Updated: November 20, 2019

Life Insurance for Over 65s

Over 65 and looking for life insurance? There are policies available for people in later life! Read our guide for a rundown of your options

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Richard Angliss

Author: Richard Angliss - Finance Expert

Updated: November 20, 2019

If you’re approaching retirement age and thinking about your future finances, your thoughts might move towards life insurance to cover you when you’re over 65. Taking out a new life insurance policy when you get older is something that can help you feel more comfortable knowing that your loved ones will get some financial benefits when you die.

Not everyone over 65 needs life insurance, but it can be useful and provide peace-of-mind in many circumstances. Whether you need it depends on your individual situation.

Many people in their 60s get in touch with us with questions about life insurance for when they’re at the age of 65 or over and we always advise them to speak with an advisor with experience of life insurance for over 65s.

What is life insurance cover for over 65-year-olds?

Life insurance cover for over 65-year-olds and those who are older, is similar to the life insurance policies that people of all ages take out. You have a choice of a whole life or term life insurance plan and you can choose the payout level that would best suit your needs.

As a senior aged over 65, a whole life insurance policy could be a more viable option than a term plan but be sure to seek expert advice before making any decisions.

There are a variety of life insurance plans available for the over 65s and the elderly. These are most often designed to cover:

Do I need life insurance at the age of over 65?

Our life insurance needs change throughout our lives, however, more often than not a need exisits.

Once you reach 65 it’s more likely you won’t have any financial dependents or debts such as a mortgage, therefore, life insurance is not required to cover these types of needs.

Reasons why a need for life cover may exist for someone who is over 65 may include:

  • Covering funeral expenses
  • Potential inheritance tax liability
  • Clear any outstanding debts (credit cards etc.)
  • Desire to leave a financial legacy for family members

How much does life insurance cost for a 65-year-old?

The cost of life insurance depends on a number of factors, typically:

  • Age
  • General health
  • Lifestyle
  • Occupation (if you’re still working)

If you’re interested in taking out an over 65s life insurance policy and would like to receive a quote, the advisors we work with can help. They can answer all your questions and help you choose the best insurance policy for seniors over 65.

Call 0808 189 0463 or make a quick online enquiry and we’ll match you with an advisor with the right experience to help you. Our service is free, there’s no obligation and advisors only get paid if you get the policy you want at a price you’re happy with.

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Where can I get an over 65s life insurance plan?

Over 65s life insurance plans are available through a variety of providers, insurers, banks and even some supermarkets. However, even though an advert might make a particular over 65s life insurance policy look like the best deal, it always makes sense to compare different options.

An independent financial advisor, like those we work with, can get a series of quotes for the most competitive life insurance plans for over 65s based on your own needs and circumstances, providing you with realistic price quotes you can compare. This way you can be confident you’re making the right decision and buying the right cover for your needs.

So, while you can buy a life insurance policy for over 65s directly from a provider, you can also speak with an expert. All the advisors we work with are fully independent and have access to the whole of market and can quickly and easily identify the right cover for you.

Can I get over 65s life insurance cover with no medical exam?

Yes, there are a number of different life insurance plans for over 65-year-olds in the UK that don’t require a medical examination. Again, it’s important to compare the different options available to you and ensure they will payout in the circumstances you need.

While over 65 life insurance plans are designed for that specific age group, the costs can vary widely and are entirely dependent on your situation and requirements.

What’s the best senior life insurance policy?

As with most financial products, there’s no ‘best’ option, only a ‘best for you’ option. That’s because we’re all different, with our own unique background and circumstances, as well as our own needs and wants for the financial products we purchase. Life insurance cover for over 65s is no different.

Identifying the best over 65s life insurance cover might be easy for you if you’re confident with financial products and have the time and patience to do your own research and compare different policies. However, not everyone is in that situation and that’s when speaking with an expert can be a good idea to help you find the right life insurance cover for when you’re over 65.

Speak with an over 65s life insurance cover expert

If you’re interested in buying an over 65s life insurance policy, but want to find out more about them, it can help to speak with an expert, like those we work with. A fully qualified life insurance advisor, with experience in the over 65s market, can answer all your questions and help you find the best policy for your specific situation.

To speak with an over 65s life insurance expert, make a quick and easy online enquiry or call direct on 0808 189 0463.

We’ll match you with one of the independent advisors we work with. We’ll make sure they have experience in arranging life insurance for people over 65. They’ll be happy to answer all your questions and give you a very clear idea of how much life insurance might cost you based on your exact requirements.

The service we offer is free, there’s no obligation and advisors only get paid when you get the product you’re happy with.

You can then sit back and relax while we do the hard work of connecting you with the right advisor to help you get the right over 65s life insurance policy for you.

Ask A Quick Question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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Richard Angliss

Richard Angliss

Finance Expert

About the author

Richard Angliss has made a career in financial services which stretches over 40 years.

His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.

For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.

At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.

With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them.  Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.

He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

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