soon, while good health can help you secure lower premiums. Chimat offer quick quotes and free support to simplify finding the right policy for you.
With careful planning now, you’re making sure family members have peace of mind later on.
I’m almost 70, in my late sixties. Does this type of cover apply to me?
Choosing life insurance in your 60s can offer reassurance and a straightforward way to provide for your loved ones.
Whether you’re considering covering funeral costs, supporting your family, or settling outstanding debts, policies for over-60s are often designed to be straightforward and affordable.
With options like guaranteed acceptance and fixed premiums, it’s never too late to find cover that suits your needs and gives you reassurance for the years ahead.
Further reading and external research sources:
- https://www.aviva.co.uk/insurance/life-products/over-50-life-insurance/knowledge-centre/senior-insurance
- https://www.gov.uk/plan-retirement-income/get-financial-advice
- https://www.citizensadvice.org.uk/debt-and-money/pensions/nearing-retirement/preparing-your-finances-for-retirement/
Paul has over 12 years of life insurance expertise. Renowned for his dedication and approachable nature, he’s a trusted advisor committed to helping clients secure their future.