What Age Should You Get Life Insurance?

No matter what age you are, getting life insurance can give you peace of mind that your loved ones will be financially supported if you’re no longer here. While you can take out a policy at any time, what’s best for you will depend on your personal circumstances and what you want to protect.

This article answers the most common questions about life insurance and age, including:

• The best age to get life insurance and how it impacts your monthly payments.
• The different types of policies, from ‘term’ to ‘whole of life’ cover.
• The key factors that affect the cost of your policy.
• Why our Over 50s Life Insurance plan might be the right option for you.

What is life insurance?

Life insurance is a plan that pays out a one-off sum of money to your family or loved ones if you pass away. This lump sum can be used to help cover:

• Funeral costs
• Mortgage payments
• Household bills and debts
• Everyday living costs

You can choose different types of policies depending on your needs. For example, a term life insurance policy runs for a set number of years, while a whole of life insurance policy provides cover for your entire life.

What is the best age to get life insurance?

There’s no single best age to get life insurance, but you must be at least 18. The ideal time often aligns with life events when your responsibilities increase.

A good time to consider getting life insurance is when you:

• Buy a home
• Get married
• Have children or plan to have a family

If you have a mortgage or children who depend on your income, a life insurance policy can provide crucial financial security. For example, a policy could help cover mortgage repayments or day-to-day living costs for your children if you’re no longer there.

For parents, if your main concern is supporting your children until they are financially independent, a term life insurance policy might be a good choice.

If your main priority is to ensure your loved ones can cover funeral costs or other bills, a guaranteed plan like our Over 50s Life Insurance may be a better option.

It’s worth noting, if you wait until you are older to get life insurance, your monthly payments are likely to be higher.

How does age affect the cost of life insurance?

Generally, younger people in their 20s and 30s pay less for life insurance than older people. This is because younger individuals are statistically less likely to pass away during the policy term.

The risk increases as you get older, which is reflected in your monthly premiums.

However, your age isn’t the only factor that affects the cost. Insurance providers also look at other things when calculating your premium, such as:

• Health: Including your medical history and lifestyle habits.
• Job: Certain professions are considered higher risk.
• Lifestyle and habits: Such as if you smoke or drink.
• High-risk hobbies: Potentially dangerous activities like rock climbing could increase the cost.
• Amount of cover you want: The higher the payout, the more expensive your plan.
• Length of the policy: Whole of life policies are typically more expensive than term life insurance.

If you have health issues, the cost may increase. This is sometimes called a ‘rated’ premium. Some plans, like our Over 50s Life Insurance, do not ask you any medical questions.

Is Over 50s Life Insurance the right choice for you?

Over 50s Life Insurance is designed to provide a guaranteed payout to help with funeral costs or other expenses, and it comes with no medical questions.

This type of plan might be a good choice if you’re:

• Between the ages of 50 and 80, as there’s no set end date for the cover.
• Worried about your health, as your acceptance is guaranteed.
• Looking for a fixed monthly payment that never goes up.  However, remember that usually full plan cover does not start until after the first or second anniversary of your plan start date.

If you’re over 60 and have more specific questions, we have a more detailed article on life insurance for over 60s.

When does life insurance stop?

The age that a life insurance policy stops depends on the type of cover you have:

• A term life insurance policy runs for a set period, like 10 or 20 years, and then the cover ends. If you want to continue your cover, a new policy could cost more and the options available may be limited by your age and health.
• A whole of life insurance policy covers you for your entire life.

When you die, if you have named beneficiaries on your policy the payout will be made directly to them. If your policy is held in a trust, the money will go to the trust beneficiaries.

If no beneficiaries are named, the payout will be paid to your estate and distributed according to your will. If you have no will, the money will be distributed under the rules if a person dies without a will, which may require a probate process that can be lengthy and potentially costly.

How to get Over 50s Life Insurance cover

Our Over 50s Life Insurance offers guaranteed acceptance with no medical checks and a guaranteed cash payout. You can also add an extra funeral benefit with Co-op Funeralcare.

You can hold up to five policies with a maximum monthly payment of £50. You will only pay premiums up to age 90, or for 30 years, whichever is less, and your monthly payments will never increase.

Ready to apply?

You can get a quote for our Over 50s Life Insurance online or by calling our Member Services team on 0800 526 249.

Read through our plan summary and terms and conditions before you apply.