Senior life insurance guide

In your senior years, you want to be sure that your family will be looked after when you die. That's where senior life insurance can help.

Find out what options are available and why life cover could be beneficial in this guide.

Overview

Many think that life insurance is just for young families to protect a mortgage and family living costs.

Life insurance for seniors can be equally as important. After all, there are still costs later on in life that you might not want your loved ones to pay for.

Unfortunately, dying can be expensive for those you leave behind, with the overall cost of dying now at £9,000 (according to the SunLife Cost of Dying Report).

Things like the cost of your funeral and outstanding debts could be left for your loved ones to pay when you die.

Life insurance can be a simple and affordable way for seniors to leave their loved ones a lump sum to cover this and other costs.

What is senior life insurance?

Senior life insurance is a policy that’s designed for those in their senior years, also known as an over 50s plan or over 50s life insurance.

While we compare some life insurance options, we currently don’t offer over 50s life insurance plans.

It provides you with lifelong cover and pays out to your loved ones when you die.

Acceptance is guaranteed to UK residents aged 50 – 85 and you won’t need to give any medical information during the application.

Types of life insurance for seniors

As mentioned, senior life insurance most commonly refers to an over 50s plan.

However, in your 60s and beyond, you could still buy other types of life insurance.

Let's explore the different options that are available:

Guaranteed senior life insurance (over 50s plan)

An over 50s plan provides lifelong cover and guaranteed acceptance to UK residents aged 50 – 85.

• No medical information or exam during the application process
• Policy lasts until you die
• Smaller maximum cover amount (often between £10,000 - £20,000)
• A pay out is guaranteed when you die (after the first 12 or 24 months of the policy has passed, known as a waiting period)
• You'll need to pay premiums for the rest of your life or until a specified age (such as 90)

Term life insurance for seniors

Term life insurance covers you for a set period of time (the term) and pays out if you die during this time.

• Cover for a set term (your policy will typically need to end by the time you’re 90)
• Your cover amount can remain the same (level-term) or reduce over time (decreasing term)
• Ideal for helping to cover a mortgage or other debts
• Medical information is required during the application
• A pay out will be made if you pass away during the policy term

Whole of life insurance for seniors

A whole of life insurance policy lasts for life and pays out when you die (no matter what age you are).

• Guaranteed pay out as cover lasts for life
• Medical information is required during the application process
• Ideal for helping to cover funeral costs and/or inheritance tax bills if the policy is written in trust
• You’ll need to pay premiums for the rest of your life

Funeral plans for over 65

A funeral plan is an alternative to life insurance and allows you to plan and pay for your funeral in advance.

• Acceptance is guaranteed with no medical questions asked.
• Most essential services for a funeral are covered within the plan. But exactly what your plan covers will depend on the provider you choose and the plan you buy.
• You pay for your services at today’s rate.
• When you die, your plan is passed to a funeral director to carry out your services.

You can pay up front or in monthly payments, some monthly payment options could incur interest.

What is the best life insurance for seniors?

The best life insurance for senior citizens will depend on individual needs and circumstances.

An over 50s plan is often considered the ‘best’ option as acceptance is guaranteed to seniors and cover will last for the rest of your life.

If you’re still in good overall health and you only want cover for a specific time frame, term-based cover could be a suitable option. This might be good if you want to cover a mortgage, for example.

Alternatively, if you’re in good overall health you could look at whole of life insurance. This gives your loved ones a much larger payout than an over 50s plan could provide.

Why is life insurance important for over 65s?

The pay out from a life insurance policy could help to:

• Cover the cost of your funeral
• Leave an inheritance for your children and/or grandchildren
• Help loved ones with inheritance tax bills
• Cover any outstanding debts

Make a donation to a charity close to your heart

How much is senior life insurance

Many over 50s plans on the market start from £5 per month*.

The exact amount you pay for a policy will be based on your age and how much cover you’d like to buy. Some insurers may also take whether you smoke into consideration too.

If you buy an alternative policy, such as term or whole of life insurance, the price you pay is based on other personal factors. These might be your age, health and lifestyle.

*Based on Confused.com data, January 2025.

Can I get senior life insurance with no medical exam?

Yes, when applying for an over 50s plan you won’t need to give any medical information or go through a medical exam.

It’s possible to get other types of life insurance, like term and whole of life insurance, without needing a medical exam. But you'll need to provide medical information during the application for these.

If any of the medical information you give is seen as ‘high-risk’ insurers may ask for a medical exam to get a better understanding of your health. You might have to get a medical exam if you have a pre-existing medical condition for example.

What is the maximum age for buying life insurance?

The maximum age for buying life insurance can vary depending on the policy type you buy as well as the specific insurer.

For example, with an over 50s plan, the maximum age you can buy a policy is usually 80 or 85 depending on the insurer.

With term life insurance, many insurers have a maximum age limit of 75 - 77, but others may allow applicants up to the age of 83 or 84.

Similarly, 84 is most commonly the maximum age to buy whole of life insurance.

Tips on how to secure affordable life insurance for senior citizens

• Compare multiple quotes to make sure you’re getting the best deal. You can compare life insurance quotes through Confused.com quickly and easily.
• Only choose a cover amount that’s right for your needs. Buying more cover than you need means you’ll be paying more for your policy.
• Buy a policy sooner rather than later. The older you are, the more you’ll pay for a policy.
• Lead a healthy lifestyle. If you're looking to buy term or whole of life insurance, your lifestyle will impact the price you pay.
• If you’re living with a health condition, consider a policy with guaranteed acceptance. For example, an over 50s plan or funeral plan.