As we age, it's only natural to think about financial support for our family and/or loved ones. One important aspect of financial planning is considering life insurance. But is there an age limit for getting life insurance cover?

Many people wonder if they are too old to qualify for a policy or if the cost will be too high. In this article, we’ll explore age limits in life insurance and provide valuable information to help you make informed decisions about your financial future.

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How does age affect life insurance?

Age is a key factor with life insurance. Generally, the older you are, the more expensive the premiums you will pay for a policy. This is because of factors such as time and likelihood of death. As time passes, that risk increases, and so does the cost of cover.

Besides age, other factors such as your health can also affect the cost of life insurance. For example, if you have a pre-existing medical condition or are a smoker, you may find that the premiums for your policy are higher than average.

In terms of age limits, insurers seem to differ, some will not offer cover to you at age 59, whilst others may offer insurance to customers who are up to 88 years old.

Age restrictions for life insurance

Most insurers will not issue a policy to anyone over the age of 88, and some may even have an upper age limit of 59 or 64. This is because as people get older, their health tends to decline. As a result, they become more at risk of developing medical conditions that could affect their ability to make payments.

When should I take out a life policy?

With taking out a life insurance policy, the best time to do so is when you are young and in good health. Premiums tend to increase as you get older due to risk factors such as age and medical history. Therefore, taking out cover at a young age may help to ensure a cost-effective rate. 

Remember that age is just one factor that affects your premiums. Your health, lifestyle, and occupation, also determine the cost of cover. If you’re in good health and have a job with a low risk of injury or death, then premiums may be much lower.

However, suppose you have any pre-existing medical conditions. In that case, you must disclose these to the insurer when applying for cover.

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Which type of policy should I buy?

When selecting a policy, be sure to research the different types of cover available. There are two main types of cover available:

Term insurance provides basic cover for a specific period, such as 10 or 20 years. This type of policy is typically more affordable than permanent policies. However, it does not provide any financial benefit after the term ends.

Whole life insurance covers you for your entire lifetime and provides a guaranteed payout. This type of policy is more expensive than term insurance, but offers peace of mind that your family will be financially protected in your absence.

Both types of cover have fixed premiums, paying out a cash lump sum if you pass away. However, if you choose an 'increasing policy', the premiums and sum assured will increase over time.

If you and your partner/spouse are both in need of cover, joint life insurance may be your preferred option. This type protects both parties under a single policy.

Please note: The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit. If you have yet to claim before the end of your chosen policy term, the policy will end, and no benefit will be paid.

If you are facing financial difficulty, please contact your insurer before cancelling your policy or letting it lapse. They may have options available to help you remain covered.

Options for seniors and older individuals

For older individuals who are no longer eligible for traditional life policies due to age restrictions, there are still options available. One option is guaranteed life insurance, designed for individuals aged 50 and over. This type of policy offers fixed premiums and death benefits, regardless of age or health status.

No matter your age or health status, there is likely a policy that can suit your needs. It’s essential to research and compare different policies to help you find a policy that works best for you. Speak to an adviser to ensure that you get the right policy for your needs and budget.

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Give our advisers a call today.

Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.

The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way. 

01392 43 61 93(Monday to Friday, 9am - 5.30pm)

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