Updated: November 20, 2019

Whole Life Insurance for Seniors

Can senior citizens still get whole of life insurance? Yes! Find out how this all works in our in-depth guide.

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Richard Angliss

Author: Richard Angliss - Finance Expert

Updated: November 20, 2019

It’s never too early to prepare for later life, but if you start planning in your later years there are still options available to you when it comes to life insurance.

Whole life insurance is a type of insurance where you make contributions right up until you pass away, and it’s guaranteed that when you pass away any dependents you have will receive a lump sum payment. This offers many people peace of mind as there are other forms of life insurance with fixed-term lengths where a lump sum isn’t guaranteed.

If you’re a senior citizen considering taking out whole life insurance or simply want to know more about it, keep reading.

By working with an insurance advisor, you can get access to the best deals that often aren’t available to the general public. Call us on 0808 189 0463 or make an enquiry to get started. There’s no fee and no obligation.

The advisors we work with are regulated by the Financial Conduct Authority which means they adhere to strict rules of conduct.

Is there whole life insurance for seniors?

As a senior, it is possible to get whole life insurance. However, like with any form of life insurance, it’s worth bearing in mind that the older you get, the premiums you pay each month are likely to be more expensive than if you were younger.

This is because insurers class you as higher risk as you’re more likely to suffer from a health condition in later life.

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Can I take out whole life insurance for over 75s?

Policies vary between providers which is why it’s important to compare the options available to you.

If you’re over 75, there may be providers who turn you down but there will also be providers who will offer you a policy if you fulfil their criteria. The best way to understand what is possible is to speak to a financial advisor with experience on whole life insurance for seniors.

Make an enquiry and we can help you find someone by putting you in touch with one of the experts that we work with.

Can I take out whole life insurance for over 80s?

The older you are, you may find that there are limited alternatives, but there are still options available to you.

If you’re 80 or over it will still be possible to find a provider though before you decide on one make sure you check all the conditions to ensure you fully understand what’s involved and what the benefits are.

For example, you may find that the premiums are so high that the long-term benefits may not be as good as say an alternative type of life insurance, for example, guaranteed life insurance.

The best way to find out is to speak to a financial advisor with experience in this area.

What is the best life whole life insurance for seniors?

As mentioned above, each policy will vary.

However, there are certain benefits that you should look for in whole life insurance to ensure you’re getting the best option for you which include the following:

Premiums
Health
Benefits
Waivers

Generally speaking, with whole life insurance, you pay a fixed premium each month which helps with your retirement planning. However, there are some providers that will review the premium every 10 years. This could affect you, especially if the premiums increase and are no longer affordable.

Some providers are less concerned about your age as a single factor and more interested in your lifestyle. For example, if you’re in good health at the time of signing up and have little medical history of illnesses they may give you a better offer. On the other hand, if you drink, smoke or have existing health conditions, you may be offered a higher premium.

Different plans have different benefits. It’s possible to get plans that include sickness and disability benefits. There are also providers that offer whole life insurance where payments stop at a certain age while the benefits continue until you die.

There are some policies that will excuse you from paying your plan for a few months if you suffer a setback or illness or are in a situation where you can’t keep up with payments for a set time.

How can I get affordable whole life insurance for seniors?

The older you are, the more expensive whole life insurance tends to become and you may find that there are fewer options available to you. However, you can take steps to ensuring you can get the most affordable deal that you can.

These include taking it out as early into your senior years as you can, comparing deals (a financial advisor can assist with this) and making lifestyle changes that will reflect better on your health such as giving up smoking if you’re a smoker.

Can it be paid for by retirement income?

Whole life insurance is a popular choice for seniors who may be reaching retirement or are already retired and so using their pension towards paying for it is a common choice. So yes this is an option however, you’ll need to be confident that you’ll still have enough left to pay for your other living expenses. The best way to understand what this would mean for your finances is to speak with an expert and it may or may not be the best options for your needs.

Can it be part of my retirement planning?

Yes. One of the benefits of some whole life insurance plans is that you accumulate funds throughout your whole life, not by a particular term.

When you die normally that’s when life insurance come in use as it goes to your family/dependents but with whole life insurance, many people withdraw funds while they’re still alive and this can be used to supplement your pension. There are terms and conditions to be aware of policies vary so it’s best to discuss options with a pensions advisor before you make a decision.

Can I get whole life insurance for retirement?

Whole life insurance can certainly assist with your retirement planning. You can withdraw funds while you’re still alive, which can go towards any retirement costs you may have, whether it’s a holiday or paying for home improvements. You can also apply for an add-on of funeral cover to remove the worry about paying for your funeral.

Where can I find out more?

Getting advice from an expert will ensure you understand all the implications of any financial decisions you make.

Whether you have specific questions about your own circumstances or want more information on a particular aspect of whole life insurance, call us on 0808 189 0463 or make an enquiry and we’ll match you with a specialist who has the right expertise for your circumstances. We don’t charge a fee and there’s absolutely no obligation to make a purchase.

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 whole of 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.

FCA Disclaimer

*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.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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