Is there an age at which you become ‘too old’ to take out life insurance? Is it unnecessary beyond a certain point? Thomas Heyes explains more about maximum age and the protection products available for older customers
The Question
I am aged 58 and still working full time. I’ve never had a life insurance policy of any kind but, as I get older, I feel it would be more beneficial for my husband and kids if I were to get some kind of protection.
The question is: am I too old? My main concern is that I won’t be eligible due to my age. But, also, if I am suitable, would the cost of premiums would be expensive? Please, could you advise me.
Thomas’s Answer
At 58, you’re definitely not too old for life insurance. Most insurance providers offer policies to people up to age 75 to 90, though the specific maximum age varies by company.
- Eligibility: Standard term life policies accept new applicants up to a maximum of 90 years old.
- Payout over 90 years: If you were to take out a ‘Whole of Life’ policy, you would be covered until you pass (which could be over 90 years old)
- Premium costs: Your monthly premium may be higher than for younger applicants because insurance is priced based on life expectancy.
Jargon busting: ‘Premiums’ are the regular payments you make to keep your insurance policy active.
Policy types to consider
Term life insurance
This covers you for a specific period (for example 10 or 30 years). If you pass away during this period, the policy pays out. If you outlive the term, there’s no payout.
Whole life insurance
This one covers you for your entire life – essentially, it is a guaranteed payout policy.
Over-50s plan
This is specifically designed for people over the age of 50, often with guaranteed acceptance regardless of health conditions. These typically offer lower payout amounts, but don’t require a medical examination or GP report.
To give you a rough idea of costs, a healthy 58-year-old might pay £30 to £80 per month for a £100,000 term life policy lasting 15 years, though this varies significantly based on health, lifestyle, and chosen coverage amount.
I’d recommend speaking with one of our team members, who can compare options from multiple providers. Many people in their late 50s and 60s find cover that provides valuable reassurance for them and their families.
Meet our Expert…
Thomas Heyes, senior protection adviser with The Insurance Surgery, is here to answer your insurance questions. You can read more about him and the business in our profile of The Insurance Surgery.
If you have a question about life insurance leave a message in the comments below or email kate.saines@emap.com
