A Guide to Over 70 Life Insurance
As the majority of life insurance is aimed at those who would need to support their family, pay a mortgage or replace an income if they died, you may wonder what the point of getting life insurance is if you’re aged 70 or over.
However, there are many reasons why over 70 life insurance is a good idea for older people and it can really help give peace of mind and ease the burden of death expenses for your loved ones.
Do I need over 70 life insurance?
Thanks to the economic downturn many people have less savings than they once did which means many people are not as financially secure as they used to be.
If you have savings that you plan to use to pay for funeral costs and to pass on to friends and family, have you considered how long those savings will last and whether you have enough money to cover the costs of your death and benefit your loved ones?
Buying over 70 life insurance can really put your mind at rest because you’ll know that in the event of your death you’ll have funds available.
If you buy life insurance over 70 it can provide a supplemental income for your partner, an inheritance for loved ones and pay off debts and death taxes.
How do I get over 70 life insurance?
As long as you are aged 70 or over you will be able to find a life insurance policy to suit you. There are different types of policies available so make sure you understand them all so you can make an informed choice.
Term life insurance will cover you for a fixed term which means if you die after the date is passed you won’t be able to claim. Term insurance is usually one of the cheapest forms of insurance you can get but you don’t have the guarantee of knowing your family will definitely receive a pay out.
Whole life insurance will cover you for the whole of your life so you won’t have to worry about your policy running out. This type of policy is generally more expensive but also offers more extensive benefits.
You can also take out a policy that’s designed solely to cover your funeral expenses but won’t include money to pay off debts, pay death duties or give to family.
Once you know which type of policy you want then take a look at some comparison websites to find lots of different quotes for over 70 life insurance.
Once you have a few quotes you’ll be able to decide which policy is the best option for you and in most cases your purchase will go through quickly so you can be insured within hours.