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There are so many adverts on TV midday trying to hawk life cover or funeral insurance that just the thought of seeing Michael Parkinson’s face makes you want to wince. However, it turns out that he does have a point and it isn’t just the fact you can get a free Parker pen just for applying!
As we get older it is perfectly normal to start thinking about what you will leave behind and how you can try and make like easier for your family and loved ones. A simple insurance policy can bring peace of mind and security at a time of financial difficulty for most families. For this reason we have seen an increase in interest for life insurance from those aged over 80. So we have decided to write an article to specifically help our older readers.
There is no reason to think that you won’t be able be able to get life insurance once you pass the age of 80. There are companies around who will give you this cover and it is something which it is well worth thinking about. Here are a few of the top reasons why.
To Leave Some Money Behind
It is a wonderful feeling to know that your children and grandchildren will have a better financial future because of your forward planning. Whether they are already financially independent or not they will be glad to receive a lump sum which proves that you thought of them and their welfare.
To Pay Off Debts
A great worry for a lot of mature people is that they don’t want to leave any debts behind. Even if you are going to leave some property or other belongings for your relatives you won’t want debts to eat into the overall amount. If you can get enough insurance to make sure that there are no debts for anyone else to pick up then you will feel a lot better.
To Never Worry About Burial Expenses
Burial expenses might be a rather more modest expense but that doesn’t stop a lot of over 80’s worrying about them as well. No one wants to burden their family with a big expense which they might need to take out a loan to meet. By getting a life insurance for the right amount sorted out then you can tick this off as one less thing to worry about. If it is only funeral expenses which you want to cover then you can go for a relatively low sum insured and avoid paying a hefty premium. However, you might also want to consider paying a little bit more and getting a policy which will left a sum over for your relatives once the expenses are taken care of.
To Pay the Taxes
Another big worry for many older people is that they might leave behind a steep tax bill for their family. This is often a potentially very big expense and it is well worth covering it with an adequate life insurance policy. If you are leaving behind some estate then you should find out roughly how much tax will need to be paid on it. You can then consider whether you can take out a life insurance policy to make sure that it is not a problem.
What Policies are Available?
Of course not all, but an increasing number of forward-thinking UK insurance companies are starting to extend their vanilla term life insurance to older customers. Historically policies would end at 60 years of age but we are seeing companies like Ageas extend their policies to 80 year olds. It will still be a struggle and premiums can be higher but they are worth shopping around for.
Alternatively over 50 plans are available to all and offer cheap peace of mind that some money will be left behind to loved ones. This could be a case of just enough to cover a modest burial or a larger chunk of cash to make their lives easier.
What Companies Offer Life Cover for the Elderly
(internal links - hiscox, ulster bank, admiral)As UK demographics change we are seeing people living longer as we all eat better and have far better access to modern medicine. It should be no surprise that a decent number of forward thinking insurance companies have reacted to provide those aged over 70, over 80 or over 90 with comprehensive life insurance protection.
Big name providers such as Hiscox Elderly Life Insurance, Ulster Bank Overy 80 Life Cover and Admiral Elderly Life Insurance have started to extend their policies and should be considered even if it only means getting a quotation.
Elderly Life Insurance Reviews
Unfortunately we have had only a limited amount of feedback from our readers to help explain what they have experienced from their elderly life cover providers. One thing to note is that not all large insurance providers are the same and the level of customer service will vary significantly from one company to another. If you have a good relationship with a broker or particular company then it may make sense to pay a little more so that you can extend your relationship so when you need them they are there for you.
Saga Elderly Life Insurance is one company that we continue to hear very good feedback from. If you have any reviews or feedback that you would like to give please do let us know.
Informational Videos
If you are like us you may find it easier to watch a YouTube video instead of reading hundreds of pages. Here are our top videos to help you understand your options as a Senior Citizen:
Helpful Video from Engage Mutual
Older video featuring Carol Smilie for Axa Sun Life
Further Resources
It really does make sense to spend a little time looking around for the best possible advice. Other than speaking to an independent advisor we suggest reading some other high quality information from these sites:
Wikipedia offer simple yet comprehensive information about Life Insurance
The Government now offer better advice from their new website www.Gov.uk
If you have any questions please feel free to use the contact form. If you would like a free quote then just complete the form and we’ll hopefully surprise you with how affordable a good policy actually is.
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