Rates last updated: 23 January 2020
Many customers get tempted to buy a guaranteed over 65s life cover but unless your really seriously ill this isn’t a good idea. With a little patience and research and a good quality life insurance brokerage (like PayingTooMuch.com
), you will get a much better deal by using a traditional underwritten life insurance where the premiums are much lower and the cover starts from day one.
Guaranteed over 65s life insurance policies usually make you wait two years before the life cover begins to make sure you’re not seriously ill and about to die when you apply. This delay is unnecessary for most people and doesn’t happen with the ready reckoner quotes table below.
Here is a table of typical rates for life insurance at age 65 for different amounts and terms of cover that offer much getter value that guaranteed over 65’s life cover. In the end there’s no substitute for getting a personalised quote from a leading life insurance comparison
Typical Life Insurance Premiums At Age 65
|5 Years||10 Years||15 Years||20 Years||25 Years||30 Years||Whole Life|
Last Updated: 23 January 2020 (Source: PayingTooMuch.com)
Terminal Illness Cover
If you are considering life cover over 65 then you may wish to include terminal illness benefit, (as with all the quotes above).
Terminal illness benefit means that if you are diagnosed with having a life expectancy of less than 12 months then the life insurance will payout immediately rather than having to wait until you have passed away. Clearly having a life expectancy of less than 12 months means you are already very seriously ill but nevertheless it might be possible to enjoy some of the money paid out either to settle some commitments that will bring peace of mind, or to enjoy some special time with the one you love the most.
Terminal illness benefit is available as an option to almost all underwritten policies and isn’t available on guaranteed over 65s plans, which is another reason to shop around.